The Plan N trap
It has recently been announced that Mutual of Omaha, United of Omaha, & United World insurance companies have taken Medigap Plan N off of their list of Medicare Supplement Insurance plans offered.
Medigap Plan N can be a good solution to people with pre-existing health conditions, but today we will explain how sometimes this plan can leave you trapped.
This particular Medigap Insurance plan is unique in that it has a cost sharing feature. It is the first supplement to include co-pays for doctor visits and emergency room visits. Medicare beneficiaries under Medigap Plan N are also responsible for the Medicare Part B deductible. People tend to gravitate to this Medicare Supplement health plan because unless you have a disease like End Stage Renal Disease (ESRD), you should have no problem being accepted into the plan. In other words, prior health conditions do not hinder one from enrolling in Plan N.
Recently, people have been coming across issues with premium hikes. Premiums are fairly reasonable at first, but as time goes by costs rise and beneficiaries have no other choice but to pay because remember, Plan N may be the only plan that would accept them in the first place.
So we are faced with a Medicare Supplement conundrum.
Initially Medigap Plan N may be a good solution for seniors who are limited by either health conditions of financial circumstances, but increasing costs over the lifetime of their plan leave them with no place to turn.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.