The correct term is Medicare Plan N but some people refer to it as Medicare Part N. It’s a type of Medicare Supplemental insurance that covers certain health expenses that Original Medicare won’t pay. It also expands upon the basic Part A and B coverage by funding various co-pays and deductibles.
The government regulates these programs fairly strictly, but it doesn’t operate them or sell policies to the public. Private medical insurance companies offer these plans. Unless you live in Massachusetts, Wisconsin or Minnesota, insurers are allowed to sell 10 different standardized plans in your state. All Medigap Plan N policies deliver identical benefits but could cost different depending on the carrier.
Insurance companies can’t apply different deductibles or limits to these plans, but there can be several differences depending on the insurer you select. Each agency can decide how much money to charge, that’s why you should an experienced agent to help you find the best plan for your budget.
What Does Medicare Supplement Part N Cover
Medicare Supplement Plan N pays for a variety of health services. It covers most Part A and B coinsurance as well as some deductibles. This type of Medigap policy funds many emergency overseas treatments. It also pays original Medicare’s co-pays on hospice services. The plan enhances coverage of inpatient hospital stays, nursing care and blood transfusions as well. It generally doesn’t pay for prescription drugs; you should look for a Medicare Part D plan if you want this type of insurance.
Supplemental Blood Transfusion Coverage
If you receive a transfusion under Part A or B, basic Medicare won’t pay for the blood unless you need more than three pints in one year. What is Medigap Part N blood coverage? The policy will fully fund your first three pints. Keep in mind that you don’t need to pay for donated blood regardless of what insurance you possess.
Extended Hospital Stay Coverage
Medicare Part N policies leave patients with few hospital-related costs. They fund both the Part A deductible and coinsurance. This proves especially beneficial if you remain hospitalized for over two months. Unlike some supplemental policies, Plan N requires patients to accept a relatively small co-pay on some emergency room services. This fee usually applies if you visit the ER and the hospital doesn’t admit you as a patient. It represents a small fraction of a typical ER bill.
You may wonder “What is Medigap Plan N extended hospital stay coverage?” This feature pays for long-term inpatient services. The insurer will fund an extra year of treatment after conventional Medicare coverage is exhausted. For instance, perhaps you suffer a serious injury and run out of standard coverage after four months. Plan N would enable you to remain in the hospital for a total of 485 days.
Supplement Nursing Coverage
Basic Medicare funds short-term residencies in nursing homes. Plan N Medicare Supplement nursing coverage will cover the co-pays on Part A nursing services. It can produce substantial savings for someone who remains in this type of facility for three weeks or longer.
Keep in mind that coverage is limited to a 100-day period. Even when you have a supplemental policy, Medicare isn’t designed to fund permanent nursing care.
Excess Bill Policy for Part B
Medicare will not completely pay your doctor’s bill if it exceeds the program’s limit for a specific service. What is a Medicare Part N excess billing policy for Part B? Unlike some plans, this Medigap insurance doesn’t pay excess charges. If you want supplemental insurance that fully covers Part B costs, please contact us to learn about policies with this feature.
Pays For Overseas Emergency Treatments
When you travel in foreign countries, basic Medicare will not pay any hospital bills you incur. Supplemental Plan N provides this type of funding. After you meet the deductible, it will pay 80 percent of this expense.
It’s important to understand that several limitations apply to all supplemental plans with overseas travel coverage. They only pay for emergency services that unexpectedly become necessary due to an unforeseen sickness or injury. If you embark on a particularly long journey, coverage will end about two months after you depart the United States. Furthermore, all Medigap plans cap lifetime overseas benefits.
Original Medicare Deductible Funding
What is Medigap Part N deductible coverage? This plan only covers the Part A hospitalization threshold. It will not fund your deductible for health services provided under Part B. The deductible on Part A is more likely to cost you large amounts of cash, so this coverage is quite valuable. Patients without supplemental plans sometimes need to pay this deductible more than once in a 12-month period. It depends on the quantity and length of hospital stays.
Covering Coinsurance on Part B Services
You may ask “What is Plan N Medicare Supplement coverage for Part B co-pays?” This Medigap policy generally funds all coinsurance associated with Medicare Part B expenses. It can reduce the out-of-pocket cost by up to 20 percent. Without supplemental insurance, a $350 service typically costs the patient around $70. Nevertheless, certain types of visits to a doctor’s office may still incur a small co-pay under Plan N.
Comparing Medigap Part N Medicare Supplements
If you carefully compare Medigap N with other policies, you’ll notice an assortment of differences. This option provides much better travel coverage than plans A, B, K or L. It normally costs less in comparison to the more comprehensive policies.
Unlike Medigap F and G, supplemental Plan N doesn’t cover excess Part B costs. Part A and nursing coverage are superior to some plans, but non-hospital funding is relatively minimal. Basically, this Medicare Supplemental plan doesn’t supply the most or least thorough coverage. Plan N is an affordable option that proves desirable for seniors who travel abroad, need blood transfusions or visit hospitals repeatedly.
Retirees with greater Part B health costs may prefer a different policy. Our advisers can help you pick the right plan; please call us today for expert guidance or click the compare rates button below to get a quote today!