Let \(A_R\subset \mathbb {R}^N\) , \(N\ge 2\) , be an annulus with inner radius R and outer radius \(R+1\) . We are concerned with the elliptic Neumann problem \(\begin{aligned} {\left\{ \begin{array}{ll} \varepsilon ^2\Delta u+f(u)=0 & \text {for}\ x\in A_R,\\ \frac{\partial u}{\partial n}=0 & \text {for}\ x\in \partial A_R, \end{array}\right. } \end{aligned}\) where \(\varepsilon >0\) is a small constant. In particular, the Allen-Cahn equation \(f(u)=u-u^3\) and the scalar field equation \(f(u)=-u+u^p\) , \(p>1\) , are studied. We establish sharp asymptotic formulas of the Morse index of n-mode radial solutions as \(R\rightarrow \infty \) . In the case of the scalar field equation the first n eigenvalues of the linearization around n-mode solutions of the one-dimensional problem \(\begin{aligned} {\left\{ \begin{array}{ll} \varepsilon ^2u''-u+u^p=0 & \text {for}\ 0<x<1,\\ u'(0)=u'(1)=0 \end{array}\right. } \end{aligned}\) become important. We show that, as \(\varepsilon \rightarrow 0\) , the first \(\ell \) eigenvalues converge to \(-(p+3)(p-1)/4\) and the other \(n-\ell \) eigenvalues converge to 0, where \(\ell \) is the number of the local maximum points of an n-mode solution u(x) on [0, 1].