Changes to Medicare Supplemental Insurance are Here
Medicare Supplement (Medigap) Plan M & Medicare Supplement (Medigap) Plan N
As of June 1st, 2010 Medicare Supplemental Insurance (Medigap) has included two new choices for consumers - Medicare Supplement Plan M and Medicare Supplement Plan N.
At that time Medigap plans E, H, I, and J were eliminated as the "Preventive Care Benefit" and the "At-home-Recovery" benefits were removed from New Medicare Supplemental Insurance plans issued after June, 2010 and these plans (E,H,I, & J) became identical to other lettered Medicare Supplement plans. Medicare has deemed these two benefits unnecessary and/or underutilized in the current Medicare structure. In addition to these changes, a hospice care benefit Co-insurance coverage will be added to all new Medicare Supplement Plans.
Current Medicare Supplement policy holders will be permitted to keep existing Medicare Supplement Insurance policies, however as of June, 2010 enrollment has ceased into ALL current Medicare Insurance groups and new Insurance groups (and plans) have been created. All plans purchased after June 1st will be in the "New" Medicare Supplement Plan policy design. Existing Medicare Supplemental Insurance policies (Policy holders) will be partitioned into one group, and plans purchased after June will be partitioned into new policy groups.
Not all Medicare Supplement (Medigap) providers will offer the new plans M and N, so a qualified, independent, advisor is suggested. Since most insurance carriers offer several plans it is important to shop around for the best price. The Senior Advisors Group can save you a lot of time and effort. Most brokers represent 1 or 2 companies, the Senior Advisors Group represents ALL of the top providers and over 300 medicare Supplement options. If you want it they will have it. They are also very helpful in explaining the various options available today.
For individuals turning 65 a "true" Medicare Insurance Specialist - not just a health insurance broker - will be able to explain all of the choices available and suggest a plan that meets your needs today, as well as provide service and alternatives each year as premiums and medicare makes changes over the coming years. Be careful dealing directly with the insurance company as they can only suggest their companies plans. You may use this tool to find Medicare Supplement Plans M and N in your area.
New Medigap Plan Design
Medicare Supplement Plan N will have similar benefits to Plan D, but there will be a $20 co-payment for doctor visits and a $50 co-payment for emergency room visits. The co-pay will apply after the $140 (2012) deductible is paid. The good news is the cost of these plans is about 70% of the cost of Plan F. Medicare Supplement Plan M will also offer similar benefits to Plan D, but will only cover 50% of the part A deducible and none of the part B deductible. The cost of Plan M is expected to price at approximately 85% of Plan F (or 92% of current plan D).
These plans have done well as an alternative to Medicare Advantage plans and for those looking to reduce premiums without limiting access to doctors and hospitals.
For plan information in your area go to Find Medicare Supplement Plans. An internal consultant from the Senior Advisors Group will provide information on available plans, and answer questions about the best options and lowest premiums available in your area. (No salesman will visit your home.)
Find Plans in your Area
Important New choices for Medicare Supplemental Insurance Plans!
New Medicare Supplement Plans M & N
Now Available.
Medicare Supplement Center
Real Answers about Medicare
Supplemental Insurance
from the
Mutual of Omaha Discontinues Plan N (article)
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