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Medicare Supplement Plan M | Medigap Plan M | Coverage & Details
Medicare Supplement Plan M
Medicare Medigap Plan M is a supplement plan that is fairly new as of June 1st, 2010. Medigap Plan M is very similar to the Medigap Plan N, and was introduced as a new plan offering in efforts to try to cut federal spending and reduce the national budget deficit. Supplement Plan M offers cost-sharing, which was intended to reduce the complete reliance on your insurance plan. The Medicare Part A hospital deductible is paid at 50% by the insurance company, and you are responsible for the other 50%. This cost-sharing was designed to eliminate "wasteful spending" so that people would only go the doctor or hospital when really necessary.
Medicare Supplement Plan M still has a fairly moderate level of coverage, and does in fact cover many of the major gaps left by Medicare. Plan M Medigap also costs approximately 15% less than some of the more comprehensive Medicare Supplement Policies, like the Medicare Supplemental Plan F.
Individuals who do not mind paying 50% of the Medicare Part A hospital deductible (if hospitalized) will have the opportunity to save some money while on the Plan M. It is equally important, however, to compare the cost of Medicare Plan M with the other various Medigap Plans. Sometimes the difference in cost between the Plan M and a more comprehensive plan is so minimal that it might just be better to go with the more comprehensive plan (better value for your money).
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