Medicare Supplement (Medigap) Plan M provides coverage for many seniors in the United States. Medicare Plan M is a low-premium policy and great for those seeking affordable healthcare and are capable of covering out-of-pocket healthcare expenses.
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This coverage is also an excellent choice for travelers as Medigap Plan M provides benefits for those traveling abroad. If you’re looking for healthcare benefits that keep your monthly costs low but are there when you need them, Medicare Supplement Plan M may be right for you. Explore these benefits and discover if this option fits your needs.
What is Medicare Plan M?
Medicare Supplement Plan M is a cost-sharing Medigap plan that keeps monthly premiums low while providing important healthcare benefits. While your monthly costs are low, you’ll need to be prepared to pay out-of-pocket costs when you receive healthcare services. This includes 50% of your Medicare Part A deductible.
Despite these out-of-pocket costs, because the premiums for Medicare Plan M are lower than those of some other Medigap plans, many enrollees justify the out-of-pocket costs that come along with it.
Unlike Original Medicare (Medicare Part A and Part B), which the federal government administers, your Medigap coverage comes from private insurance carriers. There are 12 lettered Medicare Supplement plans, and finding the best coverage will come down to your healthcare and budget needs.
Medicare Supplement Plan M Benefits
For those who enjoy keeping monthly costs lower, Medicare Supplement Plan M benefits can be an excellent fit. Helping you cover costs left over after Original Medicare alone, Plan M Medicare Supplement coverage helps with plenty of out-of-pocket costs. These costs include copayments, coinsurance, foreign travel emergency care, and your first three pints of blood.
Medicare Supplement Plan M Comparison Chart for 2023
Looking to compare Medigap plans? There are 12 lettered plan options, and each provides its own level of benefits. Below is our Medicare Supplement Plan M comparison chart for 2023, a visual representation of the coverage you can expect when you enroll.
No matter your healthcare needs, there is coverage suitable for you. Medigap Plan M provides plenty of healthcare benefits but may not be the best fit for your healthcare. Contact a licensed Medicare agent to determine which supplemental plan works best for you.
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Medicare Supplement Plan M Coverage
Of the three cost-sharing Medigap plan options, Medicare Supplement Plan M offers the most comprehensive coverage. The only cost-sharing involved in Medigap Plan M is 50% of your Medicare Part A deductible, whereas Medicare Supplement Plan K and Medicare Supplement Plan L require more out-of-pocket.
Certainly, you’ll also have better coverage with Medigap Plan M than with Original Medicare alone. This is because Medicare Supplement plans exist to cover the out-of-pocket costs Medicare Part A and Part B leave behind.
Medigap Plan M covers coinsurances and copays for your outpatient coverage (Medicare Part B), as well as your inpatient coverage (Part A) up to 365 days after Medicare benefits are exhausted. This can result in significant savings should you need to stay in the hospital for an extended period of time. Those who frequent doctor’s offices can also benefit, as copays can easily add up.
What Does Medicare Supplement Plan M Not Cover?
Your Medigap Plan M coverage is helpful at covering out-of-pocket expenses, but there are still some that you’ll incur after using your benefits. The only expenses you’ll have to cover with Medicare Supplement Plan M are 50% of your Medicare Part A deductible, Part B deductible, and Part B excess charges. However, not every state allows excess charges, and even in the ones that do, they are rare.
You’ll want to ensure your providers accept Medicare assignment before making appointments. Fortunately, most doctors do accept Medicare assignment.
How Much Does Medicare Plan M Cost?
The average cost for Medigap Plan M is around $120-$200 per month. Due to the cost-sharing, the premium is lower compared to other Medigap plans. However, your monthly premium rates depend on various factors, including your location, age, gender, and the pricing method used by your state.
To give you a better example, we’re comparing the costs of Medicare Supplement Plan M across three different cities. For our methodology, we’re comparing both male and female beneficiaries that are 65 and 75 years old. None use tobacco:
| Medigap Plan M Average Monthly Cost in New York, NY (11368)* | |
| Gender: Female, Age: 65 | $486.00 |
| Gender: Male, Age: 65 | $486.00 |
| Gender: Female, Age: 75 | $486.00 |
| Gender Male, Age: 75 | $486.00 |
| *Please note: the above are sample rates. These are subject to change. Call us for your accurate, personalized quotes today. | |
| Medigap Plan M Average Monthly Cost in Tampa, FL (33634)* | |
| Gender: Female, Age: 65 | $189.00 |
| Gender: Male, Age: 65 | $189.00 |
| Gender: Female, Age: 75 | $247.00 |
| Gender Male, Age: 75 | $247.00 |
| *Please note: the above are sample rates. These are subject to change. Call us for your accurate, personalized quotes today. | |
| Medigap Plan M Average Monthly Cost in Chillicothe, OH (45601)* | |
| Gender: Female, Age: 65 | $107.00 |
| Gender: Male, Age: 65 | $112.00 |
| Gender: Female, Age: 75 | $153.00 |
| Gender Male, Age: 75 | $159.00 |
| *Please note: the above are sample rates. These are subject to change. Call us for your accurate, personalized quotes today. | |
Who Is Medicare Supplement Plan M Ideal For?
Medicare Supplement Plan M is Good For Those Who:
- Need a lower monthly premium
- Don’t mind paying 50% of their hospital deductible
- Sometimes travel overseas
Again, the best plan for you is going to be the one with benefits that fit your healthcare and budget needs. Taking the time to audit your needs can help you identify which option’s benefits are the best fit. Speaking with a licensed Medicare agent is always advised, as an expert can help you assess your needs and sign you up for the right plan at no cost to you.
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Medicare Supplement Plan M Pros and Cons
| Medigap Plan M Pros | Medigap Plan M Cons |
|---|---|
| Medigap Plan M is often a budget-friendly supplemental option that can still help you cover healthcare expenses in the event of an emergency. | Part of the appeal of Medigap Plan M may be its affordable premiums, but this comes at the cost of benefits. Specifically, you’re responsible for 50% of your Medicare Part A deductible. |
| Any doctor accepting Original Medicare will also accept your Medigap Plan M benefits. | Medicare Part B excess charges aren’t normal, but there is a small percentage of healthcare providers that may still charge them. Medigap Plan M does not cover this healthcare expense. |
| If you are looking to avoid covering expensive copays alone, travel outside the U.S., or are looking to save on monthly premiums or all of the above, Medigap Plan M may be an attractive option. | Under normal circumstances, you’re going to need to cover additional health expenses pertaining to dental, vision, and hearing through other means. Medigap Plan M won’t cover these costs. |
What Carriers Offer Medicare Supplement Plan M?
Many carriers offer Medigap Plan M coverage, but the availability in your area may vary. Coverage for Medicare Supplement Plan M changes in availability depending on the location as well as by carrier. Nevertheless, many top-rated brands offer Medigap Plan M benefits. Here are several carriers that may offer the coverage in your area:
- Accendo
- Aetna
- Aetna Health and Life Insurance Company (An Aetna Company)
- American Continental Insurance Company (An Aetna Company)
- American Retirement Life Insurance Company (A Cigna Company)
- Anthem Blue Cross Blue Shield
- Bankers Fidelity
- Blue Cross Blue Shield
- Cigna
- Combined Insurance
- Continental Life Insurance Company (An Aetna Company)
- Equitable
- ForeThought Life Insurance
- Gerber Life Insurance
- Government Personnel Mutual
- Heartland National
- Humana
- Individual Assurance Company
- Loyal American Life Insurance Company (A Cigna Company)
- Lumico
- Manhattan Life
- Medico
- Mutual of Omaha
- National General
- New Era Life Insurance
- Omaha Insurance Company (A Mutual of Omaha Company)
- Oxford Life
- Philadelphia American Life Insurance
- SilverScript (A CVS Caremark Company)
- Standard Life and Casualty
- Stonebridge Life Insurance (A TransAmerica Company)
- TransAmerica
- TransAmerica Premier (A TransAmerica Company)
- United American
- UnitedHealthcare
- UnitedHealthcare (AARP Medicare Supplement)
- United of Omaha (A Mutual of Omaha Company)
- United World (A Mutual of Omaha Company)
Above is not every carrier, but the list does represent many top-rated options that are available. There are many options, and beneficiaries may feel overwhelmed when it comes to making a decision. But by working with a licensed Medicare agent, you can identify your needs, compare coverages among carriers, and pinpoint the best option for your healthcare and budget.
Does Medicare Plan M Cover Prescription Drugs?
Medicare Supplement Plan M doesn’t cover prescription drug costs. As it stands, no Medigap plan currently on the market offers prescription drug coverage. You’ll need to enroll in a stand-alone Medicare Part D plan for coverage of drugs your doctor prescribes for your to take at home.
What is the Best Alternative to Medigap Plan M?
Determining which Medigap plan is the best alternative will vary by person. Everyone has different needs and budgets, meaning you’ll need to assess your own personal factors, a task best completed with the help of a licensed Medicare agent.
Still, some plans are more popular than others. Medicare Supplement Plan M’s premiums are higher than the other cost-sharing options, Plan K and Plan L. But if you’re looking for a more comprehensive form of coverage without the need for cost-sharing, Medigap Plan G is a popular option.
If you’re in need of coverage but have budgetary concerns, Medigap Plan N is another popular choice. Let’s compare the benefits of Medicare Supplement Plan M and Plan N to see how they stack up for your needs.
Medicare Supplement Plans M and N
When you compare Medicare Supplement Plan M to Plan N, you’ll notice that these options’ benefits are very similar, but Plan N offers more benefits. Although virtually identical, instead of only covering 50% of your Medicare Part A Deductible, Medicare Supplement Plan N covers it entirely.
Additionally, beneficiaries will notice that a core difference between Medicare Supplement Plans M and N is how cost-sharing is applied. Medigap Plan M requires you to share the cost of your Medicare Part A deductible, and Medigap Plan N requires small copays for Medicare Part B services.
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Along with the previously mentioned factors that determine your monthly premium, the number of benefits your chosen plan includes affect your Medicare Plan M cost. The general rule of thumb is that the more benefits your plan has, the more you can expect to pay. Therefore, while Medigap Plan N is a low-cost option, you can still expect to pay more than you would for Plan M.
FAQs
How to Sign Up for Medigap Plan M
There are many considerations to make when choosing Medicare coverage. Thus, you may not know where to start.
Luckily, our Medicare experts know what you should look for in a plan and are happy to help. Call the phone number above to speak to an agent licensed in your state today for a premium rate comparison from top carriers for plans in your area, or fill out our online rate form. Our services are free and you'll have no obligation.
When you purchase a policy from us, our client care team is there for you during the lifetime of your coverage. The assistance we offer to you is available at no additional cost.
Let MedicareFAQ help you explore your options for Medicare Plan M (Medicare Supplement Plan M) today!
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