Medigap Plan M

Medigap Plan M (considered the little brother to Plan N), offers comprehensive coverage because of the 50% Part A cost coverage and includes no Out-of-Pocket limit like Plans K & L.

Plan M 2019 Medigap Plan Comparison Chart

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Plan M 2019 Medigap Plan Comparison Chart
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Maybe you’ve heard some information about Medigap Plan M from friends & family but what exactly are Plan M anyway & how does it fit within Medicare Insurance benefits? We consolidated & simplified all the important details for you by answering common questions to help save you time, money & energy!

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2019 Medigap Plan

Last Updated: 10/2/2019

What is Medigap Plan M?

Plan M is similar in scope to Plan N in terms of the benefit line items that are covered but unlike Plan N which covers 100% of the Part A deductible cost, Plan M only covers 50% of this cost coverage. Some additional highlighted benefits of Plan M include 100% Skilled Nursing Care coverage and 80% Foriegn Travel coverage. Medicare Supplement Plan M is a private insurance policy that works with Original Medicare (Part A & B) not Medicare Advantage.

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What does Medigap Plan M cover?

Plan M covers the following services until the the annual deductible is met;

  • 100% Medicare Part A Coinsurance.
  • 100% Medicare Part B Coinsurance.
  • 100% First Three (3) Pints of Blood.
  • 100% Part A Hospice Coinsurance.
  • 100% Skilled Nursing Facility Care Coinsurance.
  • 50% Part A Deductible.
  • 80% Foreign Travel Emergency Insurance.

The National Association of Insurance Commissioners (NAIC), standardized all Medigap Plans which must adhere to the following guidelines;

  • Must cover costs for both Original Medicare Part A & Part B.
  • Must reflect statutory changes in Medicare.
  • Cannot deny pre-existing conditions after a policy has been active for 6-months.
  • Must include a 30-day lookback period.

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What does Medigap Plan M not cover?

Medicare Supplement Plan M does NOT cover;

  • Part B Deductible.
  • Part B Excess Charges.

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How do I compare Medigap Plan M?

Comparing Medigap Plan M policies can be confusing and time consuming when vetting multiple carriers. It takes more than reading a 2019 Medigap PDF Guide to get the Medicare FAQs! Simplify the process by speaking with a Bridge Agent who can answer your questions & run all your Medigap comparisons for you at no cost!

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2019 Medigap Guide

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Is Medigap Plan M worth buying?

Plan M is an above average plan among seniors since it offers good comprehensive coverage with a few out-of-pocket expenses, compared to Most Popular Medigap Plans in 2019. We recommend speaking with a Bridge Agent to review your options and get a comparison quote to fit your needs. In order to review your Medicare Options and get a comparison quote, consult with a dedicated, Bridge Agent standing-by to help serve you!

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How much does Medigap Plan M cost?

As with all Medigap Plans, since they are federally standardized the only differentiating factor is based on the price you pay. Since Medigap plans vary in price, availability and carrier. Contact a Bridge Agent for a hassle-free quote!

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How do I enroll in Medigap Plan M?

Enrolling in Plan M is a straightforward process. Once you have enrolled in Original Medicare, you can contact a Bridge Agent to find the best plans in your service area.

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How does Medigap Plan M compare with Part C Medicare Advantage (MA)?

Plan M may offer more comprehensive coverage when paired with Original Medicare & a Part D drug plan. In comparison, Plan M is only a supplemental health insurance plan unlike Medicare Advantage (Part C) which is an “all encompassing health plan”. For example, Part C may contain a drug plan within it called MA-PD vs. PDPwhich is a stand alone drug plan. Comparing Medigap vs Medicare Advantage Plans can be difficult going at it alone. Afterall, they are similar in that both are considered private health plans but you cannot be enrolled in both Original Medicare and a Medicare Advantage at the same time. Read about comparing Original Medicare vs Medicare Advantage.

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But wait…although, Medicare Advantage Plans are appealing based on price, they can also come with a few medicare pitfalls that may have you reconsider the real “advantage”. For example;

  1. Prices have been historically unstable.
  2. Your coverage will change annually.
  3. You could be locked-in without the future option for a Medigap Plan
  4. You’re responsible for out-of-network, Physician costs.
  5. No coverage beyond your service area.
  6. Must use in-network providers.
  7. No travel coverage.
  8. May need a referral to see a specilist.

Additionally, If you have a MA plan & diagnosed with a critical illness such as cancer, heart attack or stroke, costs for treatment if the hospital is out-of-network may not be covered in your plan. The max out-of-pocket only applies to covered services and could require a specialist referral. People with MA plans, think they have more coverage than they actually do unlike Medigap plans, which is considered more comprehensive senior health coverage plan.

CONSULTANT TIP

Starting January 1, 2020, Medigap plans for seniors new to Medicare will not be able to cover the Part B deductible. As such, Plans C & F will no longer be available to new Medicare enrollees on or after January 1, 2020.

How does Medigap Plan M work with Medicare Part D prescription drug coverage?

Since Plan M is compatible with Original Medicare, enrollees who choose this plan will also need to enroll separately in a Part D drug plan. Enrollees have a guaranteed eligibility for a Part D plan when they enroll in Plan D (on-time). It’s best to avoid the Part D Enrollment Penalty by enrolling during your initial enrollment period (also known as, IEP). Did you know that drugs administered in a Hospital setting are generally covered under your Medicare Part A? For more information on enrollments, visit the Medicare Enrollment Periods page.

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How does Dental, Vision & Hearing Insurance (DVH) work with Medigap Plan M?

Good news! Plan M is compatible with DVH plans however since they are considered standalone plans, DVH’s would need to be purchased separately. By working with a Bridge Agent, we can help you find an affordable DVH insurance plan to fit your needs.

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How does Medigap Plan M work with a Critical Illness Insurance for cancer, heart-attack & stroke coverage (CHAS)?

Plan M is compatible with CHAS insurance / cancer plans however since they are considered standalone plans, they would need to be purchased separately. By working with a Bridge Agent, we can help you find an CHAS and/or affordable critical illness insurance plans to fit your needs.

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How does Medigap Plan M work with a Long Term Care Insurance (LTC)?

Medigap Plan M is compatible with LTC plans however, since they are considered standalone plans, they would need to be purchased separately. There is talk about developing a new Medigap plan to include LTC coverage. By working with a Bridge Agent, we can help you find an affordable LTC insurance plan to fit your needs(LTC).

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How does Plan M work with a Health Savings Account (HSA)?

As with all Medigap Plans, Medigap Plan M is not considered a qualified expense to pay out of your Health Savings Account (HSA). However, your HSA can pay for Medicare Parts A, B, C & D. Once enrolled in Medicare, enrollees are no longer able to contribute to their Health Savings Account. However, the funds can be used to pay for qualified Medicare costs stated above. If one postpones Medicare enrollment they may still contribute to their Health Savings but enrolling late will also be subject to a Medicare Late Enrollment Penalty which is a percentage increase of costs per year. Speak with your Financial Advisor to determine what works best for you!

In Conclusion

Plan M is similar to its big brother Plan N except the only difference is the 50% cost coverage for the Part A deductible. Plan M offers a good value compared to Popular Medigap Plans in 2019. Plan M covers Skilled Nursing Care coverage and 80% of foreign travel emergency (up to plan limits). Plan M is private medicare insurance that “supplements” Original Medicare. The cost of Plan M is dependant upon carrier & availability. All carriers who sell Plan F must adhere to standardized federal guidelines. Comparing Medigap Policies can be confusing and time consuming! If you would like to speak with a licensed Bridge Agent about Plan F options, please contact us today for a free, no-obligation, comparison quote today!

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