As soon as you become eligible to enroll in Original Medicare, you will have a few choices to make regarding your healthcare coverage. While Original Medicare can cover a wide range of healthcare needs, it does not cover everything. Thankfully, there are ten Medicare Supplement (Medigap) plans available to you — one of the more popular of which is Medigap Plan M.
Are you interested in learning about Medicap Plan M and the benefits it offers? This supplemental Medicare agency in Merrillville, Indiana is going to discuss some of the key things you should know below.
What is Medigap Plan M?
There are ten Medigap plans, each providing different levels of coverage. Plan M, with a lower monthly premium, covers half of your Medicare Part A deductible and is a good option to consider. Starting in 2023, the deductible for Medicare Part A will be $1,600 per year, increasing by $44 from the 2022 cost, so that 50% coverage could really help.
Plan M not only covers half of your Part A deductible, but it also comes with these additional benefits:
- 100% of your Part A hospital costs and coinsurance for up to 365 days after you have exhausted your Medicare benefits.
- 100% of your Part A (hospital insurance) hospice care coinsurance or copayment.
- 100% of your skilled nursing facility (SNF) care coinsurance.
- 100% of your Part B (medical insurance) coinsurance and copayment.
- 80% of your foreign travel medical costs.
- First three pints of blood.
How much does it cost?
Supplemental Medicare agencies in Merrillville, Indiana may set their premiums based on a few factors, including the policyholder’s age when they first bought the policy. They may also adjust premiums as the policyholder ages. The premium might also not be determined solely by the policyholder’s age, but by other variables such as inflation or community trends.
However, some costs will remain the same regardless of which Supplemental Medicare agency in Merrillville, Indiana you work with. Since Medigap Plan M will only cover 50% of your Part A deductible, you must pay the other 50% out of pocket. The Part A deductible in 2023 will be $1,600, which means you will have to pay $800. Plan M also does not cover the Part B deductible, which will be $226 in 2023.
How does it compare to Medigap Plan N?
Plan M and Plan N both have some similarities. However, a major difference is the coverage of the Part A deductible — Plan M covers 50%, whereas Plan N covers 100% of the Part A deductible. But those with Plan N may still end up paying a lot more at doctor’s office visits and in the ER that end in admission.
Under Plan N, policyholders could pay up to a $20 copay for doctor visits and up to $50 for ER visits that result in inpatient admission. Although Plan M covers less of your Part A deductible, you do not have to pay a copay for doctor’s office or ER visits.
Should you consider getting Plan M?
Like other Medigap plans, Plan M does not offer coverage for dental, hearing, or vision care. You must also pay your share of the Part A deductible for each eligible period. When choosing a Medigap plan, your supplemental Medicare agency in Merrillville, Indiana will advise you to consider your current health needs and potential future health changes. A lot of people select Plan M because it offers lower premiums, and they do not expect to require frequent hospitalization.
Looking for a Supplemental Medicare Agency in Merrillville, Indiana?
Are you interested in enrolling in Medigap Part M? Looking for the most trusted supplemental Medicare agency in Merrillville, Indiana? If so, look no further than the team at Senior Care Insurance Services (SCIS). Contact us today to schedule a free consultation.