Medigap Monday: Plan M The Plan Of The Future
The Medicare Supplement Plan M is a plan that Medicare insurance agents rarely about, however I feel that it may be the plan of the future. There are many talks on how the Medicare Supplement Plan N is the plan of the future with all the MACRA changes that are coming to the Medicare Supplement Plan F and the Medicare Supplement Plan N is a great plan. However, I just want to touch on the Medicare Supplement Plan M, what it covers and why I think it’s the Medicare Supplement Plan of the future.
If you are looking into your options for coverage and you don’t quite see the value in spending the higher premiums for a Medicare Supplement plan such a Medicare Supplement Plan F, Medicare Supplement Plan G or Medicare Supplement Plan N but you also do not want the restrictions of Networks with Medicare Advantage Plans like with HMO’s and PPO’s; the Medicare Supplement Plan M might be the plan for you. The Medicare Supplement Plan M gives you the flexibility of a Medicare Supplement without dictating what doctors you can see and the premiums are much more affordable than some of the Medicare Supplements available. You would still need to purchase a separate Medicare Supplement Part D plan for your medications because, as with all the Medicare Supplement Plans, it does not cover medications.
The Medicare Supplement Plan M covers the following:
- Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up – 100% coverage
- Part B coinsurance or copayment – 100% coverage
- Blood (first 3 pints) – 100%
- Part A hospice care coinsurance or copayment – 100%
- Skilled nursing facility care coinsurance – 100%
- Part A deductible ($1,364 for 2019) – 50%
- Part B deductible ($185 for 2019) – 0%
- Part B excess charges – 0%
- Foreign travel exchange (up to plan limits) – 80%
Medicare’s website has a list of all the Medicare Supplement plans so you can easily compare the plans to determine what Medicare Supplement Plan is the best suited for your needs.
The Medicare Supplement Plan G is still the Medicare Supplement Plan that I recommend over all because it is some of the best coverage you will ever have in your life. My goal here is to educate all seniors on all of their options. I would much rather you choose a plan instead of being sold a plan.
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