Different Types of Medigap Plans
Before Medigap plans consisted of 12 distinct plans initially labeled A through. These Medigap Plans are not government sponsored by it is through privately owned companies that you can purchase them. These plans offered through private businesses provide different combination of benefits for the Plan holder.
Two new plans have been introduced, namely , Plans M and N. Plans E, H, and J are no longer offered by insurers. If you currently have these policies, then it will be renewed automatically without any changes in your coverage.
Although Plans M and N coverage provides extra cost-sharing, you exchange it for reduced premiums. So. You might want to consider these new plans.
There are similarities between Plans M and N and the popular Medigap Plan F. The deductible required for Medicare plan be will only be covered in half by Plan M. Plans M and N do not cover the Part B deductibles.
Part B’s excessive charges are not covered by Plan M. Physician charges that is not covered by Medicare falls under excessive charges.
Complete coverage of Part A deductible is possible with Plan N. You can have co-payments for doctor’s office appointments. A hospital emergency room visit also has a co-payment. This is the reason why Plan N is sold more than 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. Even if Plan N is less expensive than plan F, you will be 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. Plan F covers Part B’s excessive charges but are not covered under plans M and N. If Medicare will not pay for the excessive charges of physicians, then Plan F covers these but not Plans M and N.
You can qualify for any of the plans if this is the first time you will be signing up for Part B, whatever the state of your health is. You can be rejected because of your health conditions if you do not sign up with the open-enrollment period. For those who previously had Medigap plans E, H, I and J, you can still buy plans M and N from some insurers whatever your health condition is.
There is other who can decide what the best Medigap plan is for you except yourself.