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Medicare Supplement Plans M and NMedicare Supplement plans have been primarily the same for the past 17 years, when the plans were originally standardized. On June 1, 2010, two new plans, M and N, are being introduced, among other changes to the remaining Med Supp plans. Below you will find a look at the two newest plans, Medigap Plan M and Medigap Plan N, including how they will work and the coverage that they will provide. Medicare Supplement Plans M and N will offer a lower-premium alternative to the existing Medicare Supplement plans. Many feel that these new plans will gain traction as very popular choices in the Medicare Supplement marketplace, particularly with the upcoming major changes to the Medicare Advantage program. Medigap Plan M Plan M, one of the two new standardized Medicare Supplement plans, uses cost-sharing feature known as co-insurance (meaning you are paying part of your bills, in exchange for a lower premium) as a method to keep your monthly premiums lower. What this means is that, in exchange for slightly lower monthly premiums, those on Plan M would split the Medicare Part A deductible ($1132 in 2011) with the insurance company 50/50. The insurance company pays half, and you pay the other half. Plan M does not cover the Medicare Part B deductible at all; however, there are no doctor’s office co-pays after you meet the Part B deductible. Most analysts project this plan’s premiums to be around 15% lower than current Plan F (the most popular plan) premiums. Medigap Plan N Plan N, the second new standardized plans, also uses cost-sharing as a method to reduce your monthly premiums. However, rather than uses the deductible-sharing method, like Plan M, it uses co-pays to help reduce the premium costs. The system of co-pays is set at $20 for doctor’s visits and $50 for emergency room visits. It is currently projected that this co-pay system will take effect after the Medicare Part B deductible is met. This plan should provide 30% lower premiums than the Medigap Plan F premiums. These plans, M and N, may particularly be of interest to those coming off of the Medicare Advantage program, either by necessity (cancellation of their plan) or by choice, since the Medicare Advantage premiums are expected to go up with upcoming changes and the premiums for these two plans will be going down (from the original Medicare Supplement plan premiums). Most expect there to be a small, if any, difference in the M and N premiums when compared to the new Medicare Advantage premiums. For instant quotes on Plans M and N, use the drop down box at the top of this page to select your state, and then click 'Get Quotes Now.' For additional assistance in finding the best Medicare Advantage or Medigap plan for your situation, contact MediGap Advisors at 866-323-1441. |
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