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Hi everyone, Lindsay Engle here with Elite Insurance Partners in MedicareFAQ.com. Thank you so much for joining us. Today, we're going to go over Medicare Supplement Plan N. Medicare Supplement Plan N is an attractive alternative for newer beneficiaries, because it has the same benefits as Plan G. The only difference between Plan N and Plan G is that Plan N requires a small co-pay when visiting the doctors or the emergency room. There's a $20 copay when visiting your doctors and there is a $50 copay when visiting the emergency room.
Basically, in exchange for these small co-pays, you'll have a reduced monthly premium. Additionally, if you go visit an urgent care facility versus an emergency room, there will be no co-pay. So, as long as you're okay with paying co-pays Plan N is a good option for beneficiaries who are looking for a smaller monthly premium without losing benefits. In addition to paying these co-pays, the only out-of-pocket expense you're responsible for is the Part B deductible, which is $198.
For example, we’ll compare the out-of-pocket cost you'll see with Plan N when compared to Plan G. Let's say you are not someone who frequently visits the doctor's office. If you went with Plan G. Your premium could be or somewhere around $100 per month. Over a 12-month period, you would spend $1,200 in annual premiums plus the Part B deductible of $198. Giving you a grand total of $1,398 in out-of-pocket spending.
Now, if you went with Plan N your monthly premium could be around $90 per month. If you visited the doctor's office twice during the year. Your out-of-pocket cost would be the annual premium of $1,080 plus the Part B deductible of $198 plus the $20 co-pay for both doctor visits. Giving you a grand total of $1,318. In this scenario, you would have saved around $80 annually if you went with Plan N.
However, if you did visit the doctor's office frequently, let's say once per month. Your total out-of-pocket cost for the year would be around $1,518. Therefore, you would have spent $120 more annually with Plan N then you would have with Plan G.
Medigap Plan N is one of the most recommended plans that we offer our clients. This is because most of our clients rather have to pay these small co-pays upfront versus a higher monthly premium. The only other benefits Plan N doesn't cover is excess charges under Part B. However, excess charges are not common in some states like Connecticut, Massachusetts, Ohio, Rhode Island, and a few others don't allow excess charges. As long as your doctor accepts Medicare Assignments, you won't have to worry about them.
So to wrap it up beneficiaries with Medicare Supplement Plan N will only be responsible for the Part B deductible as well as small co-pays when visiting the doctors and emergency room. Hopefully, after watching today's video, you have a good understanding of how Medicare Supplement Plan N works.
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