Medigap Plan M
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While Medicare makes healthcare more affordable, it doesn't cover all expenses. In fact, the core Medicare programs, Part A and Part B, have significant gaps in coverage.
Private insurance companies have created Medigap policies to help fill coverage gaps. Currently, 10 Medicare supplement plans are available to people in most states.
Medigap Plan M offers several benefits that can help Medicare recipients save money. With so many Medigap options, though, it's important to learn about the pros and cons of Medicare Supplement Plan M before buying a policy.
Limits of Medicare Coverage
Before you decide whether you need Medigap insurance, you should take a look at the limits of core Medicare coverage. Many people with Medicare are surprised to learn that they may need to pay:
A $185 annual deductible for doctor visits.
Up to 20% of physician services after they have reached their deductible.
A $1,364 deductible for hospital visits.
Up to 20% of costs related to medical testing and services like anesthesiology.
Up to 37% of prescription medication costs after spending $3,820 on drugs.
While Medicare makes healthcare less expensive, you may need Medigap coverage to protect you from the above costs.
Benefits of Buying Plan M Medigap Coverage
Plan M Medigap policies offer a lot of benefits that make healthcare even more affordable. When you have a Medigap Plan M policy, you don't have to pay coinsurance or copayments for Medicare Part A or Part B.
Other benefits of Plan M include:
Free hospice care without a copayment.
Free services from a nursing facility.
50% of Medicare Part A deductible.
80% of costs associated with foreign travel for medical care.
What Medicare Supplement Plan M Does Not Cover
Medicare Supplement Plan M doesn't cover all Medicare gaps. For example, Medigap Plan M does not pay your Medicare Part B deductible. Plan M policies also do not cover Plan B excess charges. Excess charges typically occur when a healthcare provider charges a higher amount than Medicare's pre-approved limit.
Choosing a Medigap Plan That Works for You
Picking the right Medigap plan can help you save a lot of money. Contact us today and we can help you find the policy to best suit your needs.