Will Medicare Supplement Plan N save you money? Plan N is a great option if you want lower monthly payments. It can make a lot of sense to get Plan N if you’re healthy and you don’t require a lot of medical care.
Plan N Benefits
Let’s talk about the benefits of Plan N and some things you need to be aware of when you have this plan.
All Medicare Supplement Insurance Plans are standardized by the government. This means that the plan benefits are exactly the same from company to company, the only difference is the price. Some States such as MA, MN & WI are standardized differently.
Plan N covers 100% of the Medicare Part A and Part B copays and coinsurance, those gaps and holes that Medicare doesn’t cover. Plan N doesn’t cover the Part B deductible of Medicare, you’ll be responsible to pay this.
This amount can change every year, and it usually goes up a little bit each year. This deductible will apply toward your medical costs starting January 1st every year and you’ll get a bill up to the amount of the deductible if you see a Doctor or use medical services.
Plan N Out Of Pocket Costs
After meeting your deductible for the year, you can have up to a $20 co pay per office visit. This is for a primary doctor or a specialist visit. Telehealth vists, where you consult with a doctor over the phone, are not office visits and you won’t have a co pay for these services.
If you see the Doctor once or more per month then this is a situation where the co-pays can add up. So you’ll be better off getting another Medicare Supplement Plan that we recommend, and that’s Plan G.
You may be healthy now, or perhaps you worry about paying lots of co pays if your health changes down the road. The Plan G may give you more peace of mind. If you need help deciding, give us a call at (800) 783 -5901 and we’ll help you with this.
Upon a visit to the Emergency Room, if they do not admit you as an inpatient, then you would be billed a $50 co pay. But if you get a hosptial room and they admit you as an inpatient, then the $50 co pay would be waived. For Urgent care facility visits there is no copay.
Plan N Part B Excess Charges
One more thing you need to know about Plan N is there’s something called Part B Excess charges. This is an amount up to 15% that a healthcare Provider can charge in addition to the amount of what Medicare approves for services. Doctors that accept Medicare assignment, or payment in full, are called Participating Providers. They are not allowed to bill for excess charges.
Non – Participating doctors and providers that don’t accept Assignment or Medicare’s payment as “payment in full”, CAN balance bill you.
States That Prohibit Part B Excess Charges
Some states have a law that does not allow Excess charges. This law is the Medicare Overcharge Measure or MOM Law. If you live or travel to any of these states you won’t have excess charge billing in these states.
The following states prohibit Excess Charges:
- Connecticut
- Massachusetts
- Minnesota
- New York
- Ohio
- Pennsylvania
- Rhode Island
- Vermont
Most doctors and providers today accept Medicare and Medicare assignment or payment in full. So balance billing is rare, and therefore you should make sure your doctors are fully participating in Medicare before seeing them.
You can find out if a Doctor participates in Medicare by going to the Physician Finder tool on Medicare’s website.
How To Choose The Best Company
Medicare Supplement plans are Standardized by the government. But you should still choose a company with a stable rate increase history. You WILL get a rate increase at some point. This usually happens every 12 months or near the anniversary date that you purchased the policy.
Some companies will have higher rate increases than others. We use specialized software that allows us to see the market data history of all the companies in the area. Get in touch with us and we’ll help you choose a stable company.
Plan N is currently one of the most popular Medicare Supplement Plans. It provides comprehensive benefits and a low monthly cost.
We can help you with the best Plans for your situation.
Please call us at (800) 783-5901.
Our service is 100% free and we help people on Medicare across the US every day.
