Medigap plan M: Overview
Medicare supplements, also known as Medigap plans, are designed to help fill in the gaps in Medicare coverage. There are 10 different Medigap plans available, each with its own set of benefits.
Plan M is one of the more popular Medigap plans. It offers a broad range of benefits, including coverage for Medicare Part A and Part B deductibles, coinsurance, and copayments. It also covers some of the costs associated with Medicare Part B excess charges.
One of the great things about Medigap plan M is that it has no deductible. This means that you don’t have to pay anything out of pocket before your coverage kicks in.
Another plus is that Medigap plan M covers 100% of the costs for covered services after you reach your Medicare Part B deductible. This can help you save money on out-of-pocket costs.
Medigap plan M Coverage
- Medicare Part A hospital and coinsurance costs for up to a year after Original Medicare benefits are used up
- Part A hospice care coinsurance and copayments
- Medicare Part B coinsurance and copayments
- First three pints of blood for a medical procedure
- Skilled nursing facility care coinsurance
- 50% of Medicare Part A’s deductible
- 80% of approved costs for foreign travel emergency (up to plan limits)
Medigap Plan M does not cover Medicare Plan B’s deductible or excess charges. This helps keep your supplement plan’s monthly premium low.
Medigap plan M Enrollment
Enrollment in Medigap plan M is available to anyone who is enrolled in Medicare Part A and/or Part B. There is no medical underwriting required to enroll in this plan.
If you’re interested in enrolling in Medigap plan M, the best time to do so is during your six-month Medigap Open Enrollment Period. This period starts on the first day of the month that you turn 65 years old and are enrolled in Medicare.
FOOTNOTES:
1. HDF and HDG are deductible versions of the F and G, respectively. If you choose one of these options, this means that you must pay for Medicare-covered costs up to the deductible amount of $2,490 (2022) before your Medigap plan pays anything.
2. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 copayment for emergency room visits that don’t result in an inpatient admission.
3. Plan F, High Deductible Plan F (HDF) & Plan C are ONLY available to those who were considered Medicare-eligible prior to 2020.
4. Out-of-pocket limits for Plan K are $6,620 (2022) and $3,310 (2022).
