As a result of the Medigap Modernization Act of 2010, which came into being on June 1st, some changes were made in 2010 to the current Medicare supplement plans. The changes had no effect on those who were included in a Medicare supplement Plan prior to that date, and only applied to those who enrolled on or after the 1st of June.
Medigap Plans E, H, I and J were repealed by Medicare. However, the plans included in these plans remain unchanged. Two benefits that were also phased out were the recovery of homes and pensions as they were not sufficiently used by beneficiaries of Medicare. Persons who were registered in plans before 1st June 2010 and had one of these benefits were allowed to continue to use them. Other important changes made included the inclusion of hospice benefit to each Medigap plans as it was a key benefit of every Medigap plans.
The modernized Medigap plans also included 2 new plans that were indeed juicy to those presently enrolled in a Medicare Advantage plan. The two plans included the Medicare Supplement Plan M and the Medicare Supplement Plan N. Medigap offered increasing rewards for the Medicare Advantage plan and the increasing number of physicians choosing to participate, Plans M and N of offered by Medigap. This also included Medicare Supplement Plan F or Plan G and different features for cost-sharing which help lower premiums.
Medicare’s new Plan M offers options for unique reimbursement that are particularly appealing to relatively healthy Medicare beneficiaries. Medicare Plan M offers 50% of Medicare Part A, which amounted to $ 1100 per service period in 2010. For instance, if you are in the hospital and you have Medigap Plan M coverage, you would need to take half of the deductible of $ 1,100 which is $ 550. The prevailing rules continue to apply to Medicare Excess, Part A. You will need to pay this excess again if you travel 60 days or more and return within the calendar year.
Medicare Supplement Plan M implies you will be responsible for paying the Medicare Part B deductible of $400 for 2010. For this franchise, there is no secondary medical practice and 20% coinsurance is paid by the plan.
Another new plan was introduced on June 1. The plan for 2010 is plan N. This plan and the Medicare Supplementary Plan M also provided options for the cost divider for beneficiaries. However, Plan N is additional payments.
If you get a hospital stay and you signed up for Medicare Supplement Plan N, you will make a compulsory payment of $ 50. For physician visits, a grant of up to $ 20 per visit will be paid after you obtain the annual deductible from Medicare Part B. Under the current Medicare supplement plans, these co-payments may leave the Medigap Plan N premiums. This makes it a great selection for anyone leaving a Medicare Advantage plan.
With reduced costs and co-payer options such as deductible and co-pay, the Medicare plan M and N supplementary plans should be a good option for Medicare patients, especially those who are not bothered about co-pay payments or deductibles.