2020 Medigap Plan N

Medicare Medigap Plan N

In this article “2020 Medigap Plan N” you will learn why you should consider Plan N as an option to supplement your Original Medicare. 

2020 Medigap Plan N

Medicare is a great program that everyone wants, but what most people don’t know is that Medicare does not cover everything and it has Deductibles and Co-payments

  • $1408 Hospital Deductible for Part A which you can pay up to six times per year
  • $197 Part B Deductible
  • 20% Part B Coinsurance

These numbers might not look that big but they bankrupt people every year. Medicare does NOT have a maximum-out-of-pocket so that 20% Part B Coinsurance can add up quickly. If you get sick, the bills just keep on coming and no matter how much they are you have to pay 20% of that amount. Medicare is great but almost nobody just uses Part A & B alone.

60% of people keep Original Medicare, and they supplement the gaps with a Medicare Supplement Plan (also know as a Medigap Policy). 

Why Should You Keep Original Medicare?

The people that complain the least about anything relating to Medicare are people who have Original Medicare. 

  • If you have Original Medicare, you can go to any Doctor or Hospital anywhere in the United States as long as they accept Medicare (which 98% do).
  • You DO NOT need to ask for referrals if you want to go to a specialist. You can just go! 
  • Ask your Doctor – They love Original Medicare

What is a Medigap Policy?

A Medigap policy is an insurance plan that you can buy from an private insurance company. Based on the plan you choose, it will cover some or all gaps inside of Medicare so that you don’t have to pay out of pocket. This is the easiest way to keep the freedoms offered by Original Medicare and the best way to budget your money. 

This way you will know exactly how much you will spend on your Medical Insurance. Your monthly output will look like this. 

  • Part A = $0
  • Part B = $144.60
  • Medigap = $150 – $250
  • Part D = $13 – $60 + copay’s & deductibles
A Medigap policy is not insurance by itself, it will only cover (based on the plan you buy) Medicare approved bills
 
Your doctors (or hospital) will send the bill to Medicare, once Medicare has approved the bill it will pay it’s portion. Then the bill gets send to your Medigap insurer for them to pay their portion.  

What Does Plan N Cover at the Doctor’s Office?

Your standard preventive care is covered entirely by Medicare. This includes services like screenings for cancer and diabetes and cardiovascular conditions.

It also includes annual physicals, colonoscopies, vaccines and a variety of other normal tests. You will pay nothing for any of the standard Medicare preventive care services.

Your Medicare Supplement Plan N coverage will also includes visits to the doctor for injury and illnesses, durable medical equipment, ambulance, surgeries, home health, lab-work and other imaging tests, diabetes supplies, and many more services. 

The main thing to remember is that if Medicare Part A or B covers it, then your supplement will also cover it.

What Does Plan N Cover in the Hospital?

What does 2020 Medigap Plan N cover in Hospitals

Your Medicare Part A hospital benefits provide coverage for inpatient hospital services, skilled nursing, home health, hospice and blood transfusions. While you would normally owe a deductible for your hospital stay, your Medigap Plan will pay that for you.

Here’s a quick list of items covered in the hospital by Medicare Supplement Plan N:

  • The Part A Hospital deductible (in 2020, this is $1,408) and your coinsurance (20%)
  • An extra one year (365 days) of hospital benefits after Medicare’s coverage runs out
  • Hospice care at any certified hospice center
  • Coverage for the first 3 pints of blood

Plan N also provides foreign travel emergency benefits up to the plan’s limit.

What You Will Have To Pay?

Of course the first thing you have to pay is your Monthly Premium for your Plan N. After that, Plan N covers the 20% that Medicare Part B doesn’t. It also pays for your hospital deductible and all your hospital copay’s and coinsurance.

You will have to pay any excess charges, Part B deductible and some small copay’s at the doctor’s office and the emergency room. Here is the breakdown of what you will have to pay: 

Excess Charges: These are charges from doctors who want to charge more for there services than Medicare Pays them. You can easily avoided this by simply asking your providers up front if they accept Medicare assignment. If they do, you need not worry about excess charges. Only a very small percentage of doctors charge this. 

Part B Deductible: Since Jan 1st 2020, no Medicare Supplement plan is allowed by law to cover the Part B Deductible. This is due to the MACRA Law passed by congress. You will have pay the $197 yearly deducible no matter which plan you choose.

Co-pays: With Plan N, you will also have to pay a small office visit copay when you go to your Doctor. It’s usually between $10 -$20. You might also have to pay a Copay of $50 when you visit a Emergency Room.

When Can You Enroll?

You are eligible to enroll in Plan N as long as you have Medicare Parts A and B. You must also live in the plan’s service area. 

The best time to enroll in Medicare Plan N is during your Medigap Open Enrollment Period. This six-month window starts with your Part B effective date. It’s your one chance to enroll in any Medigap plan without health underwriting. No insurance company can turn down your application due to health conditions.

If you’ve missed your one-time Medigap open enrollment period, you can still apply for a Medigap Plan N. I can go over the health questions on various company’s applications to see if you are able to pass.

If you would like to schedule a time for us to review your options or if you just have general questions. Click the Link below and schedule a time that’s good for you. You can also always call me 813-842-1421

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