Medigap Plans are also known as Medicare supplement plans. There are 10 plans lettered from A-N. The Medicare supplement plan N is available in all the United States and are standardized, which means they are all the same, no matter where you live. These plans will cover the medical costs you may have after Medicare pays the amount it designates for that medical issue. This amount is 20% of the medical costs that are left for hospital stays and any specialists you may have needed.
Benefits of Medicare Supplement Plan N
Foreign health costs up to 80%
Medicare Part A deductible
Medicare Part A hospital stay beyond the 365 days that Medicare pays
Medicare Part A hospice copayment or coinsurance
Medicare Part B copayment or coinsurance
First three pints of blood needed for a medical issue
Nursing care facility coinsurance
Medicare Supplement Plan N Fees
If one has Medicare supplement Plan N, they may have a copayment of $20 when they visit a physician or specialists and can have the cost of $50 if one needs to go to a hospital emergency room and not be admitted as an inpatient. Also one needs to know that Medicare supplement Plan N will not cover your Medicare Plan B deductible, so you this cost will be your obligation.
As noted before, Medicare supplement Plan N is standardized and is the same plan everywhere and from every insurance agency that provides the plan. These Medicare supplement plans are issued by private insurance agencies and this is where the difference comes in. The insurance agencies will offer different premiums for each plan which is the main difference and the cost will also depend on where you reside.
They have three ways to determine the cost of the premiums. The Medicare supplement plan premiums will depend on the age you are when they are issued.
Medicare supplement plans will charge the same premiums for that age bracket in the area you reside.
If you were to get your Medicare supplement plan years after you join Medicare, the costs of the premiums can be considerably higher. It is wise to acquire a Medicare supplement plan when one is issued Medicare at the age of 65.
So Medicare supplement Plan N premiums will be different for each insurance company and they are able to decide the costs according to their methods. It is wise to look carefully at each insurance company to determine what is best for your medical needs.