Many people buy Medicare supplemental insurance policies (Medigap) to fill in the gaps in existing coverage, which may include copayments or deductibles. Most people know the shortcomings of the original Medicare plan. For one thing, there is no stop loss function. Other health insurance policies will pay you 100% for certain medical services after you reach your deductible, for example, you may need to pay $1,500 a year before your benefits take effect. If you have Medicare Original and need hospital care or need to look for a home nurse, this applies to you.
The brand new Modernized Medicare Supplemental policies will also include 2 new plan cards that are likely to be very attractive to those who subscribe to a Medicare Advantage Policy currently. These two policies are the Medicare M Supplemental Policy and the Medicare N Supplemental Policy. As a result of the increase in cost of Medicare Advantage Policy awards and the increasing number of doctors who decide not to take part, Medigap Policies M & N offer a number of cost-sharing features. These features help offer lower premiums to beneficiaries compared to plans like Medicare Supplement Plan F or Plan G.
With lower premiums and cost-sharing options such as co-payments and deductibles, Medicare M & N Supplemental Policies should be a great choice for Medicare subscribers, particularly those who don’t mind paying co-payments or franchise. Those who are enrolled in Medicare plans before June 1st. 2010 containing any of these benefits can continue to use them. Some major modifications to Medicare plans include adding the Hospice reward to all Medicare supplement plans, as it is going to be a major benefit of all Medigap plans.
If you are admitted to the hospital and have a Medicare N supplemental plan, you must make a copayment of $50. There is a copayment of up to $20 per visit after completing annual Part B deductible for Medicare ($155 in 2010) for medical appointments. Co-payments allow Medigap Plan N premiums to be lower than current Medicare supplement plans available, which also makes it an excellent choice for anyone leaving a Medicare Advantage plan (if the plan leaves your area) or is on registration period and want to make a change). Medicare Advantage plans cover all the same services that Original Medicare covers, and potentially some that do not. Plan N is a new policy that was presented on the 1st of June 1st. 2010. This policy also provides cost-sharing alternatives for the beneficiary, as is the Medicare Supplemental Plan M, meanwhile, with Policy N, they are presented as co-payments.