Medicare Supplement Plan N Explained by Robert Bache:
Medicare Supplement Insurance: You pay a monthly premium, and in return your Medicare Supplement pays your medical and hospital bills that Medicare does not pay. There are many different Medicare Supplement Plans, each Medicare Supplement Plan is identified by a letter. The Medicare Supplement Plans are Federally Regulated and are required to offer the same coverage.
Example: Cigna’s Medicare Supplement Plan N, offers the same coverage as Aflac’s Medicare Supplement Plan N. The letter assigned to plan dictated your coverage level, not the company that you choose as your Carrier.
Today, I want to focus on the benefits offered with the Medicare Supplement Plan N. Plan N is a good plan for a Medicare Beneficiary that wants the flexibility of being able to go to any Doctor or Facility that accepts Medicare, but also cannot justify paying a large monthly premium because they may be in good health.
Plan N’s Hospital Coverage: If you are admitted into the hospital, the Medicare Supplement Plan N pays the Medicare Part A Deductible and all of the copays while you are in the hospital. However, if you are not admitted, than you will be required to pay a $50.00 copay for visiting the emergency room.
MedicareBob™’s thought: So this is pretty cool, we purchase insurance to protect ourselves against big hospital bills, and the Plan N satisfies this. $50.00 as a worse case for going to the hospital seems fair to me.
Plan N’s Medical and Doctor Coverage: Medicare Supplement Plan N requires you to pay the Medicare Part B Deductible, for 2013 this amount is $147.00 for the whole year. With the Plan N, after you meet the annual deductible of $147.00, your Doctor has the right to charge “up to” a $20.00 copay. Typically, my Clients have shared with me that their average Primary Care Visit is a $10.00 copay, and a specialist charges the full $20.00.
MedicareBob™’s thought: Plan N pays the 20%, so again this is an example of having insurance for the “big things”, and the Plan N does this by protecting you against the 20% that Medicare does not pay.
Part B Excess Charges: Plan N does not pay, “Part B Excess Charges”. A Part B Excess Charge is when a Doctor does not accept “Medicare Assignment” (What Medicare has approved for the service provided). A Doctor can not pick and choose when to accept and not accept Medicare Assignment, either He/She does or does not.
MedicareBob™’s thought: The most the Part B Excess Charge can be is 15%, plus you can avoid them by asking your Doctor if He/She accepts “Medicare Assignment”. In my experience, most do.
In summary, Medicare Supplement Plan in offers a lower monthly premium but at the same time offers very comprehensive coverage. Plan N is a great alternative to Medicare Supplement Plan F, as long as you understand that you will have some out of pocket costs when you use the Plan.
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Robert W. Bache aka “MedicareBob™”
President / Producer
Senior Healthcare Direct
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