You may have come across the words “Medigap Plan N” on your screen and wonder what that means. The initials stand for “Medical Savings Account,” and they are a popular type of plan in the United States.
Medigap Plan N
In general, you pay into this account, which grows with you as your expenses do, in order to take care of any medical expenses that you might incur. While they are helpful in many ways, these accounts have a number of disadvantages. Here is what you need to know about these accounts.
First, they aren’t insurance. In other words, they are just another bank account that you can access to pay for any medical expenses that you may incur Medicare Plan N for 2021. This is essentially different from having insurance – where you pay into a pool of money that eventually pools together to pay for a large number of smaller expenses that happen out of nowhere. When you have insurance, you are absolutely covered for any expenses, regardless of how much you paid into that pool.
In addition, your premiums for this plan tend to be very high. In most cases, you will pay several thousand dollars a year in premium costs, and this will only go up as your health starts to deteriorate and your expenses start to mount. While a Dental plan might not cost as much as Medicare or Medicaid, it is still a lot higher than what you would pay for most insurance policies.
Finally, you may think that this plan covers your prescriptions. Unfortunately, it does not. This plan does provide coverage for medicines that you take every day, such as Tylenol, Motrin, and Advil. However, it does not cover any prescription medications that you may get from your doctor.
So why does this plan exist? It exists because people don’t always have money to pay their expenses, especially when Medicare and Medicaid are not enough to support them. Those who can’t afford to take out this type of plan don’t really want to do so, either–it’s just that they don’t realize that it is a possibility. However, it is important to remember that it’s an option. Don’t wait until you are in pain to realize the importance of getting this plan.
Remember to compare your needs with those of your family, and consider whether it is worth the expense of a Medigap Plan N. If you find that you are falling short on many of the essentials in life, then it is definitely worth it to go this route.
Just make sure that you understand all that you will be responsible for, as you will be responsible for many of your own expenses. You don’t need to have the stress of wondering how you are going to pay your bills. Keep the peace of mind that this plan will take care of those expenses so that you can focus on getting well and living your life.