What Is Medicare Supplement Plan N?
In the last video, we talked about Medicare supplement plans F and G. Today, we’re going to talk about Medicare supplement plan N. Now, plan N is similar to plan F and G in that it has the same type of coverage for Medicare part A. It’s going to cover all your hospital costs, including the per benefit period deductible and any charges that occur while you’re in the hospital.
The difference with plan N is the Medicare Part B coverage. With plan N, you pay the annual deductible of $183. You also could be responsible for up to $20 in a co-pay for your doctor visit and $50 for an E.R. visit. Also, if there are any excess charges for your doctor visit you would have to pay for those too.
Doctors that ‘Accept Assignment’
When you look on Medicare.gov for your doctor, see if the doctor accepts assignment. Now, what does it mean when a doctor ‘accepts assignment?’ It means that the doctor agrees to take Medicare’s approved amount as payment in full so you don’t pay any excess charges. On Medicare.gov, it’s very clear whether that doctor accepts assignment.
More Details on Plan N
Plan N is often an overlooked plan design when we’re talking about Medicare supplements. All Medicare supplements are standardized. There are eleven of these plan designs to supplement original Medicare. Plan N is a really great value if you know how it works and you’re comfortable with it. It is very much like a plan G and a plan F in that it pays what Medicare does not pay, when you’re in the hospital under Medicare part A. Plan N, G, and F are exactly the same when it comes to Medicare Part A coverage. The difference is the part B coverage. You pay the part B annual deductible. Also, you could be responsible for up to a $20 copay when you go to the doctor’s office, and for up to $50 for an E.R. visit.
One thing is worth noting is if you’re admitted to the hospital for an E.R. visit, and you stay overnight, you don’t you don’t pay the $50. Now, when excess charges come into play, we’re talking about the amount a doctor charges over Medicare’s approved amount. To avoid paying those charges, find out if your doctor accepts assignment. Most doctors do accept assignment today. The best way to find out if your doctor accepts assignment is to go to Medicare.gov.
What that means to you is this: if your doctor accepts assignment, they agree to accept Medicare’s approved charges as payment in full. The most important thing that we want to make you aware of is that there’s a substantial savings in premium between plans F, G, and N. Plan G pays a little bit less than a plan F, because it doesn’t pay the part B deductible. That is reflected in the lower premium. Plan N has an even greater premium reduction because it pays a little bit less. It’s a great value and everybody should check that out. Hope that helps, thanks for watching.