Beginning June 1, 2010, Medicare supplement insurance Plans M and N will be available for purchase.
Medigap Plans M and N are cost sharing plans. Plans M and N will have lower monthly premiums in exchange for more out of pocket payments for medical expenses. For instance, Medicare supplement Plans M and N will not cover the Part B deductible and Part B excess charges.
Plan M will cover half of the Part A deductible. Plan N will cover the entire Part A deductible. Plan N may additionally have instances in which co-pays will be required. Plans K, L, M and N will be suitable low cost alternatives to Medicare Advantage Plans (minus the prexcription medication coverage and network restrictions.) Thus, you may visit any doctor or hospital that accepts Medicare patients.
Certain insurance companies will offer Plan N on a guaranteed issue basis in the majority of states. This will be a relief to those who have health complication and thus may have trouble obtaining coverage which requires medical underwriting. Medicare supplement Plan M, however, will require underwriting with most companies in many situations.
Many of Medigap insurance providers are now offering Medicare supplement Plans M and N. You may now begin signing up for these types of coverage as long as your effective date is June 1, 2010 or later.
Medicare supplement Plans M and N will be cost effective ways to cover most of what Original Medicare Parts A and B do not cover. Still, be sure to do thorough research on these plans to make sure you are aware and at peace with the out of pocket expenses you may need to pay. For any additional assistance in your Medigap decision, contact a trusted Medicare attorney and/or Medicare supplement insurance brokerage.
Want to find out more about Medicare supplement insurance, then visit Richard Cantu’s site on how to choose the best plan for your needs.
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