Medicare Supplement Plan M is a type of supplement plan with a low monthly premium and bigger out-of-pocket expenses. It is designed for people who are comfortable with the cost-sharing policy and do not expect to visit the hospital often. It is sold by private insurance companies approved by Medicare.
PLAN M COVERAGE
Medicare Supplement Plan M coverage extends to:
100% Part A coinsurance and hospital costs, up to an additional 1 year after Medicare benefits are used up
50% Part A annual deductible
100% Part A hospice care coinsurance and copayments
100% of the first 3 pints of blood every year
100% skilled nursing facility care coinsurance
100% Part B coinsurance and copayment
80% of foreign travel medical costs
Plan M does not cover next costs:
Part B deductible
Part B excess charges
Prescription drugs
Long-term care
Dental, Vision, and Hearing care
PLAN M ENROLLMENT
For enrolling in Medicare Supplement Insurance Plan M, you might want to consider enrolling during your six-month Open Enrollment Period (OEP). This six-month period begins on the first day of the month that you’re both aged 65 or over, and enrolled in Medicare Part B. During your OEP, you will generally enjoy a guaranteed issue right to enroll in a Medigap Plan M policy even if you have a pre-existing health condition without having to pay a higher premium than a healthy person. You must be enrolled in Original Medicare – Part A and , and live within the plan’s service area to be eligible to enroll in this supplemental insurance.
Outside this enrollment period, you can still apply for supplemental insurance, but you may need to undergo medical underwriting, and acceptance isn’t generally guaranteed.
MEDIGAP PLAN M COSTS
Medicare Supplement plans are standardized, regulated, and managed by the federal government but sold by private insurance companies approved by Medicare. Those carriers will determine monthly premiums according to several factors including an individual`s age, location, and tobacco use. In 2022 average monthly Medigap Plan M premiums for a 65-year-old nonsmoker range from $72 to $260.
