Medicare Supplement Plan M is a supplement plan with a low monthly premium and bigger out-of-pocket expenses. It is suited mostly for people who are comfortable with cost-sharing policy and do not expect to visit hospital often.
There are three cost-sharing plans and Medigap Plan M is considered the most extensive one. Plan M doesn’t cover for the Part B deductible and Part B excess charges but Medigap Plan M coverage extends to:
100% Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up
50% Part A deductible
100% Part A hospice care coinsurance and copayment
100% of first 3 pints of blood every year
100% skilled nursing facility care coinsurance
100% Part B coinsurance and copayment
80% foreign travel medical costs
Part B deductible
Part B excess charges
Prescription drugs
Long-term care
Dental, Vision and Hearing care
For enrolling in Medigap Plan M, you probably want to enroll during your six-month Open Enrollment Period (OEP).
It begins on the first day of the month that you’re both aged 65 or over, and enrolled in Medicare Part B. You must be enrolled in Medicare Part A and Part B, and live within the plan’s service area.
Outside your OEP, you may still apply for a Medigap plan, but you may need to take medical underwriting, and acceptance isn’t generally guaranteed.
Medicare Supplement plans are standardized and regulated by the government but sold by private companies.
Factors that make finale premium equation includes age, location and tobacco use. In 2023 average Plan M premiums range from $72 to $260 per month.
For more information about asset based long term care, reach out to Texas Medicare Advisors today.
– A NON-GOVERNMENT ENTITY –
– A NON-GOVERNMENT ENTITY –
Texas Medicare Advisors 512-265-0252
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