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Why Medigap Plan Should You Purchase?
There are 12 distinct plans under the standardized Medigap Plans initially labeled A through L. The government does not provide Medigap Plans but you can buy them from privately owned companies. It is offered through private businesses and provides different combinations of benefits.
Today, there are 2 new Plans called Plan M and N. Plans M and N replaces Plans E, H, and J which are not longer offered by insurers. If you have the old policies, then you will be renewed automatically without changes in your coverage.
There is reduced premiums in the new Plans M and N but it requires extra cost-sharing. You should consider these plans and find out if it is suitable for you and your loved ones.
The new plans M and N are quite similar to the most popular Medicap plan F. But, the M policy only covers half of the deductible required for Medicare Plan A. The Part B deductibles not covered by either M and N plans.
Plan M does not also cover the excessive charges of Part B. 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. Also, a hospital emergency room visit has a co-payment. So private insurers sell plan N more than plan M. The cost of plan N is much lower than Plan F.
If is possible to change plans but just make sure to compare the premium savings to the possible out-of-pocket co-payments and deductibles of each plan. In Plan N, you are required to pay Part B’s co-payment, even if It costs less than plan F.
Another important thing to determine is the total amount of your co-payments, and the maximum number of time you may visit the emergency room and your physician’s office. Determine 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. But, if you do not sign up with the open-enrollment period, you can be rejected due to health conditions. 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.