If you’ve been looking into Medicare Supplement (Medigap) plans, you may have heard plenty about Plan G and Plan N. But what about Plan M?

Plan M can be a very good option if you want reliable coverage without paying top dollar every month. Below, this Supplemental insurance agency in Crown Point, Indiana is going to explain what Plan M covers, and who it is best suited for.

What does Plan M cover?

Plan M is one of ten standardized Medigap plans approved by the federal government. Like all Medigap options, it works together with your Original Medicare (Parts A and B).

What makes Plan M unique is that it splits the Medicare Part A hospital deductible with you. The plan covers half, and you are responsible for the other half. In exchange, you get a lower monthly premium compared to more comprehensive plans like G or N.

You still get full coverage for Part B coinsurance and copayments, hospice care, skilled nursing facility coinsurance, and even the first three pints of blood each year. There is even limited coverage for emergency care abroad.

Since Plan M only shares one cost with you (the Part A hospital deductible), you can usually get a lower premium without losing the main benefits. If you are generally healthy, those savings can add up year after year.

Around 14% of Crown Point residents are enrolled in some form of Medicare. That means many locals are now checking out Medigap options like Plan M, especially if they want the freedom to see any doctor who accepts Medicare.

So, if you want more choices and predictable costs each month, you should contact your local Supplemental insurance agency in Crown Point, Indiana and ask about Plan M.

What will you pay with Plan M?

Even though Plan M benefits are standardized, the prices are not. Each insurance company sets its own premiums.

The main reason Plan M tends to cost less is that it has a 50/50 split on the Part A deductible. You are assuming a part of the hospital cost risk, and in return, you get a lower monthly bill. If you are in good health and don’t expect to be in the hospital too many times, that trade-off can save you a lot of money over time.

But if you know you will probably need hospital care a few times a year, you need to do some math. A plan like Plan G or Plan N (while slightly more expensive each month) could be cheaper once you factor in those deductibles and visits.

This is where your local Supplemental insurance agency in Crown Point, Indiana can help. They can run the numbers, so you can see which plan best fits your situation.

What is the best time to buy Plan M?

Your best window to sign up is your six-month Medigap open enrollment period. That starts the month you turn 65 and are enrolled in Medicare Part B. During this time, insurance companies must accept you. They cannot ask you medical underwriting questions or charge higher rates because of your preexisting conditions.

If you miss that window, you might still qualify for a guaranteed-issue right. That will be applicable if, for example, you move out of your Medicare Advantage plan’s service area, or your plan shuts down. Otherwise, you may have to answer medical underwriting questions when you apply.

For Indiana residents under 65, a new state law (Senate Enrolled Act 215) also makes it easier to get Medigap coverage. Insurance companies cannot deny you or charge more based on your health. That means more Indiana residents will finally have access to plans like Plan M.

Looking for a Supplemental Insurance Agency in Crown Point, Indiana?

If you are in search of a Supplemental insurance agency in Crown Point, Indiana, that can help you compare Medigap Plan M with other options, Senior Care Insurance Services is just a call away. We partner with top-rated Medigap insurance companies to help you find the best coverage for your needs. Contact us today to discuss your options.