While Medigap Plan F has been the most popular Medicare supplement for decades, there is a newer plan that has been gaining traction in the industry. Medigap Plan N was introduced in 2010 after the NAIC reviewed the standardized Medicare supplement plans and made some changes.
Plan N often appeals to Medicare beneficiaries who like the idea of lower premiums in return for them absorbing a few cost-sharing items on their own. Beneficiaries who enroll in Medicare Supplement Plan N must pay their own Part B deductible ($185 in 2019) and will also have small copays for both doctor visits and emergency room benefits.
Lastly, if their Medicare providers do not accept Medicare assignment rates, then that provider can bill the beneficiary up to 15% more than Medicare’s allowed amount in states where excess charges are allowed.
Beneficiaries can easily avoid paying excess charges by treating only with providers who accept Medicare’s assigned rates. They can simply ask each provider whether they accept Medicare assignment before agreeing to any healthcare services there.
When comparing Medicare Plan F vs Plan N, beneficiaries will find significantly lower premiums on Plan N in most states. Boomer Benefits can provide quotes.