Illinois Medicare Supplement Plan N – What is my Best Option?

November 9, 2011 Category: Medicare

If you’re 65 or about to turn 65, chances are you’re enrolled in Medicare and that’s great news. While Medicare is helpful for paying a significant amount of your health care costs, it doesn’t pay for it all. Many people just like you consider choosing a Medicare Supplement plan to help cover the “gaps” in coverage that Medicare doesn’t pay. Out-of-pocket expenses like deductibles and coinsurance can add up fast, which is why it’s so important to choose the right Medicare Supplement plan.

With cost an important factor, many people are considering Illinois Medicare Supplement plan N to help with health care costs. Take some time to learn a little about plan N and make an informed decision when and if you decide to purchase Medigap insurance. 

A Budget Conscious Option 

For people on a fixed income or those who are looking for a budget conscious option,  Medicare Supplement plan N may be the right choice. There are cost sharing features that allow you to save money on premiums while still receiving coverage you can depend on. For instance, Plan N offers the same basic benefits as all of the other available plans, but with a small copay and coinsurance in exchange for reduced monthly payments. 

Coverage 

Plan N provides Basic Benefits (hospitalization and medical care) after a $20 copay for office visits and a $50 copay for emergency room visits. Your Part A deductible and coinsurance are covered completely and you receive an additional 365 days of hospital care after Medicare benefits end.  While your Part B deductible is not covered, a significant portion of your Part B coinsurance (which is usually 20% of Medicare approved expenses) is. Plan N pays for the first three pints of blood each year and 100% of your skilled nursing coinsurance. Plus, foreign travel emergency care is covered, so if you are in a foreign country and need medical care, you do not have to worry. Finally, if there are excess charges above what Medicare is willing to pay for Medicare approved services, Plan N covers them 100%. 

Medicare SELECT 

Plan N is also available as a Medicare SELECT plan. Medicare SELECT is an option offered by Blue Cross Blue Shield that offers lower premiums in exchange for agreeing to use doctors and hospitals in the plan’s network. Standardized Medicare Supplement plans do not require that you use doctors within a network, only Medicare SELECT. However, check with your health care provider because in many cases, they may already be included in the network. 

Medicare SELECT gives the opportunity to save even more money. Remember, Medicare SELECT is for non- emergency care only, so if you injure yourself and need to visit the emergency room, you can go to any hospital out of the network without being penalized.  

Choose Your Health Insurance Provider Carefully 

Luckily, all Illinois Medicare Supplement plans are standardized, meaning that a Plan F offered by one insurance company must contain the same basic benefits as a Plan F offered from another company. With this in mind, the only real difference between insurance companies is cost and reliability.

Nevertheless, be careful when choosing your insurance company. Stay with trusted, credible names like Blue Cross Blue Shield of Illinois for your medicare supplemental insurance needs.