Medicare Supplement Plans N & SP; are one of the most popular Medicare Supplement Plans. Unlike most of the Medicare Supplement Plans, Plan N covers almost all the Medicare Part A and Part B out-of-pocket expenses, except the Medicare Part A coinsurance and the Medicare Part D prescription charges.
Although Medicare Supplement Plan N & SP; have some similarities, like the coverage of most Medicare Advantage Plans, they differ in several important areas, like premium amount, enrollment period, annual withdrawal limit, the maximum benefit level, and premium cost per month. Here are some of the important facts about Medicare Supplement Plans N & SP; that is important for you to understand.
Medicare Supplement Plans N & SP; covers hospitals, nursing homes, home health care agencies, disability, accident and health services, etc. Some of them cover only a specific medical procedure or group of related procedures, while others provide coverage for almost every medical procedure or medical claim.
Some of these plans offer coverage for dental services and some even offer coverage for other extended medical services, like psychosocial services. The plan does not cover the same extent as the Medicare Part A or Part B coinsurance.
Most Medicare Supplement Plans offer standardized premiums for all plans, so there is no difference in premiums among different plans. The premiums vary from company to company and are adjusted periodically, so that plan holders do not pay amounts that are too high or too low. However, some companies may impose certain rules and regulations regarding the premium. These companies may also require you to pay an upfront fee before the insurance company starts providing your benefits.
Many of these plans offer wide-ranging benefits, depending on the coverage selected. For example, many Medigap policies cover only a set number of doctor visits, hospital stays, surgical procedures, and other related services.
Some policies cover costs associated with “chairs and hospitals”, while there may be others that cover costs associated with prescribed drugs, physician visits, emergency care, etc. Most Medicare supplement plans allow you to choose from a wide range of services, as well as a wide range of providers. These plans may charge higher premiums than open enrollment Medigap policies, because of this wide range of coverage.
Medicare Supplement Plans are designed to meet the needs of older persons eligible for Medicare. Although Medicare itself offers coverage for age-related illnesses, Medicare Supplement Plans provide additional coverage for specific needs.
Therefore, if you are elderly, and are not covered by Medicare (through a Medicare Part A policy), Medicare Supplement Plans can help you meet those additional needs. Some of these additional services that may be available through Medicare Supplement Plans include eye care, hearing aids, diabetic supplies, home health care, hospice, and specialized medical care. Medicare does not cover some commonly available prescription medications, so you will need a supplemental plan to fill those prescriptions.
One of the best ways to determine which Medicare Supplement Plan is the most comprehensive plan for your needs is to contact an experienced advisor who specializes in these issues. Medicare Supplement Plan selections are often provided by third-party organizations such as pharmaceutical companies, so it is important to thoroughly review the Medicare Supplement Plans offered by each organization.
While Medicare Supplement Plan selections are often given based on costs and benefits, it is important to remember that the selection of a Medigap policy is solely at the discretion of the individual enrolled under the Medicare program. Therefore, no one but you should decide which Medicare Supplement Plan is the most comprehensive plan for your needs.