Different Types of Medigap Plans
Before Medigap plans consisted of 12 distinct plans initially labeled A through. The government does not provide Medigap Plans but you can buy them from privately owned companies. It is offered through private businesses and provides different combinations of benefits.
Plans M and N are the latest plans introduced in Medigap Plans. Plans E, H, and J are no longer offered by insurers. If you have the old policies, then you will be renewed automatically without changes in your coverage.
Although Plans M and N coverage provides extra cost-sharing, you exchange it for reduced premiums. These new plans are worth considering.
The new plans M and N are quite similar to the most popular Medicap plan F. However, Plan M only covers half of the deductible required for Medicare Plan A. Plans M and N do not cover the Part B deductibles.
Also, the new Plan M does not cover any of Part B’s excessive charges. Physician charges that is not covered by Medicare falls under excessive charges.
Complete coverage of Part A deductible is possible with Plan N. There is a co-payment for appointments at the doctor’s office. Also, a hospital emergency room visit has a co-payment. In this case, private insurers sell Plan N over Plan M. Comparing the costs of plan N and Plan F, Plan N costs much less.
If you want to change plans, compare the premium savings to the possible out-of-pocket co-payments and deductibles. Plan N may be less expensive than plan F, but you are required to pay Part B’s co-payment.
IT is important to know the total amount for all your co-payments and to calculate the maximum number of times you may visit the emergency room and your physician’s office. With these calculations, you will know if you will be spending less with plan N. Be aware that Part B’s excessive charges are covered by plan F but are not covered under Plans M and N. If you physicians tend more than what Medicare will pay for, then this is important to know.
NO matter what the state of your health is, if this is your first time to sign up for Medicare Part B, then you can qualify for any of the plans. You can be rejected because of your health conditions if you do not sign up with the open-enrollment period. However, you can purchase plans M and N from some insurers regardless of your health if you previously had E, H, I or J Medigap Plans.
Ultimately, the choice of a Medigap plan solely belongs to you.