Medicare is a wonderful government program that has provided health care for millions of people across the Untied States. It has helped countless people get the health care services that they need, but it’s not perfect. There are several expenses that it doesn’t cover that could leave some seniors with massive bills that they can’t pay. Continue on to get more insight about Medicare supplemental insurance companies and the coverage options out there.
Medicare supplement Plan M is one of the ten Medigap plans that are available in most states. It does not get the same publicity as some of the other plans but can be a good choice for someone whose finances match up with what it offers in coverage. Although it isn’t one of the most popular plans, that doesn’t mean that it isn’t the perfect plan for you. When looking for a Medigap plan, it’s important to explore all of your options before you make a decision. In this article, we will explain the advantages and disadvantages of Medigap Plan M.
Medicare supplement plan M is one of the ten Medigap plans that are available in most states. It does not get the same publicity as some of the other plans but can be a good choice for someone whose finances match up with what it offers in coverage. Keep reading as we explore Medicare Plan M and how it may be a good plan for your needs. We can also help if you are interested in a Medigap Plan F, Plan G or if you’re looking for a Medicare supplement in Georgia. Let us help you get the coverage you deserve.
If you are exploring your options on Medicare supplements then you are probably aware that there are nine coverage gaps left by Medicare Part A and Part B. Each of the ten plans covers a different number or combination of those gaps and some of them cover portions of the expenses and not 100% of each expense. Medigap Plan M covers six of the gaps completely and one more partially. This leaves only two gaps completely uncovered. The two thing Medicare Plan M does not cover are:
- Medicare Part B deductible of $183
- Medicare Part B excess charges
The deductible is currently $183 each year. This means that if you go in for a doctor’s visit or any outpatient procedure then you pay the first $183 and then Medicare supplement plan M will pay the rest.
This is true except if your health care provider charges you more than what Medicare recommends for that procedure. The doctor is allowed to charge 15% over what the pre-determined Medicare approved amount is. These are frequently called excess charges. Medigap Plan M does not cover these excess charges, and thus, you are responsible for picking up the tab if your doctor charges more. For most people this is not a problem because most doctors only charge what Medicare recommends, but there is a chance with certain services or treatments that you could be looking at hundreds or thousands of dollars in excess charges that you are left paying for out-of-pocket.
Finally, we have the one item that Medicare supplement Plan M only covers 50% and that is the Medicare Part A Deductible. Medicare Part A covers health service you receive and an admitted patient into the hospital. The Deductible for Medicare Part A is $1,340. So with a Medigap plan M you would only be responsible for the first $572 and then your supplement would pick up the rest. The question we frequently get is, “Why would someone choose this when you can choose plan N and get better coverage?” (learn more about Medicare supplement plan N). The answer is in how much you have to pay for Premiums.
How much does Medicare Supplement Plan M cost?
As with any Medigap plan there will be a monthly premium. The more coverage you receive the higher your premiums will be. This means that people who choose Medigap plan N will pay the higher monthly premiums. If your monthly premiums for Medicare supplement plan M are low enough that you are willing to take on the extra costs then it may be a good choice for you. For instance, we had a woman who was in good health that saved $40 per month by going with Medicare Plan M over plan N. This means after the Part B deductible she saved $333 per year by going with Plan D. Even if she were admitted to the hospital once every other year then she would still be saving money over plan N.
As you can see, these plans are a great way to save money on all of your health care expenses. Medigap plans are much more affordable than most people think, especially if you plan to go with a policy that is less inclusive than one like Plan F that leaves few holes.
Why you need a Medicare Supplement Plan
Some eligible folks don’t see the value in a supplemental insurance plan, but that could be one of the worst mistakes that you make. The cost of health care continues to go up every year. Because of the rising medical bills, there are countless seniors that aren’t able to afford services that they need. They are either skipping the healthcare, or leaving their families with mountains of medical bills. This is where a supplemental plan could be a safety net.
One common reason that Medicare enrollees are getting the medical attention that they want and deserve is because of money, but these Medigap plans help offset the rising cost of health care. These plans allow many seniors to get the services that they need without breaking their bank accounts.
Deciding which Medicare plan works best for you
There are several different factors for you to consider when you’re trying to decide which Medigap plan works best for you. Two of the biggest factors are your health and your finances. Because the main goals of the Medigap plans are to save you money and ensure that you get affordable health care.
Are you in good health or you do you have a few blemishes on your medical records? If you are in great health with few problems, then you can risk buying a plan that leaves more of the holes in Medicare. It might sound risky, but you will save money every month. You should also look at your family history and see if there are any trends with having problems later in life. You can make an education decision based on your current health and your family history.
Money is what makes the world go round. As a Medicare enrollee, there is a good chance that you live on a fixed income, or you will be soon. That’s why your finances are one of the biggest determining factors in finalizing the plan you buy.
In most cases, a Medigap policy is much more affordable than most people think. You’ll be able to get additional healthcare coverage at an affordable rate, but your budget should be at the forefront of your mind when deciding which policy fits your needs best.
Obviously, everyone would like to have a plan that covers all of the holes left behind by Medicare, but not everyone can reasonably afford one of those plans. Would a plan that leaves more coverage gaps fit in in your budget more comfortable? Take the time to sit down at review your budget and see how much money you can spend on your monthly healthcare premiums.
Enrolling in a Medigap Policy
Purchasing a Medicare supplemental insurance policy is easier, but there is an important note to make about WHEN you enroll into one of these plans. You can enroll at any point once you are eligible. To be eligible for these plans, you have to be 65 (a few states have exceptions to this rule) and enrolled in both Parts A and B or original Medicare. That’s it. As long as you meet both of those, you can purchase a plan, but enrolling in your Medigap Open Enrollment period is the best time.
This open enrollment period runs from six months before the month that you turn 65. During this six-month window, the insurance company can’t deny your application for any of the Medigap policies that they sell. Even if you have any health conditions, they still have to sell you the policy. For anyone with a pre-existing health complication, it’s important to take advantage of this open enrollment, it could be your only chance at gaining supplemental coverage.
Although, while the companies can’t deny you coverage because of a pre-existing condition, they can implement a waiting period for some of the coverage on your conditions. For some companies, they may have a waiting period of up to 2 years that they will not pay for any treatments or services from you pre-existing condition. After that 2 years, the coverage will resume to normal and they will pay for any traditional expenses.
Also take note that you cannot be up charged higher premiums due to any health conditions, during this period. So, not only can you not be denied coverage, but you won’t have to pay more if you have less than perfect health. Missing your six-month period could mean your premiums sky rocket, especially if you have health issues.
Don’t fret if you missed the open period though, there is a good chance that you could still be accepted for a Medigap plan. If you have any health problems, you might pay more for your coverage, but you can’t put a price on the additional coverage and peace of mind that you’ll receive.
Medicare Supplement Quotes
With all of the different health care regulation and rules surrounding Medicare and Medigap plans, it’s easy to become confused. This is why it is important to work with an agent who helps you look at the big picture with your Medicare supplements. Maybe Medicare supplement plan M is the right choice for you financially or maybe some other plan. The key is to get a very large set of quotes and work with an agent who will help you make the best decision. Getting quotes from the highest rated companies will ensure that you are getting the best plan at an affordable rate that doesn’t drain your budget. You worked for decades to have a comfortable retirement. Hospital bills and supplemental insurance premiums should turn your retirement dream into a nightmare.
At CompareMedicareSupplements.net we are tasked with helping you find the best Medicare supplement quote that is available. You can get started by filling out the form on this page and then one of our trained agents will contact you and help you through this process. If you have any questions or if there is any way we can serve you please contact us. We want to make sure that you have the quality insurance that you need to get the care that you deserve, nobody should have to sacrifice their health because of finances or a lack of coverage.