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Best Medicare Supplement Plan M Rates & Benefits

Medicare Supplement Plan M is one of 10 different Medicare Supplement plans that are available for Medicare beneficiaries in most states. When looking for a plan to supplement Medicare Part A and Medicare Part B, it’s important to compare all of your options, the coverage that they offer and any plan limits that are in place. Therefore, you should definitely check out Medicare Supplement Plan M and what it has to offer to see if it’s the right Medigap policy for you.

Beneficiaries who compare this plan against the other Medicare Supplement plans that are available can choose a health insurance option from an insurance company that they can count on. Then, beneficiaries who sign up for Medicare Supplement plans can save money throughout the calendar year on doctor’s office visits and more, since they’ll have more coverage than what Medicare Part A and Medicare Part B offer on their own.

Medicare Supplement Plan M Costs, Coverage and Benefits

When looking into Medicare Supplement insurance Plan M, you probably want to know a few key things. You could be wondering how much your plan will cost you each month in the form of a monthly premium. You might also be curious about the type of coverage that you can enjoy with one of these plans. This simple guide will tell you more about the benefits, coverage, and costs of Medicare Supplement insurance Plan M.

What is covered by Medicare Supplement Plan M?

Medicare Supplement insurance Plan M is very similar to Plan D. These are some of the things that beneficiaries can enjoy when they are covered by this Medigap policy, on top of what is covered by Medicare Parts A and B:

  • After your Original Medicare benefits through Medicare Part A are exhausted, Medigap Plan M will cover your hospital coinsurance and hospital costs for up to an additional 365 days
  • Medicare Part A coinsurance payment or copayment
  • Medicare Part A hospice care coinsurance and copayments
  • Medicare Part B coinsurance payment or copayment
  • First 3 pints of blood when needed for a medical procedure
  • Skilled nursing facility care (SNF) coinsurance
  • 50 percent of Medicare Part A deductible costs
  • 80 percent of foreign travel emergency coverage, up to plan limits

When shopping for the best Medicare Supplement Plan M option, be aware that there is really no such thing as “the best Medicare Supplement Plan M.” This is because the plan is the same from company to company. In fact, this is the case with all Medicare Supplement plans, such as Medigap Plan N, Medigap Plan C or Medigap Plan K. However, you can shop for the best Medicare Supplement Plan M monthly premiums so that you can save money. You can also look for the best rates for other Medicare Supplement plans that you might be interested in, too.

What is not covered by Medicare Supplement Plan M?

Medicare Supplement plans for doctor’s office visits, emergency room visits and other medical services and medical expenses. You don’t want any surprises about what your benefits do and do not include when you seek medical care.

A few of the medical expenses that are not covered by Medicare Supplement Plan M and that are also not covered by the federal Medicare program (Medicare Part A and Part B) include:

  • Medicare Part B deductible
  • Medicare Part B excess charges

Also, be aware that the Medicare Part B premium is not included in Medigap plan M or any other Medigap plan. You will have to pay this premium separately.

Medicare Supplement Plan M Rates

Medicare Plan M is considered by many to be a middle-of-the-road plan. It offers a nice balance of benefits and affordability. It does not offer the coverage that you can enjoy from a Medigap policy like Medicare Supplement Plan F and Medicare Supplement Plan G. However, it does offer more coverage than plans like Medigap Plan A, which is the most basic plan that you can purchase to use along with Original Medicare. Many people find the Medicare Supplement Plan M rates to be very affordable when you compare the benefits that you receive for the cost.

If you don’t mind paying the Medicare Part B excess charges or Medicare Part B deductible, and if you don’t mind paying part of the Medicare Part A deductible, then you may want to consider Medicare Plan M. Medicare Plan M rates are typically pretty affordable, and we can help you find even lower rates if you shop for a plan with us.

These are the three different options that insurance companies that offer Medigap plans can choose from when determining how to set their rates.

  • Community Rated – With this type of rating system, insurance companies charge all of the customers that have the same plan the same Medicare Supplement plan rates.
  • Issue Age – When Medicare Plan M rates are calculated this way, rates are based on how old you are when you first sign up. Your rates will not go up for age-related reasons, so signing up when you’re 65 will help you enjoy the best Medigap Plan M rates over the long term.
  • Attained Age – With attained age ratings, your Medicare Supplement Plan M rates will go up over time as you get older.

Our Best Rated Companies Offering Medicare Supplement Plan M

At My Medigap Plans, we have access to offer almost every company offering Medicare Supplement Plan M. Our insurance agents have come to prefer the following companies as the best Medicare Supplement companies to work with from both a client and agent standpoint.

There are many reasons why we consider these best-rated companies for Medicare Supplement Plan M to be some of the best, including these:

  • Top financial strength and ratings
  • Long history in the health industry
  • Great tools and ease of access at all points of the process
  • Great customer service
  • Competitive rates and stability over time
  • Customer satisfaction

Does Medigap Plan M Cover Prescription Drugs?

Medicare Supplement Plan M is designed to help fill in the gaps of coverage that are left behind by Original Medicare. Since the United States Original Medicare program does not cover prescription drug costs, Medigap Plan M will not either.

This does not mean that you have to pay full price for all of your prescription medication, however. Instead, you can sign up for a stand-alone Medicare Part D prescription drug plan so that you will have prescription drug coverage. You can purchase this plan through the same private insurance company that you purchase your Medigap Plan M policy from, or you can purchase from a different company.

Make sure that you sign up for your Medicare Part D drug plan as soon as you are eligible to do so. Otherwise, you’ll have to pay full price for your medication. Additionally, you could be subject to a penalty later on.

When can you enroll in Medicare Supplement Plan M?

If you have taken the time to compare benefits for different plans, you might have decided that Medicare Supplement Plan M is the best health care plan for you. Now, you could be wondering when you should enroll in your Medicare Supplement insurance policy so that you can start enjoying your benefits. The best time to sign up for a Medigap policy like Medicare Supplement Plan M is during your Medigap Open Enrollment Period. This period lasts for six months around the time that you turn 65. You don’t have to sign up for your Supplemental health insurance plan during this time, but it’s a good idea to do so.

There are a couple of main reasons why it’s best to sign up for Medigap plans as soon as you sign up for your Medicare benefits. During this time, you don’t have to worry about medical underwriting. This will probably help you enjoy lower premiums and will prevent you from being turned down for coverage because of pre-existing conditions.

Medicare Supplement Plan M Review

It’s always best to do a comparison of different plans and their benefits before choosing and signing up for any particular plan. When you do a comparison of Medicare Supplement Plan M against the other plans that are out there, you may find that it offers the best balance of benefits and affordability. Then, you’ll have additional benefits on top of what is offered by Medicare Part A and Part B.

If you’re searching for a plan with basic benefits and an affordable monthly premium, you may find that the Medigap Plan M rates and benefits are right for you. Just make sure that you are prepared to pay for things like the Medicare Part B excess charges and the Medicare Part B deductible. If you want more benefits, you may want to look into another plan like standard or high-deductible Medicare Supplement Plan F. Our Medicare Supplement plans comparison chart can help you get a better idea of what each plan does and does not offer in its list of benefits.

Also, be aware that Medicare Supplement Plan M is different from the Medicare Advantage plans that are also available for Medicare beneficiaries. Medicare Supplement Plans like Medigap Plan M are designed to work along with Original Medicare. On the other hand, Medicare Advantage plans are designed to replace your Original Medicare benefits. Many of them are HMO or PPO plans, meaning that there are network restrictions. However, additional benefits like dental, vision and hearing coverage are sometimes included. Medicare prescription drug plans are also sometimes included.

We understand that deciding which type of plan is best for you can be tough. We know that you want the best possible health care coverage that you can afford — in addition to the Medicare Part B premium — and we know that your health care needs are different from everyone else’s.

If you would like to talk to a licensed insurance agent about your plan options for Medicare Supplement insurance or Medicare Advantage, give us a call.

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