Medicare Supplement plan M is one of the ten standardized supplemental plans on the market you can purchase from private insurance companies. Just like Plans K and L, plan M is also a type of cost-sharing plan which means that it covers some of the services but not at 100% percent. Among these 3 plans, M can be considered as most extensive because the only thing that Plan M covers 50% is the Part A deductible.
Medicare Supplement Plan M coverage
Benefits that Medicare enrollees get with Plan M are:
- 100% of Part A hospital costs and coinsurances for an additional year after Medicare benefits are dried out
- 100% of Part B coinsurance or copayment
- 100% of the first three blood prints for a medical procedure
- 100% of Part A coinsurance for hospice care
- 100% of skilled nursing facility care coinsurance
- 50% of Part A deductible
- Hospice care coinsurance
- 100% Medicare part B preventive care coinsurance
- Foreign travel emergency cases
However, Medigap Plan M doesn’t cover Part B’s annual deductible and Part B’s excess charges.
Medigap Plan M costs
The first thing that every Medicare beneficiary is responsible for is a monthly premium which can be up to $200. Because this is a cost-sharing plan so you will have to pay 50% of your hospital deductible. The maximum out-of-pocket cost for this plan is $6620 so after you reach this limit and your yearly Part B deductible your Medicare Supplement insurance plan must cover the rest of the cost in full.
Every Medicare Supplement plan, which includes Plan M, has an open enrollment period that begins when you are over 65 and enrolled in Part B. If you enroll during this time you cannot be denied based on pre-existing health conditions which means you don’t have to answer any healthcare questions to be accepted.
If you don’t enroll during this time, you can do it any other time of the year but you will have to pass medical underwriting.