Medicare Supplement Plan M 2020 is one of the 10 standardized Medigap Plans offered by insurance carriers. The names Plan M Medicare Supplement and Medigap Plan M are synonymous. The policy assists in paying some of the expenses that Original Medicare does not cover. These expenses are generally copays, coinsurance, and deductibles. In order to benefit from Medicare Supplement Insurance Plan M, you must be enrolled in both Medicare Parts A & B.
Medicare Plan M Eligibility
Before getting into Medicare Supplement Plan M benefits, here are the general eligibility requirements for Medicare Part M:
You are at least 65 years of age and have been a US Citizen or permanent legal resident for at least five consecutive years
You are currently receiving retirement benefits
You are disabled and therefore receiving disability benefits
You have End-Stage Renal Disease
You have Lou Gehrig’s disease or ALS
What does Medicare Supplement Plan M Cover?
Medicare Supplement Plan M coverage options can help you save money on certain expenses. The Medicare Supplement Plan M copay benefit is on Original Medicare Part A & B coinsurance, copayments, and deductibles. How Plan M differs from most other policies is that it only covers the deductible for Medicare Part A at 50%, where most other plans cover 100%, however your coinsurance on Medicare Part B is still at 100%.
Medicare Supplement Plan M coverage options are as follows:
Hospital coinsurance and hospital costs for Medicare Part A up to 365 days after Original Medicare benefits are used up
Hospice care coinsurance or copayments for Medicare Part A
Copayments and coinsurance for Medicare Part B
The first three pints of blood
Coinsurance for skilled nursing facility care
Deductible for Medicare Part A at 50%
Deductible for Medicare Part B
Coverage for foreign travel emergency – 80% of approved costs up to the coverage limit
There are no networks. Visit any provider of your choice in any state that accepts Medicare.
The policy is guaranteed renewable. It will not be cancelled as long as premiums continue to be paid.
All Medigap plans are sold by private insurance carriers, so Medicare supplement insurance cost will be different from one carrier to another. However, because all Medigap policies are standardized, the policy is required to have identical basic benefits no matter which carrier you choose to buy from. That is why the Medicare supplement plan M rates may vary according to where you are or which carrier you are willing to purchase your policy from.