What Is A Medicare Supplement Plan M
The Medicare Supplement Plan M, this guide will take a look at what Medigap M does offer and help you decide if it’s the plan for you. You can compare rates and benefits of all the Medicare Supplement Plans in your area. Call us for a personal benefit explanation at 844-528-8688, there is never a fee for our services. Keep reading to see if the Medicare Supplement Plan M is right for you.
Medigap Plan M is one of the least popular of all Medicare supplements, accounting for less than 1% of all enrollments across the United States. This is likely because Plan M is one of the few plans that doesn’t cover 100% of the Part A deductible, an expense that most Medicare recipients are looking to avoid
Medicare Supplement Plan M Benefits
All Medigap plans help reduce your out-of-pocket charges from copay, coinsurance, and deductibles. Medigap Plan M includes many of these benefits. The only charges it doesn’t help pay are the Part B deductible and excess charges.
The following expenses are paid by Medigap Plan M:
- Medicare Part A Coinsurance and Hospital Costs (up to 365 additional days beyond typical Medicare Benefits)
- Medicare Part B Coinsurance and Copayment
- First 3 Pints of Blood
- Coinsurance for Hospice Care Under Medicare Part A
- Skilled Nursing Facility Care
- 50% of the Part A Deductible
- Foreign Travel Emergency (80% of charges)
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Medicare Part A Deductible with Medicare Supplement Plan M
Plan M is unlike most other Medicare supplements that offer coverage for the Part A Deductible. You will be required to pay 50% of this deductible, which means that for 2018, you could pay up to $670 per benefit period for Part A expenses.
While this cost-sharing does reduce the monthly premium for Plan M compared to plans with similar benefits, it’s important for you to take a close look at your quotes to decide if the savings are enough to justify the extra risk.
Does Medicare Plan M cover the Medicare Part B Deductible?
Medicare Plan M does not cover the Medicare Part B deductible. Individuals who choose Plan M are responsible for paying the Part B deductible out of pocket each year. This deductible is the amount you must pay for your health care services under Medicare Part B before Medicare begins to pay its share currently $240). If you’re considering Medicare Supplement plans and want coverage for the Part B deductible, you might look at other plans that provide this benefit, such as Medicare Plan C or Plan F, where available.
Remember to compare the cost of the Part B deductible to the additional cost of a Medicare Supplement Plan that covers the Part B deductible to ascertain whether the additional premium cost will be worth it.
Does Plan M Cover Excess Charges?
Medicare Plan M does not cover excess charges from healthcare professionals. Excess charges occur when doctors and providers do not accept Medicare’s approved amount as full payment for their services and charge more than the Medicare-approved amount. Under Medicare Supplement Plan M, you are responsible for paying these excess charges out of pocket. If coverage for excess charges is important to you, you might consider looking into other plans such as Medicare Supplement Plan F or Plan G, which do cover excess charges.
Additionally, it’s important to understand that Medicare Plan M covers 50% of the Medicare Part A deductible and does not cover the Part B deductible. While Plan M offers basic benefits such as Medicare Part A coinsurance and hospital costs for an extra 365 days after Medicare benefits are used up, and Part B coinsurance or copayment, its partial coverage of the Part A deductible and lack of coverage for Part B deductible and excess charges means it might not be suitable for everyone. Individuals should carefully assess their healthcare needs and potential out-of-pocket expenses when considering Plan M as part of their Medicare coverage strategy.
Who Is Medicare Supplement Plan M Best For?
Medigap M is very similar to Plan D. The only difference in benefits is that Plan D covers all of the Part A deductible at the cost of a slightly higher monthly premium.
Part A expenses are related to hospital stays and inpatient care. So, if you don’t predict you will need those types of services, or if you are willing to take the risk of paying more for them, then Plan M could be the right choice for you.
Thinking About Enrolling in Medicare Supplement Plan M?
Because individual insurance providers decide which Medigap plans to offer, it can often be difficult on your own to find a company offering Plan M. Historically, it just hasn’t been a popular choice so many providers don’t offer it.
If you need help getting a quote for Plan M, or if you are just trying to decide which Medicare supplement is best for you, reach out to us today at 844-528-8688 or with our online contact form. We’ll assist you in choosing and enrolling in Medigap, and our services come at no additional charge to you.
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Frequently Asked Questions
A Medigap plan, also known as a Medicare supplement plan, is a supplemental insurance plan that helps pay for some of the healthcare costs that original Medicare doesn’t cover.
Medicare supplement plans are offered by insurance companies to help pay for costs such as deductibles, copayments, and coinsurance that are not covered by original Medicare.
Medicare Part A covers hospital expenses, while Part B covers medical expenses like doctor visits and outpatient care. Together, they make up Medicare benefits.
Supplement plans (Medigap policies) are designed to fill the gaps in coverage left by original Medicare, helping to lower out-of-pocket costs for covered services.
It’s important to compare Medigap plan benefits and costs from different insurance companies to find the one that best suits your needs. Consider factors like coverage, premiums, and provider networks.
The Medigap Open Enrollment Period is a six-month period when you first turn 65 and enroll in Medicare Part B. During this time, you have guaranteed issue rights to buy any Medigap
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