Medicare Supplement Plans M And N Are Two Types Of Medicare Supplement Plans

Medicare Plan F vs. Plan G: Differences and costs

Since they were first standardized in 1992, Medicare Supplement plans have remained mostly unchanged. However, starting of June 1, 2010, two new Medicare Supplement plans, M and N, will be available, in addition to other modifications to Medicare Supplements. Specifically, the purpose of this article is to describe how the two Benefits and Challenges of Call Center Outsourcing newest Medigap plans, Medigap Plan M and Medigap Plan N, function as well as the coverage that they will give.

Medicare Supplements, Plan M and Plan N, are the most recent standardized Medigap plans provided by private insurers in South Carolina and throughout the US, with Plan M being the most recent. This pair of new Medicare supplement plans offers a lower-cost alternative to the existing Medicare Supplement plans, and many believe that they will become very popular choices in the Medicare Supplement marketplace, particularly in light of the upcoming major changes to the Medicare Advantage program.

Protects You In The Event Of An Unexpected Medical Emergency

Plan M, one of the two new standardized plans, makes advantage of cost-sharing to keep your monthly rates as low as possible. This implies that, in return for somewhat cheaper monthly rates, persons on Medicare Part A would divide the Medicare Part A deductible ($1068 in 2009) with the insurance provider 50/50. The insurance company covers half of the cost, and you are responsible for the other half. Plan M does not cover the Medicare Part B deductible in any way; nevertheless, after you have met the Part B deductible, there are no doctor’s office co-pays. Most experts predict that the premiums for this plan will be around 15 percent cheaper than the current F (most popular plan) prices.

Protects You In The Event Of An Unexpected Medical Emergency

It is also possible to lower your monthly premiums by participating in Plan N, one of the two new standardized plans, which is similarly based on cost-sharing. However, rather than using the deductible-sharing mechanism, like in M, it makes use of co-pays to assist in lowering premium expenses. Co-pays for doctor’s appointments are set at $20, while emergency department visits are set at $50. At this time, it is anticipated that this co-pay scheme will be implemented when the Medicare Part B deductible has been reached. The rates for this plan should be 30 percent cheaper than the premiums for Medigap Plan F.

This group of plans, M and N, may be of particular interest to those who are leaving the Medicare Advantage program, either by necessity (due to the cancellation of their plan) or by choice, because Medicare Advantage premiums are expected to rise as a result of the upcoming changes, whereas the premiums for these two plans are expected to decrease (from the original Medicare Supplement plan premiums). When compared to the new Medicare Advantage rates, most people anticipate that there will be a tiny, if any, difference between the M and N premiums.

The advantages of the two new plans should be carefully considered in comparison to the benefits of current coverage when they are revealed to the public in June of 2010.

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