Medicare Supplement Plans - Medigap Plans M and N

Medicare Supplement Plans - Medigap Plans M and N

Medicare Supplement plans have been primarily the same since 1992, when they were originally standardized. Nevertheless, as of June 1, 2010, two new plans, M and N, are being introduced, among other changes to Medicare Supplements. This article is intended to explain how the two newest plans, Medigap Plan M and Medigap Plan N, work and the coverage that they will provide.

Medicare Supplements, Plan M and N, are the newest standardized Medigap plans provided by private insurers in South Carolina and nationwide. These two new plans present a lower-premium alternative to the existing Medicare Supplements, and a lot of 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, 1 of the two new standardized plans, uses price-sharing as a method to keep your monthly premiums lower. What this means is that, in exchange for slightly lower monthly premiums, those on M would split the Medicare Component A deductible ($1068 in 2009) with the insurance business 50/50. The insurance firm pays half, and you pay the other half. Plan M does not cover the Medicare Component B deductible at all; nevertheless, there are no doctor's office co-pays after you meet the Component B deductible. Most analysts project this plan's premiums to be around 15% lower than current F (most frequent plan) premiums.

Medigap Plan N

Plan N, 1 of the two new standardized plans, also uses cost-sharing as a method to reduce your monthly premiums. However, rather than uses the deductible-sharing technique, like M, it uses co-pays to assist decrease 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 Component B deductible is met. This plan really should supply 30% lower premiums than the Medigap Plan F premiums.

These plans, M and N, could particularly be of interest to those coming off of the Medicare Advantage program, either by necessity (cancellation of their plan) or by option, since the Medicare Benefit 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 modest, if any, difference in the M and N premiums when compared to the new Medicare Advantage premiums.

When these plans are released in June of 2010, those on Medicare Benefit programs, as well as those on existing Medicare Supplement plans, need to carefully think about the merits of the two new plans as compared to their present coverage.More info of Medigap

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