Is Medigap Plan N Right for You? A Simple Guide
Turning 65 means making important choices about your healthcare. If you have Original Medicare, you may want help with your costs. That’s where Medicare Supplement insurance, or Medigap, comes in.
Medigap Plan N is a popular choice for many people. It offers a good balance of coverage and lower monthly costs. But is it the right fit for you? Let’s look at the pros and cons.
First, What is Medigap?
Original Medicare is a great start. Part A helps with hospital costs. Part B helps with doctor visits. But they don’t cover everything.
You still have costs to pay on your own. These are called deductibles, copayments, and coinsurance. A Medigap plan helps pay for these expenses. You pay a monthly fee, called a premium, for this extra coverage. This gives you more predictable healthcare costs.
Understanding Medigap Plan N
Plan N is one of the most popular Medigap plans available. In fact, one out of every ten people who buy Medigap choose Plan N. It offers coverage similar to other top plans, like Plan G, but often with a lower monthly premium.
While different companies sell Plan N, the basic benefits are the same everywhere. This makes it easier to compare your options based on price and service.
The Pros of Plan N
People choose Plan N for several good reasons.
- Lower Monthly Premiums: Compared to more comprehensive plans, Plan N usually costs less each month.
- Strong Hospital Coverage: It covers your Part A deductible for hospital stays. It also covers the daily coinsurance costs.
- Covers Most Doctor Costs: Plan N pays the 20% Part B coinsurance after you meet your yearly deductible.
- Freedom to Choose Doctors: You can see any doctor in the U.S. that accepts Medicare. There are no network restrictions.
The Cons of Plan N
To get that lower premium, Plan N has a few trade-offs.
- You Pay Small Copays: You will have a copayment for some doctor visits, up to $20. You may also pay up to $50 for an emergency room visit if you aren’t admitted to the hospital.
- No Coverage for Excess Charges: Some doctors charge up to 15% more than the Medicare-approved amount. This is known as a “Part B excess charge.” Plan N does not cover this cost. You can avoid this by asking your doctors if they accept “Medicare Assignment.”
- You Pay the Part B Deductible: Like most Medigap plans today, you must pay the annual Part B deductible yourself before your coverage kicks in.
Who Should Consider Plan N?
Plan N can be a great choice for people who:
- Are generally healthy and don’t visit the doctor often.
- Want a lower monthly payment and are okay with small copays.
- Have doctors who accept Medicare Assignment, avoiding excess charges.
When Is the Best Time to Buy Plan N?
The best time to buy any Medigap plan is during your Medigap Open Enrollment Period.
This is a six-month window that starts the month you turn 65 and are enrolled in Medicare Part B. During this time, insurance companies cannot use your health history to deny you a plan or charge you more.
If you miss this window, it can be harder and more expensive to get a plan later.
Let Ashford Insurance Help You Decide
Choosing a Medicare plan is a big decision. Medigap Plan N offers a great balance of protection and value, but it’s just one of many options. The right choice depends on your health, your budget, and your peace of mind.
You don’t have to figure this out alone. The team at Ashford Insurance can walk you through your options in simple terms. We’ll help you compare plans and find the one that fits your life perfectly.
Call us today for a simple conversation about your Medicare.
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