Medigap Advisors is excited to announce dramatic changes are in store for the Medicare Supplement Insurance market in 2010. This was the key topic of discussion at the recent Medicare Supplement conference in Scottsdale, Arizona. Several industry experts discussed the advantages and disadvantages of each plan and introduced two new plans, which will undoubtedly be very beneficial for consumers.
Plans E, H, I, and J will cease to exist as of June 1st, 2010. At the same time, the preventive care benefit and the At-home-recovery benefit, which Medicare has deemed unnecessary in the current marketplace, are being eliminated. In light of these changes, most clients are best served purchasing Medicare Supplement Insurance Plan F instead of the popular, and more expensive, Medicare Supplement Plan J.
Medicare Supplement Plan M and Medicare Supplement Plan N will be introduced to the Medicare Supplement Plan Menu beginning on June 1st, 2010. Medicare Supplement M will offer similar benefits to Plan F, but will only cover 50% of the part A deducible and 50% of the part B deductible. The cost of Plan M will be approximately 85% of Plan F.
Medicare Supplement Plan N will have similar benefits to Plan F, but there will be a $20 co-payment for doctor visits and a $50 co-payment for emergency room visits. The cost of these plans will be approximately 70% of the cost of Plan F. In addition to these many changes, a hospice care benefit will be added to all Medicare Supplement Plans, a welcome enhancement that many Americans can and will use. Medigap Advisors foresees Plan N being the more popular of these two new options, as most Americans are more comfortable with, and can easily understand, the concept of a co-payment.
Everyone in the industry is excited about these changes as consumers will have lower out-of-pocket costs and additional benefits. Anyone with a current Medicare Supplement plan will have a 63 day window to change to one of these new plans without going through a review of the medical history, meaning anyone with current coverage will be guaranteed to be accepted for one of these new plans, regardless of their health history.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.