The Medigap insurance plan offers 10 standardized plans available in most states, each covering different out-of-pocket expenses. Other states, such as Massachusetts, Wisconsin, and Minnesota, have their own standardized plans.
Medicare Supplement Plan M (others call it Medicare M) offers the same benefits as those found in Medigap Plan D. The main difference is that policyholders pay half of Part A deductibles in a Medigap Plan M policy.
The following benefits are covered by Medicare Plan M:
- Part A deductible coverage (50%)
- Part A coinsurance coverage
- The first three pints of blood per the calendar year
- Part A eligible hospital services
- Part B coinsurance coverage
- Medicare preventive care coverage
- Skilled-nursing facility care coinsurance coverage
- Foreign travel coverage (80% of approved costs up to plan limits)
It does not cover:
- Part B deductible
- Part B excess charges
When to enroll?
You can enroll in a Medicare supplement plan M during your Medigap open enrollment period. This period starts when you are 65 and are have Medicare Part B. It only last for 6 months and can’t be repeated. The advantage of enrolling during this period is that insurers can’t deny you of a policy or charge you with a higher premium because of your pre-existing conditions.
However, you can still apply in this plan even if you miss your enrollment period. But you may have to answer medical questions or undergo a medical underwriting. Also, regardless of the result of the underwriting process, insurance companies can deny your application because of pre-existing conditions. If ever your application gets accepted, it is also possible that insurers will charge you of higher premiums.
How much does this plan cost?
Plan M is among the ten standardized plans of Medigap. Meaning the benefits of this plan is the same no matter where you get it. The primary difference is the cost. Various factors affect the cost of Medigap. One insurance company may sell it at a cheaper price while the others may sell it at higher costs. The monthly premium may also vary on different states or location.
The average cost of Medicare Plan M in 2018 is $361.
Where to buy Medicare Supplement Plan M?
Not every insurance companies sell Medigap plan M. To save time and effort looking for this plan, you can request for FreeMedSuppQuotes Medigap quotes and discuss this option with our licensed insurance agents. That way you’ll get all the information you need according to your needs and personal details.
The website and all of its contents are for informational purposes only. Nothing on this website should substitute any professional medical advice.