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The latest on Medicare Supplemental Plans M and N

Starting on June 1, 2010, the government will introduce two new Medicare supplemental insurance plans – the first changes to the core program in 17 years. Called Plan M and Plan N, these two new plans will have a major impact on how senior citizens approach so-called “Medigap” insurance and will rely on cost-sharing as methods of reducing monthly payments.

Here is a quick look at Medicare Supplement Plans M and N and what seniors can expect from them:

Plan M: This plan uses a cost-sharing approach known as co-insurance as a way to drive down premium costs. This means that the insurance company and the insured agree to share the financial burden of covered medical expenses. For example, in exchange for a lower monthly premium, people with Plan M would agree to a 50/50 split on the Medicare Part A deductible. Leading analysts predict that Plan M will lower premiums by 15 percent over the currently popular Plan F.

Plan N: Plan N also uses a cost-sharing method as a way to reduce premium costs. But unlike Plan M, it does not impact the deductibles. Instead, the insurer and the insured agree to share co-pay costs. This system would set a maximum $20 co-pay for doctor’s office visits and $50 for emergency treatment. In addition, it is projected that the co-pay system would only take effect after the Medicare Part B deductible is met. Analysts predict that Plan N could lower premiums versus Plan F by as much as 30 percent.

With so many changes to the Medigap program coming up, it’s important for senior citizens to turn to a source they can rely on for the best advice. That’s why MWG Insurance Mall is such a smart choice. We can guide you through the steps of choosing the Medicare supplemental plan that’s right for you, along with giving you great rates on an individual dental plan or burial insurance.

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