Medicare Supplement Plan M
Medicare Supplement Plan M Is A Low-Cost Medigap Policy Loaded With Value.
There are 10 Medicare supplement plans (Medigap) lettered A-N. Each plan covers a different set of gaps within your Original Medicare benefits. Medigap Plan M provides coverage for all but two of these gaps. As a result, you reduce your out-of-pocket Medicare expenses. Below we take a closer look.
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Medigap Protects Both Your Health & Your Bank Account.
If you’re new to Medicare, you may be surprised to learn of the financial gaps looming within your Orginal Medicare benefits.
Original Medicare contains coinsurance, copayments, and multiple deductibles that expose you to high-out-of-pocket medical costs. Without supplemental insurance, you’ll pay out-of-pocket for all your Medicare-covered services.
Medicare Supplemental Insurance is a secondary form of coverage that fills the financial gaps of Medicare. These plans are widely popular. Over 80% of all Medicare beneficiaries own some form of supplemental coverage. We strongly suggest you do too!
About Supplement Plan M
Medicare Supplement Plan M is one of two new Medigap policies introduced in 2010 as part of the Medicare Modernization Act. This plan covers most of the financial gaps of Medicare while still offering moderately low premium rates.
Here’s What Medicare Supplement Plan M Covers
Part A coinsurance – Your Medicare Part A benefits cover in-patient hospital care for up to 60 days. Plan M extends your benefits to 365 days. If you were to need extended medical care, this benefit could save you many thousands of dollars.
Part A deductible at 50%- the standard Part A deductible in 2020 is $1,364. This plan cost-shares your Part A deductible at 50%. As a result, you save $682 alone with this benefit.
Part B coinsurance– Your Medicare Part B benefits cover office visits and outpatient medical care at 80%. Without a Medigap policy, you’ll pay the remaining 20% for all outpatient care services. There is no out-of-pocket maximum, which makes this the biggest gap in your Medicare benefits. All Medigap policies cover this gap, including Medigap plan M.
Blood (first 3 pints) – This plan provides full coverage for the first three pints of blood.
Skilled Nursing Facility – Original Medicare only covers 20 days of skilled nursing care. After that, you’ll pay a steep daily coinsurance of nearly $200 per day. Plan M covers this coinsurance too.
Here’s What Medigap Plan M Doesn’t Cover
Medicare supplement plan M covers all but the following two gaps.
Part B deducible – the standard part B deductible in 2020, is $185. Beginning this year, Medicare no longer allows any Medigap plan to cover this gap. In other words, you’ll pay this deductible no matter which supplement plan you choose.
Part B excess charges – Most states allow doctors to charge the patient up to 15% more than what Medicare covers as excess charges. Plan M does not fill this gap.
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How Does Medigap Plan M Compare?
See how Medicare Supplemental Plan M compares to the other plans.
Is Medicare Supplement Plan M Right For You?
There are ten different Medigap plans to fit the needs of different people.
Medicare supplement plan M will fit well for moderately healthy individuals who don’t expect to excessive office visits in the upcoming year.
Plan M allows you to protect against the most significant gaps in Medicare, and share in some of the cost out-of-pocket.
Pulling Quotes & Comparing Companies
Although Medicare standardizes all Medigap lettered policies, the independent insurance carriers who sell them set the rates. Anyone looking to avoid overspending on Medigap is going to have to shop around.
Shopping for Medicare supplemental insurance on your own can be a tedious process. The good news is you don’t have to.
Our independent agency is here to help you quote and compare Medicare Supplement Companies nationwide to find your best policy and lowest rate.
We can also help you explore Medicare Advantage as an alternative way to customize your Medicare benefits.
We’ve helped thousands of seniors customize their Medicare benefits to protect both their health and their bank account. We’d love to help you too!
Get started today with a personalized Medicare supplement Plan M quote.
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