Medicare supplement plans have been virtually the same since 1992 when they were standardized. However, as of June 1, 2010, two new plans, M and N, are being introduced, including changes to health insurance supplements. This article aims to explain how the two new plans, Medigap Plan M and Medigap Plan N, work and the coverage they will provide.
Medicare Supplements, Plan M and N, are the new standardized Medigap plans offered by private insurers in South Carolina and across the country. These two new plans offer a cheaper alternative to existing health insurance supplements, and many believe these new plans will gain popularity as popular options in the Medicare supplement market, especially with the major changes coming out of the market Medicare Advantage program.
Medigap Plan M
Plan M, one of two new standardized plans, uses cost sharing as a method to reduce your monthly premiums. This means that, in exchange for slightly lower monthly premiums, people with M would be sharing the Medicare Part A deductible ($ 1068 in 2009) with the 50/50 insurance company. The insurance company pays half, and you pay the other half. Plan M does not cover the Medicare Part B deductible; however, there is no contribution to the physician’s office after meeting the Part B deductible. Most analysts expect premiums from this plan to be about 15% lower than premiums. F current (most common mode).
Quotes and enrollment information for Aetna Medigap N Plan 2019 is just a clock away.
Plan N, one of two new standardized plans, also uses cost sharing as a method of reducing your monthly premiums. However, instead of using the franchise distribution method, such as M, use the co-pays to reduce premium costs. The payment system is $ 20 for doctor visits and $ 50 for emergency room visits. Currently, this co-payment system is expected to come into effect once the Medicare Part B deductible is satisfied. This plan must provide premiums that are 30% lower than the Medigap F plan.
These plans, M and N, may be of particular interest to those leaving Medicare Advantage, either out of necessity (cancellation of their plan) or by choice, as Medicare Advantage premiums are expected to increase with future changes and premiums. For both plans will decrease (from the initial premiums of the Medicare supplement plan). Most expect a slight difference, if any, between the M and N premiums and the new Medicare Advantage premiums.
When these plans were released in June 2010, Medicare Advantage plans, as well as existing Medicare Supplement plans, should carefully consider the benefits of the two new plans about their current coverage.
Medicare-Supplement-Comparison.com is a leading and independent resource for M and N plans and for all Medicare plans. We are a national resource, and we can answer any questions regarding new coverage options and provide customized quote comparisons for your age and postal code.