Many patients find that even the most comprehensive of Medicare Advantage plans may not adequately cover their health care costs. Medicare supplement, or Medigap, plans exist to give Medicare recipients the extra coverage they need. These types of supplement plans help with out-of-pocket costs that patients struggle with, such as coinsurances, copayments, and deductibles. There are several different Medigap plans, and Medicare Supplement N covers many common expenses, allowing you to breathe easier.
You may be confused in comparing Medicare Supplement Plans and Medicare Advantage, and there are some distinct differences. Advantage, or Medicare Part C, is part of either a Health Maintenance Organization (HMO) or Preferred Provider Organization (PPO). Patients pay a monthly premium to have coverage for hospital stays (Part A), doctor and lab tests (Part B), and prescription drugs (Part D). Part C is the combination of A, B, and D; however, there are still out-of-pocket costs like deductibles and copays. A Medigap plan (differentiated by letters, such as Medicare Plan N) allows you to see any doctor or hospital that accepts Medicare.
Each Medigap plan is slightly different. Plan N includes:
It is important to note that, specifically with Medicare Plan N, you will still need to pay a $20 copay for each doctor’s office visit and a $50 copay for each emergency room visit. These are not covered by the plan. This differs from Medigap Plan F or G, which does not have copays but typically carries a higher premium as a result. This is where a broker can step in and guide your decision concerning what is best for your needs. Also, no matter who you purchase the insurance from, the plans can be used to see doctors in any state. For example, Medicare Supplement N purchased in New Jersey can be used when visiting family in Florida without having to find doctors in a network.