Supplemental Medicare Plan M Explained
What is Medicare Supplement Plan M?
Medicare Supplement Plan M 2021 is one of the 10 standardized Medigap Plans offered by private insurance carriers. Medicare Supplement Plan M, also known as Medigap Plan M is a policy that assists Original Medicare (Part A & B) holders in paying some of the expenses Medicare does not cover. These expenses are coinsurance, copays, and deductibles. You must be enrolled in Original Medicare to be able to purchase Medicare Supplement Insurance Plan M.
Medicare Plan M Eligibility
Before explaining Medicare Supplement Plan M benefits, here are the general eligibility requirements for Medicare Part M:
– You are at least 65 years of age, a U.S. citizen, or permanent legal resident for at least five consecutive years
– You are currently receiving retirement benefits.
– You are disabled and receiving disability benefits
– You have End-Stage Renal Disease (ESRD)
– You have Lou Gehrig’s Disease (ALS).
Medicare Supplement Plan M Coverage
What does Medigap Plan M cover?
Medicare Supplement Plan M coverage options can assist with certain expenses. The Medicare Supplement Plan M copay benefit is on Medicare Part A & Part B coinsurance, copayments, and deductibles. Medicare Supplemental Plan M only covers the deductible for Medicare Part A at 50%, where most other plans cover it in entirety (100%). However, your coinsurance on Medicare Part B is still at 100%
Medicare Supplement Plan M covers:
– 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.
Plan M Medicare Supplement does not cover:
– Medicare Part B deductible
– Part B excess charges
Medigap Plan M Costs
Looking at the comparison chart, you will see all plans’ aspects compared, with the exception of their premiums. Although all these policies’ benefits are uniform across all companies, no matter where they are sold, some companies charge more for extra services they offer. While the Medicare Supplement Plan M rates vary from one carrier to another, it offers the same benefits everywhere.