Medigap Plan M
Medigap Plan M is one of the newer supplements that was introduced in 2010.
It provides the same coverage as the other Medicare supplements. However, Plan M includes a slightly lower monthly premium while you pay half of your hospital deductible and 100% of your yearly outpatient deductible.
Who Should Choose Plan M?
If you don’t think you’ll go to the hospital that much and feel like you can afford some occasional cost-sharing, consider Plan M.
With that in mind, it’s a good idea to work with a licensed Medicare broker like Midwest Trusted Benefit. We specialize in Medigap policies and review the differences in premiums — making sure the savings are worth the risk of some costs. The best part? Our help is FREE!
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Medigap Plan M Benefits
Here’s a visual that can help you:
Medigap Plan M Scenario
Consider the following scenario:
Mrs. Jones buys a Medigap Plan M policy because of the apparent savings on premiums. She also has enough savings to pay for the periodic 50% coinsurance on the Part A deductible she could obtain. Three years into her policy, she needs hip surgery that requires her to stay in the hospital overnight. Mrs. Jones will pay for her (50%) share of the Part A deductible.
When she has outpatient follow-ups, her Plan M policy will cover most of them. She must first pay the yearly Part B deductible, but Medicare covers 80% of her outpatient care afterward. Her Medigap Plan M collects the other 20%.
If Mrs. Jones’ hip surgeon doesn’t accept Medicare assignment (given rates), she’ll also be responsible for the Part B excess charge. This surcharge will be no more than 15% above the Medicare-allowed amount. It’s a minimal charge, and Mrs. Jones is comfortable with her coverage.
So, this gives you a glimpse of what potential cost-sharing involves.
We'll Help You Decide if Plan M Is a Good Fit for You.
Cost-sharing can cause a lot of confusion, which is why we tend to see fewer companies offering Plan M. Trying to locate them can be a hassle, but if you get help from a trusted agent like us, we can give you FREE, quick quotes right over the phone.