Medicare Supplement Plan M
Medicare Supplement Plan M hit the market in 2010, it helps cover thousands of seniors across the United States.
Plan M is a low premium policy, great for those prepared to cover out-of-pocket expenses associated with healthcare.
This policy is very similar to Plan N, although, instead of having a doctor or hospital copayments, you’ll cover 50% of your Part A deductible.
The Plan M may not be first dollar coverage, however, plenty of seniors discover this is the perfect premium amount and the coverage works fine for them.
Medicare Supplement Plan M: Everything You Want to Know
Those that have an effective date for Traditional Medicare coverage can start working with an agent to set up a policy in advance.
Medigap Plan M: Low Premiums and Peace of Mind
Looking at Medicare Supplement Plan M, you’ll notice it does offer comprehensive coverage. While there are some gaps, overall the policy offers more peace of mind than Traditional Medicare.
Medigap Plan M will cover in full:
- First 3 pints of blood received in the hospital
- Part A coinsurance
- Part A costs up to an additional 365 days after Medicare
- Foreign travel emergency
- Skilled Nursing
- Part B Coinsurances
Plan M will cover 50% of the Part A hospital deductible.
Plan M is comprehensive coverage; however, it doesn’t cover everything.
Plan M doesn’t cover:
- Part B excess charges
- Part B deductible
Medicare Supplements allow you the freedom to choose any doctor or specialist that accepts Medicare assignment, without a referral.
These policies are also guaranteed renewable, this means your coverage will never be canceled due to poor health conditions.
Medicare Plan M: Same Benefits, Different Carriers
The best part about comparing Medicare Supplement policies is when you know the plan you want, all you need to compare is carrier costs.
A Medigap Plan M with Humana is going to have the same exact benefits as a Plan M with Aetna. You’re probably asking yourself “what’s the difference between the two Plan M’s?”, and I can tell you that cost is the only difference.
There are many carriers with great financial ratings and competitive prices. When you find the coverage and premium that meets your needs by talking with a licensed insurance broker in your state.
Plan M: Few Expenses
Medicare Supplement Plan M offers coverage for Medicare Part A hospital coinsurance and the costs of a hospital stay for an extra 365 days after Original Medicare coverage is exhausted.
This coverage alone could save you if you find yourself staying in the hospital for an extended period. What could have been a giant expense and headache, has coverage when you have Medicare Plan M.
Instead of finding yourself responsible for thousands of dollars in hospital fees, enroll in a Medicare Supplement and ensure you’re not trapped under a mountain of hospital debt.
This policy will also protect you from nickel and diming yourself through doctor visits. By covering the Part B coinsurance and copayment, you’ll be relieved from that added expense.
The only expenses you should prepare for include the Part B deductible and any Part B excess charges. If you see doctors that accept Medicare assignment, you can avoid the Part B excess charges.
Meeting your deductible means you’ll receive coverage on your Part B services.
With Medicare Supplement Plan M, you’re responsible for 50% of the Part A hospital deductible.
Also, it’s important to inform yourself about how Part A’s deductible works.
Medicare Part A Deductible: What to Know
The moment you’re admitted to the hospital a new benefit period begins. After you’ve been discharged and out of the hospital for 60 consecutive days, the benefit period will end.
Once the Benefit Period ends, if you return to the hospital and become admitted, you’ll be responsible for the Part A deductible, again.
If you’re admitted to the hospital during your benefit period, with an unrelated occurrence, you’ll be responsible for your portion of the Part A deductible.
Do you find this confusing? Working with an insurance expert can make selecting a policy simple and enrollment easy.
Medicare Supplement Plan M Premiums
The average cost of Medicare Plan M is around $350; however, it could cost more, or less depending on the area in which you reside.
Premiums can be based on many different factors, such as:
It’s always in your best interest to compare prices for Medigap Plan M in your area each year. Over the years, comparing prices could save you money annually.
Changing from One Medicare Supplement Plan M to Another
If you enrolled in your Plan M during your Open Enrollment Period, you likely qualified for Guaranteed Issue. This means you’re enrolling without answering any health-related questions.
The Guaranteed Issue period allows you to obtain coverage even if you have health issues, and only comes around once in a beneficiaries life.
When you want to change, even if just from one carrier to another, you should expect to answer health-related questions.
However, don’t let this worry you, 3 out of 4 beneficiaries will still be approved by a new carrier without any issues.
Medicare Plan M Prescription Drug Coverage
Part A or Part B drugs are covered by Medicare Supplement policies. So, if Medicare covers it, Plan M will cover it.
As far as Part D benefits, you’ll need to enroll in a stand-alone Part D plan for coverage on drugs prescribed by your doctor to take at home.
Plan M Vision, Dental & Hearing Benefits
Sadly, Medigap Plans don’t cover routine vision, dental or hearing. However, there are plenty of affordable stand-alone vision, dental and hearing plans that can provide you with adequate coverage.
Our agents can also help you compare these rates in your area.
If Medigap Plan M is Too Costly for Me, What Option Would Work Best?
The costs for Plan M tends to be higher than the other options.
If you were hoping to have comprehensive coverage and a low premium, you could consider Plan G. However, with Plan G, you’ll be responsible for your Part B deductible.
The best part? Plan G has a lower rate increase than many of the other supplement plans available on Medicare.
Feel Confident in Your Choice
Working with one of our Licensed Insurance Brokers doesn’t cost you a thing, and you get a whole client service team in your back pocket.
When an issue occurs during the lifetime of your policy, you’ll call us and we will be here to help you.
Our agents will simplify Medicare and the enrollment process for you. We will be here to help you every step of the way, at no additional cost.
Give one of our experts a call today at the number above.
You can complete our online rate form to see Medicare Plan M rates side by side for all the top carriers.