Medicare Supplement Plans: Medigap M and N Explained

Since 1992, theMedicare Supplement Plans have been the same. But as if Jun 1, 2010, there are two new plans and that is Plan M and Plan N. It has been introduced among the other alterations to Medicare supplements. The purpose of this article is to explain to the readers on how the two latest plans, the Medigap Plan M and Medigap Plan N work and what coverage they provide. Medicare supplements M and N are the latest standardized Medigap plans that are offered by the private insurers located in South Carolina and nationwide. The two new plans provide low-premium alternatives to the already existing supplements in Medicare and most people feel that the new plans will greatly gain traction as famous options in the Medicare Supplement marketplace most especially to the upcoming major improvements of Medicare Advantage program.  There is a need for you to be enlightened about the two plans because you ca use your knowledge about it in the future and use it at your own advantage.

Medigap Plan M

  • The Plan M is just one of the two latest standardized plans that uses cost-sharing as the method in order to make your monthly premiums even more lower. It just means that in exchange for the slightly lower premiums that you have to pay monthly, those who are on M will split the deductible in Medicare part A with the insurance company. In this case, the insurance company will pay the half and you will also be paying the other half. However, the plan does not cover the Medicare Part B. The good things is that there will be no doctor’s office co-pays even after you’ll meet the Part B deductible. There have been many analysts who projects the plan’s premium to go at 15% which is quite lower than the most plans premiums.

Medigap Plan N

  • The second Medigap plan is the Plan N which also utilizes cost-sharing as the method in order to reduce the monthly premiums. However, this plan uses mostly the deductible sharing method. Just like Plan M, it utilizes co-pays in order to help reduce the premium costs. The co-pays’ system is set at around 20$ that is intended for the doctor’s visits while the 50$ is for the visit in emergency room. Today, it is projected that the co-pay system will make an effect right after the Medicare Part B deductible is being met. The Plan n is anticipated to provide 30% lower monthly premiums compared to the Medicare Plan F premiums.

The two Medigap plans may most probably become an interest to the people who are hoping for the Medicare Advantage program that is either by necessity or by choice. Since the Medicare advantage programs are being given improvements as years pass by, the plans that are administered are also going to be developed for the sake of the common good of the people especially to the needy ones. Indeed, Medicare Supplement plans are of a great opportunity and help to the public.


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