Plan N became the year’s hottest selling Medigap product last month when they announced that it would be guarantee issue in most states. In Ohio, the application only asks one question, “Do you have end-stage Renal disease?”. This New Plan could be a great fit for both the healthy and not-so-healthy. Read on to find out the “why” and the “how”.
Which new Medigap Insurance Plan is Best?
The two new “Modernized” plans available effective June 1st, 2010 are Plans “M” and “N”. People who choose a Plan M or Plan N will have some low Out-of-Pocket expenses, however they will also have lower premiums than a standard plan. Also for anyone in good health who does not visit their doctor often and feels they are “over-insured”, a Plan M or Plan N could provide the best solution.
While not available until June 1st. of 2010, many insurance companies allow people who qualify for Medicare to apply for a supplement up to 6 months prior to their start date. These insurance companies are not required by law to carry Plan M or Plan N, and their coverage also varies by state. Check with a Medigap Agent to check the availability and your eligibility of these plans in your area. You Are most likely Eligible!
In Ohio some companies offer a Medicare Supplement Plan N to anyone age 65 and over regardless of pre-existing conditions. This is especially important for someone who has been on a supplement for quite some time(stuck with rising costs), yet unable to switch to a lower rate due to their current health conditions.
Medicare Supplement Plan N
With a Plan N supplement, you would have to pay a few small out-of-pocket expenses and your Medigap plan would pick up the rest. Those expenses are:
- Hospital Admittance Co-pay – $50
- Medicare Part B Deductible – $155 per calendar year
- Co-pay for Doctor’s visits – Up to $20 per visit
Beyond these expenses, your plan will pick up the difference for any Medicare covered expense. Like any Medicare Supplement, there are no networks or a managed care system like a PPO, HMO, or an employer benefit health plan. Your network is the entire United States.