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Medicare is a national health insurance program for people who are 65 or older, certain younger people with disabilities, and those with end-stage renal disease.
If you’re turning 65 soon, you’ll have some critical healthcare decisions to make.
If you aren’t sure as to what all the parts of Medicare are, we have compiled all of them for you.
Known as Medigap Plans, Medicare Supplement Plans fill in the “gaps” of medical costs that aren’t covered by Original Medicare, such as coinsurance, copayments, and deductibles.
Medicare Advantage Plans, or Medicare Part C, can be used to substitute Medicare Part A and B, as well as offer prescription drug coverage.
You can enroll in Original Medicare three months before you turn 65 until three months after the month of your 65th birthday.
We have acquired an abundance of knowledge, and we’re eager to share this expertise with you in the form of articles and blog posts.
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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.
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!
Here’s a visual that can help you:
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.
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.
We’re contracted with many Medigap insurance carriers in Nebraska, Iowa, Missouri, and Kansas. Call (402) 740-5505 or reach our team online.
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
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