Medicare Supplement Plan M provides coverage for many seniors in the United States. A low-premium policy, Plan M is great for those who are prepared to cover out-of-pocket health care expenses.
Medicare Supplement Plan M in 2022
Plan M is a cost-sharing Medigap plan. When you enroll in this plan, you’re responsible for 50% of your Part A deductible. Yet, the premiums for Plan M are lower than those of some other Medigap plans, so many enrollees are able to justify the out-of-pocket costs.
Medicare Supplement Plan M Coverage
Of the three cost-sharing Medigap plan options, Plan M offers the most comprehensive coverage. The only cost-sharing involved in Plan M is 50% of your Part A deductible, whereas Plan K and Plan L require more. Certainly, you’ll also have better coverage with Plan M than with Original Medicare alone.
The plan covers coinsurances and copays for your outpatient coverage (Part B), as well as your inpatient coverage (Part A) up to 365 days after Medicare benefits are exhausted. This can result in significant savings for you should you need to stay in the hospital for an extended period of time. Those who frequent doctor’s offices can also benefit, as copays can easily add up.
Plan M’s only expenses for which the beneficiary is fully responsible are the Part B deductible and Part B excess charges. However, not every state allows excess charges, and even in the ones that do, they are rare. The best course of action is to make sure your providers accept Medicare assignment before making appointments. Fortunately, most doctors do accept Medicare assignment.
Medicare Supplement Plan M Comparison Chart for 2022
Plan M is Good For Those Who:
- Need a lower monthly premium
- Don’t mind paying 50% of their hospital deductible
- Sometimes travel overseas
How Much Does Medicare Plan M Cost?
Does Medicare Plan M Cover Prescription Drugs?
No Medicare Supplement plan currently on the market offers prescription drug coverage. You’ll need to enroll in a stand-alone Part D plan for coverage of drugs your doctor prescribes for your to take at home.
What is the Best Alternative to Plan M?
The more coverage a plan offers, the higher the premiums are. Thus, Plan M’s premiums are higher than the other cost-sharing options, Plans K and L. For more comprehensive coverage without the need for cost-sharing, you could consider Plan G.
How to Sign Up for Medigap Plan M
When choosing Medicare coverage, there are many aspects to consider. With this in mind, you may not know where to start. Luckily, our Medicare experts know what you should look for in a plan and are happy to help.
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