Medicare Supplemental Plan M
Medicare Supplement Plan M (and several others) is now available for purchase as of Jan 1, 2013. As one of several new plans, these new plans offer attractive coverage for those willing to exchange higher out of pocket expenses for lower monthly premiums.
Medicare Supplement Plan M is a cost sharing plan. What this means is that "the insured is responsible for any additional out of pocket expenses when compared to Plan C, Plan D, Plan F and Plan G." Ultimately, they work similar to Medicare Advantage coverage, however, unlike Advantage plans, there will be no network restrictions for the insured.
The freedom from having to operate within a small network of health care providers will be a distinct advantage for Plans M; you are free to visit any doctor or hospital that accepts Medicare patients!
Plan M Highlights:
All Medicare Basic Benefits Fully Covered
No Co-Payments for Emergency Room (ER) or Office Visits
Cover 50% of Part A Deductible
Does Not Cover Part B Deductible
Does Not Cover Part B Excess
Part B Excess Coverage
Many states (for example Ohio and Pennsylvania) do not allow doctors to charge for Part B excess. If you live in one of these states and plan on maintaining a residence there, then you need not worry about this benefit. If you live in a state that does allow for these charges, then be aware that you could have higher out of pocket expenses should you choose a supplement that does not cover Part B excess.
Plan M Insurance Providers
There are several supplemental providers offering either Plan M, N, or others through independent agents. Depending on your state and zip code of residence there will be a handful of competitive providers, including Mutual of Omaha, Assured Life, Family Life, Gerber Life, Loyal American, Anthem, United Healthcare and a few others who offer affordable coverage in several states.