V. Reed Speas II - Medicare Insurance Agent FL
Office Phone : (239) 288 - 0880 Website Link: www.Medicare-Deductible-F-Agent.comPersonal Email: V.Reed.Speas@gmail.com

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10 Steps to understand Medicare Supplemental Insurance

Medicare Part A - Hospital Insurance is coverage for inpatient hospital care, skilled nursing, hospice and some home healthcare...

Medicare Part B - Medical Insurance is coverage for the services of medical professionals and supplies....

Medicare Part C - Medicare Advantage is private insurance that you can obtain by dropping traditional Medicare. "Medicare Advantage" is private insurance PPO or HMO that has coverage Networks...

Medicare Part D - Prescription Drug Coverage is a prescription drug insurance coverage that is added to traditional Medicare. It is usually purchased in addition to a Medicare Supplement.

Medicare Supplement or Medicare Advantage? Choosing between Medicare Supplement and Medicare Advantage is an important decision we have provided a side by side comparison.

Gaps in Medicare Coverage Medicare recipients still have out-of-pocket charges in the form of deductibles, copayments, coinsurance, and benefit periods.

Compare Medicare Supplement Plans Medicare Supplement plans A, N, and F are the most popular. Depending on your specific needs you may find one of the other plans more beneficial for you.

Medicare Supplemental Plan F is by far the most popular Medigap policy, it is also the most comprehensive covering more than any other plan.

Medicare Part B - Excess Charges are charges above the Medicare approved amount for a procedure, most doctors accept Medicare assignment but some specialists charge 115% of the Medicare approved amount.

Florida Medigap Insurance Coverage The Medicare Supplement Plan A is the basis for all Supplement plans.


Medicare Supplement Plan N

Medicare supplemental insurance Plan N is a supplement plan created to give healthy individuals the opportunity to save money on their monthly supplement premium while maintaining excellent coverage. All insurance companies that offer Florida Medicare supplemental insurance must offer the same benefits with each plan, it is to say the plans are standardized by the government. This is done to make it easier for Medicare recipients to understand Medigap plans and reduce to fraud and general confusion. Although all companies that offer the Medicare supplement Plan N offer the same Plan N, not all insurance companies offer this plan. 

Insurance companies tend to have a specialization in the types of coverage’s they offer. An example of this is the car insurance company GEICO, they specialize in car insurance. Geico also offers liability, home and renters insurance, but mostly they offer car insurance. The Medicare Supplement market is similar to this, Humana and Aetna offer Medicare supplement insurance but has rates that are not competitive and does not offer many supplement plans. These companies specialize in under 65 insurance policies and mostly provide group insurance to companies. Insurance carriers such as an insurance company specialize in senior insurance products and Medicare Supplements. This is why they offer the Supplement Plan N and other companies may not. Don’t buy your home insurance from GEICO and don’t buy your Medicare supplement insurance from a group health insurance company. 

The benefits of the Medicare Supplement Plan N offer a nice combination of a lower monthly premium and solid protection. The monthly premium of the Supplement Plan N is kept lower by adding an office copay of $25 and an ER copay of $50 if you are not admitted to the hospital. In addition to this you will have to pay a $140 yearly deductible and the Plan N does not cover Medicare Part B excess charges. For this small reduction in benefits you will receive about a $50 monthly reduction in premium, about $600 per year. If you do the math most people will have a significant amount of savings, unless they visit the doctor more than once a month. If you do have a significant amount of doctor visits in the year then a Medicare Supplement Plan F is the right choice for you.  Please contact a Medicare Insurance Agent for an exact explanation of Plan N.

Summary of benefits for a supplement Plan N:

  • The $1156 Part A initial hospital deductible and the $289 - $578 hospital copayment after day 60.
  • The $144.50 Skilled Nursing copayment from days 21-100
  • The 20% copayment on medical procedures (This copayment is possibly the most valuable part of Medigap coverage)
  • Foreign Travel Emergency care

* Plan N has a $25 office copay, a $50 ER copay (withouy admission) and does not cover $140 part B deductible

**The information on this website is intended for informational purposes only and may change at any time.   Medicare Supplement Advisor and V. Reed Speas himself are not connected with or endorsed by the U.S. government or the federal Medicare program.

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