2 New Medicare Supplements: What You Need to Know

A number of changes were made to Medicare Supplement Insurance in June. One such change was the addition of two new plan choices known as Medigap Plans M and N.

Since both are considered cost-sharing plans, the insured will be responsible for out-of-pocket expenses over and above those charged for Medicare Supplement Plans C, D, F and G. The insured will also not be tied to any network restrictions for care, as in Medicare Advantage programs. Therefore, the insured will be free to receive care from any doctor or hospital that accepts Medicare patients.

Medigap Plan M could be beneficial for people who don’t anticipate any hospital stays or surgeries in the near future. It may also be good for those who frequently visit the doctor. Other highlights of Medigap Plan M include no co-payments for office or emergency room visits, full coverage of all basic Medicare benefits and 50% coverage of Medicare Part A deductible. It doesn’t cover any of the Medicare Part B deductible or Medicare Part B excess.

Medigap Plan N can be a good option for those who seek low out-of-pocket expenses and no network restrictions. Other highlights of Medigap Plan N include the following: it will be issued on a guaranteed basis with some providers; it fully covers all basic Medicare benefits; there is a $20 co-payment for office visits; there is a $50 co-payment for emergency room visits; it fully covers Medicare Part A deductible; it doesn’t cover Medicare Part B deductible; and it doesn’t cover Medicare Part B excess.