Among all of the other Medicare plans you can choose from, Medicare Plan N may be your safest bet. It functions as yet another variety of Medicare attempting to close the notorious Medigaps you’ll likely experience with the basic, original plan. Medicare N orients toward helping you better afford hospitalization and long-term care costs, both of which can stack up in the blink of an eye and leave you in astronomical debt.
How Does Plan N Work?
As stated above, Plan N is meant to help cover medical costs not typically paid for by regular Medicare services. In the same vein as its sibling plans, Plan N will pay for:
- Any emergency medical assistance you may need overseas, typically at an 80 percent maximum
- Co-insurance costs for long-term care facilities
- Blood transfusions, at a three pint maximum
- Copayments and coinsurance for your Part B plan (unless your copayment is $50 or less for a trip to the emergency room or $20 or below for a standard checkup)
- Deductibles, hospice services and hospital visits under your Part A plan
If you’re a Part B user, you’ll find your Plan N coverage runs a bit slim. Additionally, the payments for Plan N vary based on the company you’re commissioning it from. Pricing will typically be either attained age-based, issue age-based or community-based. Attained age rates build from your age and rise in price as you get older. This is the priciest rate available and not recommended for those who want to save as much as they can. Issue age rates are based on your age when you first sign up for the plan. With this payment rate, there is no risk of your payments rising over time. Community rates are standardized and the same for every person signed up for the plan. If you’re going to sign up for Plan N, we recommend the latter two. You deserve fair Medicare supplement insurance without paying exorbitant amounts.
How Can I Obtain Plan N?
You qualify for Plan N’s services if you live in an area where it is made readily availabl, and if you already have both coverage from Parts A and B. Just as with the rest of Medicare, you have to be at least 65 years of age to qualify. As long as you meet these requirements, you can apply for Plan N coverage, and we highly recommend doing so.
You Deserve Protection!
Medicare is notoriously imperfect, and if you trust its basic services, you could wind up with a nasty surprise in the form of steep medical bills Medicare refuses to help you pay for. Annual open enrollments are the biggest chance you have to sign up for Plan N. Our Medicare insurance agents are prepared to help you through the process. If you miss this critical period, you put yourself at risk of having to pay larger premiums, which can skyrocket if you’re already in poor health! Some companies can even outright refuse to grant you coverage based on your current health, leaving you vulnerable in the face of medical emergencies. To learn more about this Medigap plan and its importance, don’t hesitate to contact us.