Medicare Supplement Plan M
By Beverly Maniago
eMedicareSupplements Senior Writer
Medicare Supplement Plan M is one of two newly-introduced Medicare Supplement Plans. Taking effect on June of 2010, this new plan aims to provide better health coverage while lowering out-of-pocket costs for policyholders.
Plan M is expected to have similar advantages as that of the popular Plan F, although significant differences are also seen. Once of the most unique aspects about Plan M is that the premiums you pay are only about 85 percent of what you have to pay for Plan F. Moreover, Plan M provides increase in cost-sharing and offers many of the benefits of Plan D, but covers only 50 percent of Part A Deductible and none of Part B.
Considering the cost difference, it is worth noting what Plan M has to offer. Under this plan, hospitalizations of more than 60 days are covered 100 percent by co-insurance. It also allows an additional 365 days of hospitalization benefits after Medicare benefits have lapsed. The plan covers 100 percent of Part B co-insurance for labs, outpatient care and physician fees. As a basic benefit, it also covers the first 3 pints of blood yearly. Although it pays for skilled nursing and hospice, Plan M does not cover Medicare Part B Deductible
(as mentioned previously). As part of its core benefits, it offers co-insurance for Part B, emergency expenses during foreign travel, Part A hospitalization, and all other Medicare Supplement benefits offered from 2010.
Is Plan M best for you? Plan M is best for those who are not frequently hospitalized or do not expect to be hospitalized soon. It is best for those with frequent visits to the doctor and expect to need skilled nursing facility care long-term. It is not ideal for those who undergo inpatient hospital care. In order to gain leverage, you might want to make sure that the premiums can cut down your cost by at least $550 annually.
With the introduction of Supplement Plan M, users of Medicare Advantage may need to re-evaluate the terms of their current policies. With Plan M, you will be provided more comprehensive coverage at a much lower cost. It is imperative, though, that you discuss all the details of Plan M with a qualified Medicare insurance specialist.
Part of our service is providing you with a group of trained experts who can help customers make the right decision. If you want to know whether Plan M is the best plan for your needs and budget, contact us today.