Medigap plans M and N

Medicare supplement plans were primarily the same since 1992, when they were originally standardized. However, as of June 1, 2010, two new plans, M and N, were introduced, including changes to Medicare supplements. This article will demonstrate how the two latest plans, i.e. Medigap Plan M and Medigap Plan N work and what coverage they offer.

Medicare supplement Plan M and N, are the latest standardized Medigap plans provided by private insurers domiciled in South Carolina and across the country. These two new plans offer a lower premium alternative to existing Medicare supplements, and many believe that these new plans will win as very popular alternatives among the Medicare supplement plans, especially with the upcoming major changes to the Medicare Advantage program.

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One of two new standardized plans, Plan M, makes use of cost sharing as a way to lower your monthly premiums. This implies that in return for monthly premiums that are slightly lower, those on M would share the Medicare Part A deductible with the insurance company on a 50/50 basis. The insurance company pays half and the other half will be paid by the beneficiary. Plan M does not cover the deductible of Medicare Part B at all; However, there is no co-pays for doctor’s office if you meet the deductible of Part B. Most analysts expect the premiums on this plan to be 15% lower than current F-premiums.

If you wish to sign up for Medigap Plan M or a Medigap policy, kindly consider enrolling in Medigap during the six-month Open Enrollment Period (OEP). This six month period commences on the first day of the month when you are either 65 years or older and you have signed up for Medicare Part B.

Medigap Plan N:

Plan N, one of two new standardized plans, also makes use of cost sharing as a way to reduce your monthly premiums. Instead of using the deductible sharing method like plan M, this one uses co-pays to reduce the premium cost. The co-payment system cost $20 for doctor visits and $50 for emergency visits. The current projection is that this co-pay system will flag off after the deductible of Medicare Part B has been met. This plan should provide 30% lower premiums than the Medigap Plan F premiums.

These plans, M and N, may be particularly interesting to those who come out of the Medicare Advantage program, either by compulsion (cancellation of their plan) or by decision to do so, as premiums for the Medicare Advantage are expected to rise as future changes to premiums for these two plans will decline (from the premiums for original Medicare Supplement Plan). Many expect that there will be a small difference in the M and N premiums as compared to the new Medicare Advantage premiums.

As these plans have been in existence since June 2010, both the Medicare Advantage programs and the existing Medicare supplement plans need to be carefully considered and the benefits of the two new plans compared to their current coverage.