Author: Richard Cantu
Beginning June 1, 2010, Medicare supplement insurance Plans M and N will be available for purchase.
Medigap Plans M and N are cost sharing plans. Plans M and N will have lower monthly premiums in exchange for more out of pocket payments for medical expenses. For instance, Medicare supplement Plans M and N will not cover the Part B deductible and Part B excess charges.
Plan M will cover 50% of the Part A deductible, while Plan N will cover 100% of the Part A deductible. Plan N will additionally have instances in which co-pays will be required. Plans K, L, M and N will be suitable low cost alternatives to Medicare Advantage Plans (minus the prescription coverage and network restrictions.) This means that you will be able to visit any doctor or hospital that accepts Medicare.
The majority of Medicare supplement providing insurance companies will offer Plan N on a guaranteed issue basis in most states. This will be a great relief to those who have trouble obtaining coverage which requires medical underwriting due to their health conditions. Medigap Plan M, however, will require underwriting with most companies in many situations.
Several insurance providers are now offering Medicare supplement Plans M and N, and you may now start signing up for these types of coverage provided that your start date is June 1, 2010 or later.
Medicare supplement Plans M and N will be cost effective ways to cover most of what Original Medicare Parts A and B do not cover. Still, 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 any additional assistance in your Medigap decision, contact a trusted Medicare attorney and/or Medicare supplement insurance brokerage.
Looking to find the best deal on Medicare supplement insurance, then visit www.gomedigap.com to find the best advice on a policy for you.
