Medicare Supplement Plan N Pros and Cons

Medicare Supplement Plan N is a highly popular option for those seeking extensive coverage and are willing to take on higher out-of-pocket costs in exchange for a lower monthly premium.

It’s important to carefully review and compare the advantages and disadvantages of Plan N to ensure it aligns with your specific healthcare needs before enrolling.

Advantages of Plan N

Medicare Supplement Plan N allows you to visit any doctor or hospital in the US that accepts Medicare without any network restrictions. This means you’re not limited to healthcare providers within your area or network.

Additionally, Plan N offers low monthly premiums compared to other Medicare Supplement plans, making it an affordable option for those looking to expand their coverage without excessive costs.

While Plan N requires a copayment of up to $20 for primary care visits and up to $50 for emergency department visits, these copayments are still affordable, especially for seniors who don’t frequently require medical attention.

Moreover, Plan N covers the Part A coinsurance and deductibles, which means you’ll pay less for hospital stays and other inpatient medical care.

Drawbacks of Plan N

When considering Medicare Plan N, it’s important to understand some of its limitations. One key point to remember is that you will need to pay the annual Part B deductible, which amounts to $240.

Moreover, Plan N does not cover Part B excess charges, which are fees that doctors may charge above the Medicare-approved amount. If you frequently visit doctors who charge these excess fees, Plan N may not be the most suitable option for you.

Lastly, Plan N only covers the coinsurance for skilled nursing facility care. You will need to pay for the daily room rate and other expenses out of your pocket. If you require extended nursing care, this could become quite expensive.

What Does Plan N Cover?

Medicare Supplement Plan N is designed to cover expenses not covered by Original Medicare, including:

  • Deductible for Medicare Part A
  • Coinsurance for Medicare Part A
  • Coinsurance for Medicare Part B
  • Coinsurance for preventive care under Medicare Part B
  • Coinsurance for hospice care under Part A
  • Coinsurance for skilled nursing facility
  • Coverage for the first three pints of blood
  • Coverage for emergency medical care during foreign travel

In addition, Plan N offers guaranteed renewability, ensuring that your coverage will remain unchanged as long as you pay your premiums on time. This means that regardless of your health issues, you won’t have to worry about being denied coverage renewal.

How Much Does Medicare Supplement Plan N Cost?

The cost of Medicare Supplement Plan N can vary significantly based on numerous factors such as location, age, gender, and insurance provider. On average, monthly premiums for Plan N can range from $100 to $200.

These figures are averages, and the actual cost can be more or less. Consult a licensed insurance agent for a precise quote tailored to your circumstances.

When Can I Enroll?

Upon turning 65 and enrolling in Medicare Part B, you will have a six-month period, known as the Medigap Open Enrollment Period, to enroll in a Medicare Supplement plan. This period is crucial because it allows you to enroll in any Medigap policy, including Plan N, without the possibility of being denied coverage due to pre-existing conditions.

Keep in mind that you need to apply and be accepted by your chosen insurance carrier during this enrollment period to enroll in Plan N. Being timely in your application is important as it guarantees coverage without medical underwriting.

You can still apply for a Plan N policy if you miss the Medigap Open Enrollment period. However, insurance companies may require medical underwriting, charge you higher premiums based on pre-existing health conditions, or even deny your application.

Bottom Line

Despite a few drawbacks, Medicare Supplement Plan N remains popular among seniors due to its numerous benefits and flexibility. This plan does come with out-of-pocket costs that can vary depending on the services you receive. Understanding how these costs may impact your overall healthcare expenses is crucial.

By carefully assessing your individual healthcare needs and budget, you can determine if Plan N is the right fit for you.

Sources: Compare Plan Benefits | AHIP Medigap Trends | Plan N – Value Penguin


Is Plan N a good option for seniors?

Medicare Supplement Plan N is popular among seniors due to its low monthly premiums and affordable copayments. However, it still requires out-of-pocket expenses such as an annual Part B deductible and excess charges.

What alternatives are there to Plan N?

Medicare Supplement Plan G presents another viable Medigap policy option to Plan N. Like Plan N, Plan G provides the flexibility to choose any doctor or hospital that accepts Medicare without network limitations.

Mark Prip

For more than two decades, Mark Prip at My Medigap Plans has been an authority figure in the insurance industry and continues to uphold a mission to provide customers with comprehensive information about Medicare, life, and dental coverage. In addition, his expertise is unmatched - having helped thousands of Medicare beneficiaries choose suitable healthcare plans for themselves - making him stand out above competitors.