How Plan N Works
Medicare Part A and Part B are the basic plans that offer medical benefits to American citizens or legal residents aged 65 and above. While these plans provide hospital stays, skilled nursing facility care, durable medical equipment, and more, out of pocket expenses are still common. To help cover these costs, there are supplement plans such as Part N, which has specific benefits tailored to the individual’s needs. Part N will pay for Part A hospital coinsurance and charges incurred up to one year after benefits are exhausted, Part A deductible, and skilled nursing facility care coinsurance. It also offers unique coverage for Part B coinsurance and copayments. Once you pay a $20 copay for some office visits and a $50 copay for hospital visits that do not require admission, Part N will cover the remaining fees.
Enrolling In Part N
Some Medicare supplemental plans offer open enrollment with minimal underwriting requirements, but Medicare Part N is not one of those options. Your monthly premium may vary significantly from others based on factors such as your location, age, and overall health. These factors can have a significant impact on your total out-of-pocket costs, so it is recommended that you enroll in Medicare Part N during your Open Enrollment Period.
This period begins on the first day of the month in which you turn 65 and are enrolled in Part B and extends for six months. By taking advantage of your OEP, you are guaranteed to receive Part N benefits even if you have a pre-existing medical condition. Waiting to enroll after this time period may result in medical underwriting, which could significantly affect your premiums.
Depending on your specific medical needs, Medicare Part N may be a useful addition to your Original Medicare coverage. If your monthly premiums are low and you find yourself visiting the doctor regularly, this supplement could easily pay for itself. However, it is best to estimate your annual medical expenses before enrolling in any additional plans to ensure that your monthly costs are appropriate for your individual needs.
Our team is made up of compassionate, friendly individuals who understand the unique needs of older adults. We take the time to listen to your concerns and provide personalized solutions that work for you. We provide additional and detailed information on Medicare Health Plans and a no-cost plan comparison to determine if you qualify for additional benefits.