Medigap Plan M
Medicare Supplement Insurance plans, also known as Medigap plans, help pay the out-of-pocket costs that remain after Original Medicare plans pay their approved portion of your health care costs. There are currently ten plans available, each offering a specific arrangement of valuable benefits. In 2010, Social Security introduced several new plans as part of the Medicare Modernization Act. One of these new plans is Medigap Plan M. This is what you can expect from Medigap Plan M.
Medigap Plan M Benefits
Medigap Plan M provides members with substantial benefits, but it is not a comprehensive plan. It also has a cost-sharing feature related to the Part A deductible. Rather than paying the full amount for this deductible, Plan M will only pay up to 50% of the Part A deductible. These are the full benefits included in Plan M policies:
- Medicare Part A coinsurance and hospital costs for up to 365 days after your Medicare benefits run out.
- 50% coverage of Medicare Part A deductible
- Medicare Part B coinsurance and copayments
- Blood to be used in a medical procedure, up to 3 pints.
- Part A hospice care coinsurance and copayments
- Skilled Nursing Facility Care
- Foreign travel health emergency costs up to plan limits
Be aware that Medigap Plan M will not cover the cost of your Part B deductible, nor will it cover any Part B excess charges. Therefore, you will be required to cover these out-of-pocket costs yourself if they arise. This makes Plan M a good choice for people who don’t expect to rely on their benefits very often, but will need to visit the hospital from time to time.
Medigap Plan M Costs
Medigap Plan M has lower premium costs than similar plans because enrollees are required to share the cost of their Part A deductible. Although there are no standardized rates across all Medigap plans, you can expect Plan M to cost somewhere between $150 and $200. Costs vary from location to location and you may be charged more or less depending on your age and health status.
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