Hi. I’m Jessica Mannion at My Healthcare Direct. In this video I’m going to be going over the Medicare supplement plan M, what it is, how it works, and how it compares to other supplement options.
Before I get into that, it's important to note that the plan isn't that popular of a plan. There's not a lot of people who actually enroll in this plan.
I still think it's important that you want to know all of your Medicare options. So, let's go ahead and dive into its benefits.
If you take a look at this chart here you will see where the Plan M falls in comparison to all the other supplement plans.
While it covers a lot of things, one of the things I want to stress is some of its limitations, and the things it doesn't cover, or only covers at a certain percentage.
If we look at the benefits of Plan M you'll see that one of the things it does not cover, very similarly to the Plan G and the Plan N, is the Part B annual deductible, which in the year 2021 is $203. What that means is, for any doctor's visit, blood work, MRI, outpatient surgery, or anything that falls under part B, you will have to meet that $203 dollars first before the supplement picks up any of your Part B costs.
Now, the other thing it doesn't cover is the Part B excess charges, which is very similar to the Plan N.
Now, if you want to learn more about Part B excess charges, I made a separate video (https://www.youtube.com/watch?v=8Z37d6O6Fa0) that goes over exactly what that is and how you can avoid it. Make sure you check out that video called Part B Excess Charges, so that you can learn more about that and different ways that you can avoid having to pay that.
The third thing I wanted to go over was the Part A deductible. With the Plan M it only covers your Part A deductible at 50%. So, right now in 2021 the Part A deductible is $1,484. So if you entered the hospital, normally if you were just on original Medicare and didn't have any supplement, you would be responsible for that full amount. But, if you had the supplement Plan M you would only be responsible for 50% of that.
Let's go over all the costs that you can expect with the Plan M. The first thing you would pay, obviously, is your monthly premium for Plan M. Those prices vary depending upon where you live, how old you are, and sometimes even your gender. That's one of the things that will fluctuate depending upon those three factors.
Now the other thing will be your Part B deductible that you're responsible for and any Part B excess charges as well as 50% of your Part A deductible.
For some of those reasons not a lot of people tend to go with that plan option. There's other plans are a little bit more comprehensive in the coverage but they're also more expensive. So, just wanted to give you a little rundown of how Plan M works.
If you have any other questions about Plan M or any of the other Medicare supplement options that you have, feel free to give our office a call at 888-959-1028