Medicare supplement insurance Plans M and N will be available for purchase with effective dates of June 1, 2010 and beyond. These two new plans offer attractive coverage for those willing to exchange lower monthly premiums for higher out of pocket expenses.
Both M and N are cost sharing plans. The insured will be responsible for additional out of pocket expenses when compared to Plans C, D, F and G. In this way, they will work somewhat like Medicare Advantage coverage, but unlike Advantage plans there are no network restrictions for the insured.
This means that you are free to visit any doctor or hospital that accepts Medicare patients. The freedom from having to operate within a small network of health care providers will be a distinct advantage for Plans M and N.
The good news is that at least one insurance company will offer Plan N on a guaranteed issue basis in most states. This will be very beneficial for those who live in a state that does not offer a yearly open enrollment window and have tried unsuccessfully to be medically underwritten for a new Medicare supplement. Plan M may require underwriting with most companies.
It is important to note that many states (Ohio and Pennsylvania for example) do not allow doctors to charge for Part B excess. If you live in one of these states and plan on maintaining a residence there, then you need not worry about this benefit. If you live in a state that does allow for these charges, then be aware that you could have higher out of pocket expenses should you choose a supplement that does not cover Part B excess charges.
There are several supplemental providers offering either Plan M, N, or both through independent agents. Depending on your state and zip code of residence there will be a handful of competitive providers in your area. As of now, Mutual of Omaha, Assured Life, Family Life, Gerber Life, Loyal American, Anthem, United Healthcare AARP, and a few others are offering affordable coverage in several states.
In summary, both Medicare supplement plans M and N will be cost effective ways to cover most of what Original Medicare Parts A and B do not. When coupled with a prescription Part D drug plan, you will have all four components needed for complete coverage. And should you decide that you would like a Medigap plan with less or no cost sharing, then Plans C, D, F, and G will still be available after June 1, 2010.
Hyers and Associates, Inc. is an independent agency offering Medicare supplements direct to consumer from several highly rated insurance companies. Using our services, you can compare the plans available in your area in order to find the most affordable coverage. We work in several states including AZ, CA, FL, GA, IL, IN, MO, OH, NC, NJ, PA, and TN & TX.
Contact us to compare the lowest rates on Medicare supplements in your area.
Category: Medicare Supplements