Medigap Plan M
Medicare Supplement Plan M is one of the existing Medicare Supplement Insurance plans that provides Medicare members with coverage for certain out-of-pocket expenses such as coinsurance, copays, and deductibles. Since Plan M is of a cost-sharing nature, it covers only one part of your medical costs, so you will be responsible for the remaining costs. This plan provides coverage for many Medicare beneficiaries because the premium costs of this plan are lower than some other Medigap plans.
What is covered under Medigap Plan M
This plan is one of the three cost-sharing plans and among these 3 plans, M can be considered as most extensive. So, this plan includes coverage for:
- 50% of Part A deductible
- 100% of Pa
- 100% of Part B coinsurance or copay
- 100% of the first three blood prints for a medical procedure
- 100% of Part A coinsurance for hospice care
- 100% of skilled nursing facility care coinsurance
- 100% Medicare part B preventive care coinsurance
- Foreign travel emergency cases
However, Medigap Plan M doesn’t cover Part B deductible and Part B excess charges. Additionally, all Medicare supplement plans, including prescription drugs, long-term, dental, and vision care as well as private-duty nursing.
Medigap Plan M costs
The premiums for Supplement Plan M are determined by private insurers which means that premium amounts vary. As mentioned before, Plan M is responsible for paying only half of the Medicare Part A deductible so it is your duty to pay the other 50%. The Part A deductible for 2023 will be $1,600 so keep in mind you would have to pay half of that amount which is $800. Another cost you will have to cover on your own In addition is the Part B deductible, which is $226 in 2023.
Generally, costs for all Medicare supplement plans vary which is the case with Plan M as well and the costs usually depend on different factors. You should speak to a licensed Medicare advisor to get more insight into your specific situation, health status, and other potential factors which might affect your costs.
Nevertheless, the average cost for this plan is approximately 120$ to 200$ a month.
Medigap Plan M enrollment period
The best time to enroll in Medigap Plan M is during your Open Enrollment Period. However, you are eligible to enroll any time you want as long as you have Original Medicare (Part A and Part B).
Why enroll during the Medigap Open Enrollment period?
This Open Enrollment 6-month period begins the first day you have insured yourself with Medicare Part B Insurance and are 65 years old or older. During this period you’ll have a chance to enroll in Medicare Supplement plan with the most possible lower premium costs and the provider will proceed with your application with no questions asked about your health. If you apply for Medigap coverage after your Open enrollment period, there is no guarantee that an insurance company will sell you a Medigap policy so it would be good to keep track of this enrollment time period.
However, if you miss this period you can enroll in it any time you want, but your rates will be higher and you will have to answer some questions about your health status.
If you want to choose some of the cost-sharing plans, but you aren’t completely sure which one is the best option for you and have questions, our licensed agents in BP Insurance are happy to help!