Beginning June 1, 2010, Medicare supplement insurance Plans M and N will be available for purchase.
Medicare supplement Plans M and N are cost sharing plans. They will have lower monthly premiums in exchange for higher out of pocket payments for medical expenses. For instance, Plans M and N will not cover the Part B deductible and Part B excess charges.
Plan M will cover half of the Part A deductible, while Plan N will cover the entire Part A deductible. Plan N also will have instances in which co-pays will be required. Plans K, L, M and N may be suitable low cost alternatives to Medicare Advantage Plans (minus the prescription drug coverage and network restrictions.) This means that you may visit any doctor or hospital that accepts Medicare.
Most insurance companies will offer Plan N on a guaranteed issue basis in the majority of states. This will come as a great relief to those who may have health conditions which prove troublesome when obtaining coverage which requires medical underwriting. Medicare supplement Plan M, on the other hand, will require underwriting with most companies in many situations.
Many insurance providers are currently offering Medicare supplement Plans M and N, and you may now start signing up for these types of coverage as long as your effective date is June 1, 2010 or later.
Plans M and N will be cost effective ways to cover most of what Original Medicare Parts A and B do not cover. However, you still need to be sure to do thorough research on these plans to make sure you are aware and at peace with the out of pocket expenses you may need to pay. For assistance in your Medigap decision, contact a trusted Medicare attorney and/or Medicare supplement insurance brokerage.
Learn more about Medicare supplement insurance. Stop by Richard Cantu’s site where you can find out all about Medigap and what it can do for you.
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