Medigap Plan M
Medigap Plan M is one of the Medicare Supplement Insurance plans available. This plan was introduced by the Medicare Modernization Act of 2010. It exists to offer additional coverage for the gaps left in Medicare, while also remaining affordable.
If you are curious about Medigap Plan M, here’s everything you should know.
Medigap, or Medicare Supplement Insurance, is a form of coverage that helps fill the gaps that are left in Medicare coverage. When we say “gaps”, we mean the parts of your health care costs that aren’t paid by Medicare. There are many gaps to be filled, and Medigap plans do a great job of this. There are ten different plans available, and each one is standardized. That means you will always get the same coverage from any plan, regardless of where you purchase it.
How Does Medigap Work?
In exchange for monthly premium payments, Medigap plans will pay for your out-of-pocket medical costs. Some plans cover all of your costs, while others are more basic. What is covered varies between each plan.
Once you are eligible for Medicare, you can start searching for Medigap coverage. Though, you must be enrolled in Original Medicare to actually purchase a plan. The purchasing process is simple, though it can be complicated by medical underwriting.
To avoid underwriting, apply during the Medigap Open Enrollment Period. This period begins at the same time as your Part B benefits and it lasts for six months. During this time, you won’t be required to submit to underwriting, which can dramatically lower costs. Your rates are locked in after you purchase the plan, so even if you have adverse health conditions, your rates won’t be affected later.
Medigap Plan M Coverage
Medigap Plan M offers relatively basic benefits. It has lower premium costs, but the tradeoff is that you must be willing to pay half of your Part A deductible and all of your Part B deductible and excess charges.
Here is what Plan M will pay for:
- Medicare Part A Coinsurance and Hospital Costs
- Medicare Part B Coinsurance and Copayments
- 3 Pints of Blood
- Skilled Nursing Facility Coinsurance
- Foreign Travel Emergency (Up to 80%)
Remember, half of your Part A deductible will also be paid by this plan.
Medigap Plan M Costs
Medigap Plan M is meant to be a mid-range plan. The premium costs are lower because you have to pay 50% of your Part A deductible. If this sounds fair to you, then this is a good plan to purchase. Though, we can’t specifically state how much Plan M coverage costs because prices vary from location to location.
If you want accurate pricing information, please reach out to Elite Medicare Advisors. We can help you collect quotes on qualifying Medigap plans in your area.
You can reach us at 1-800-994-0708.
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