When considering a purchase of a Medicare supplement plan, we all agree that seniors are better suited working with an knowledgeable agent to determine what products would meet his or her needs. As agents are we giving our clients the big picture of the Medicare insurance field?
When purchasing a Medicare health plan, it is agreed that beneficiaries do better when working with an experienced agent to determine what products best fill his or her needs. But as agents are we giving our clients a full spectrum of the Medicare insurance options?
Medicare Supplement Plan N is usually not part of this conversation, but it should be. Plan N combines elements of both Medicare Advantage (co-pays) and Plan F (benefits beyond Original Medicare) to create a middle ground approach that many folks are more comfortable choosing.
Above is a diagram that illustrates the differences, so you can help your people narrow their choices to the plan that's right for them.
On June 1, 2010 the Federal Government implemented several changes to the Medigap insurance plan offerings. Two new plans were created which offer benefits on a cost sharing basis. The two new plans are Medicare Supplement Plan M and Medicare Supplement Plan N. Since the two new plans were released in June of this year, Medicare Supplement Plan N enrollments have increased at a rapid pace. A brief discussion of the benefits of the Plan N Medicare Supplement along with an informative chart detailing the benefits of Medigap Plan N follows above.
As seen in the above chart Medicare Supplemental Plan N offers a cost saving feature known as a co-pay. Breifly, the policyholder receives a reduced premium when compared to other Medigap plans because they are agreeing to share in the cost of both physicians visits and emergency room visits. The insured will pay up to a $20 co-payment for physicians visits and "up to" $50 for emergency room visits. An important note is the term "up to". In basic terms, if the Medicare 20 percent co-insurance equals less than $20 for a physicians visit or $50 for emergency room visits, then the insured pays the lesser of the two bills. The emergency room co-payment would be waived if the insured is admitted to the hospital overnight within 24 hours.
Medicare Supplement Plan N is particularly appealing to those currently covered by a Medicare Advantage program which offers cost sharing but is more restrictive in benefits and does not allow the freedom to choose any physician or hospital. Younger and/or healthier clients will also enjoy the savings offered by a Plan N Medigap policy.
Filed under Medicare by Lori Powell