When it comes to securing your health during your golden years, Medicare is an invaluable asset. However, Original Medicare (Part A and Part B) doesn’t cover everything, and the out-of-pocket costs can add up. Medicare Supplement Insurance plans, also known as Medigap plans, can help you fill those gaps. Among the various Medigap plans available, Plan N has gained attention for its balanced coverage and cost. But is it right for you? In this article, we’ll delve into what Medicare Supplement Plan N is, what it covers, its comparison with Medicare Advantage, the general pros and cons of Medicare Supplement plans, and top carriers offering these plans.
What is Medicare Supplement Plan N and What Does it Cover?
Medicare Supplement Plan N is designed to complement Original Medicare by filling in gaps that could otherwise be financially burdensome. While it covers the essentials like Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up, it does not cover Part B deductibles or Part B excess charges. This means you may have to pay out-of-pocket costs for some services under Medicare Part B. Additionally, you might encounter copayments for specific visits. To learn more in detail about the specifics of the Medicare Supplement Plan N you can follow the link given below:
https://www.medisupps.com/medicare-supplement-plans/medicare-supplement-plan-n/
Average Monthly Cost for Different States
The average price for Plan N in 2023 is around $120 – $180 per month but can vary not just between states but also within states, based on factors like age, gender, and overall health. It’s crucial to get multiple quotes to get the best rate. Also, some states have more competitive rates because of a higher number of providers. Some of the average monthly costs for Medicare Supplement Plan N for different states are listed below:
Las Vegas, NV:
65-year-old female: $258 approx.
65-year-old male: $292 approx.
75-year-old male: $273 approx.
75-year-old female: $309 approx.
New York, NY
65-year-old female: $328 approx.
65-year-old male: $328 approx.
75-year-old male: $328 approx.
75-year-old female: $328 approx.
Chillicothe, OH
65-year-old female: $218 approx.
65-year-old male: $246 approx.
75-year-old male: $227 approx.
75-year-old female: $256 approx.
Is Medicare Supplement Plan N better than Medicare Advantage?
The “better” option between Medicare Supplement Plan N and Medicare Advantage depends on your personal healthcare needs, lifestyle, and financial situation. If you don’t require frequent visits to the doctors and find Medigap premiums out of pocket, then a Medicare Advantage Plan might be more suited for you. The same goes for the opposite case scenario. We’ve mentioned a few of the aspects which you might want to consider while comparing the two below:
Coverage
Medicare Supplement Plan N: This plan is beneficial if you often require services under Medicare Part A and want to have more predictable costs.
Medicare Advantage: This is often more comprehensive but could be restrictive in terms of healthcare provider choices.
Costs
Medicare Supplement Plan N: The premiums can be higher, but your overall out-of-pocket expenses can be much lower, especially if you frequently require medical services.
Medicare Advantage: While you might save on monthly premiums, out-of-pocket costs can add up quickly if you need extensive medical care, particularly if you go out-of-network.
Flexibility
Medicare Supplement Plan N: Excellent if you travel often within the U.S. or have specific doctors you want to see, as there are usually no network restrictions.
Medicare Advantage: May require you to stay within a specific network for covered care, which can be limiting if you travel or if your healthcare providers are not in the network.
Medicare Supplement Plans: Pros and Cons
Pros
1. Standardized Benefits: The standardization of Medicare Supplement Plans like Plan N is a massive advantage for consumers. It allows for straightforward comparison shopping, eliminating the need to sift through nuanced differences in coverage between different insurance providers.
2. Flexibility: One of the most significant advantages of Medigap plans is their flexibility when it comes to choosing healthcare providers. There are generally no network restrictions, which means you have the freedom to go to any doctor or specialist who accepts Medicare—a crucial factor if you have existing relationships with specific healthcare providers.
3. Predictable Costs: Medigap plans offer a level of financial predictability that many find comforting, particularly those on a fixed retirement income. With a plan like Plan N, you can anticipate the majority of your healthcare costs, allowing you to budget more effectively and avoid surprise medical bills.
4. Guaranteed Renewable: This is a particularly important feature. As long as you continue to pay your premiums, your Medigap coverage is guaranteed to be renewable, regardless of any changes in your health condition. This provides peace of mind, knowing that you won’t lose coverage when you might need it most.
Cons
1. Higher Premiums: While you may enjoy lower out-of-pocket costs and more predictable budgeting, these benefits often come at the cost of higher monthly premiums. This could be a financial burden for those on a tight retirement budget and should be considered carefully.
2. Limited Enrolment Period: There is a six-month Medigap open enrolment period that starts the month you turn 65 and are enrolled in Medicare Part B. Missing this window could mean facing medical underwriting, higher premiums, or even outright denial of coverage. It’s critical to act promptly during this period to secure optimal terms.
3. No Additional Benefits: One of the downsides of most Medigap plans, including Plan N, is that they don’t offer additional benefits like dental, vision, or hearing coverage. Unlike Medicare Advantage plans that often include these extra services, you might have to purchase separate insurance for these needs when choosing a Medigap plan.
When making a decision, it’s essential to weigh these pros and cons carefully, keeping in mind your healthcare needs, financial situation, and lifestyle preferences.
Top Carriers Offering Medicare Supplement Plans
Medicare Supplement Plan N being one of the most popular plans is offered by most insurance companies. A few of the top companies offering Medicare Supplement Plan N across the nation include:
- Accendo
- Aetna
- Anthem Blue Cross Blue Shield
- Bankers Fidelity
- Blue Cross Blue Shield
- Cigna
- Continental Life Insurance Company (An Aetna Company)
- Gerber Life Insurance
- Government Personnel Mutual
- Heartland National
- Humana
- Lumico
- Manhattan Life
- Medico
- Mutual of Omaha
- National General
- Oxford Life
- Philadelphia American Life Insurance
- Standard Life and Casualty
- TransAmerica
- United American
- UnitedHealthcare
Conclusion
Deciding whether Medicare Supplement Plan N is the right choice involves considering several factors, including your healthcare needs, financial capabilities, and lifestyle preferences. This plan offers a balanced package for those who are looking to minimize out-of-pocket costs without feeling restricted by networks. However, premiums can be higher, and additional benefits like dental and vision aren’t included. Thus, always compare offerings from multiple carriers and consult with healthcare advisors to make the most informed decision.
