Medigap Plan M

Medicare Supplement (Medigap) Plan M provides coverage for many expenses that Original Medicare doesn't handle.

Plan M delivers the same basic benefits as other Medigap plans, but carries a slightly lower monthly premium in exchange for you covering half of your hospital deductible and all of your annual outpatient deductible. By taking on a share of these deductibles plus the excess charges, you earn reduced premiums in return.

Read on to learn more about Plan M from Quottes.

What Plan M Covers

An easy way to keep Plan M in mind is to think of it as the deductible-sharing plan. It covers:

Medicare Part A coinsurance and hospital costs
Medicare Part B coinsurance
Blood
Part A hospice care coinsurance
50% of the Part A deductible
Skilled nursing facility coinsurance
Foreign travel emergency care — up to the plan's limits

Which Costs Fall on You?

Under Plan M, you're responsible for the remaining 50% of the Part A deductible, along with the entire Part B deductible ($203 in 2021) and the Part B excess charges. Even so, Plan M still covers a number of very important items.

Who Qualifies and When to Sign Up

A few eligibility requirements apply when purchasing any Medigap plan:

You need Original Medicare Parts A and B, and you cannot hold both Medigap and Medicare Advantage at once.
A Medigap policy covers only one person. Your spouse would need to buy their own separate plan.
Insurers are not legally required to sell Medigap coverage to people under 65. If you're under 65 with Original Medicare, the plan you want may not be available to you.

If Plan M interests you, you should enroll during Medigap Initial Enrollment — a six-month window that opens when you turn 65 and sign up for Medicare Part B. Skip this period and you may be unable to get your preferred plan, or it could cost more.

How Insurers Set Your Rate

Every Medigap policy also carries a monthly premium, and the exact amount can vary by location, gender, and tobacco use. Insurers use three approaches to price their premiums:

Community rated — Every purchaser of the plan pays an identical monthly amount regardless of age.
Issue-age rated — Your premium depends on your age when you first bought the plan. Buying younger means a lower premium, and it won't rise just because you age.
Attained-age rated — Your premium reflects your CURRENT age, so it climbs as you grow older.

Is Plan M the Right Fit?

Plan M might suit you well if you don't expect frequent hospital visits and feel comfortable handling the occasional cost-sharing. Still, it helps to work alongside a broker who knows supplemental insurance to pin down the best option for you. We can walk through the premium differences to make certain your savings outweigh the risk of some costs.

How Can Quottes Help?

Quottes is an independent broker contracted with several Medigap insurance carriers. We can supply quotes and offer recommendations that serve your best interest — shaped by your needs and budget. Our services come at NO CHARGE! So reach out to us. You've got nothing to lose.