Starting on June 1, 2010, Medicare Supplement Plan N will become available to consumers. The changes are designed to lower out-of-pocket costs for consumers and to provide them with additional benefits not found in their current plans.
Plan N is similar to both Plan D and Plan F. However, instead of not covering part or all of the Medicare Part A and B deductibles, this plan utilizes a cost sharing system to keep the premiums low. In exchange for premiums that are estimated to be about 30% lower, a new co-pay structure was created. There will be a $20 co-payment for doctor visits and a $50 co-payment for emergency room visits. If you are then admitted to the hospital, this emergency room co-pay is waived.
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Medicare Supplement Plan N has 100 percent coverage for the Part A deductible and also no coverage for the Part B deducible. Supplement Plan N does cover the basic Core Benefits including full coverage for the Part A daily inpatient hospital coinsurance charges, all costs of hospital care after the Medicare benefit is used up, Part B coinsurance charges, the first three pints of blood, and now the Part A hospice coinsurance charges for palliative drugs and also the foreign travel emergency benefits. Hospice care is also included as it is in all Medicare Supplement Plans for 2010.
Overall the premium cost of these plans is expected to be around 70% of the cost of Plan F, or about 77% of the cost of Plan D. Many see Plan N as a cost effective alternative to other Medicare Advantage Plans. It may be a better solution for you because it offers no network restrictions and much lower out-of-pocket liabilities.
In many states Plan N will have no Medical Underwriting. You will not have to answer any of the medical questions or fill out pharmaceutical information to apply. In a few states there will be limited underwriting for this plan. Our representatives can give you more information on which states will be doing so.
Not all providers offer all of the Medicare Supplement Plans. This could be especially true for the new Plan N. It can also be difficult to determine which plan is right for you. Our trained specialists can help you find the plan that best fits your needs and budget. Most insurance carriers offer a variety of plans, so our specialists can help you shop around for the best price.