There is no need to emphasize the need for Medicare coverage. Everybody knows that medical coverage can be very helpful especially in times of medical necessity. Medicare supplement plans have been basically the same since the early 90\’s. Now, or more specifically just last June 1, 2010, two new plans are being incorporated into these plans known as plans M and N.

Why the need for Medicare supplement plans? This is to serve as a safety net for those who wish to be covered by a reliable medical insurance program. Accidents do happen every once in a while and being covered by a supplement medical insurance is a good step to make sure that you are financially covered.

Medicare supplement plans or Medigap aims to fill in the insufficiencies of major medical insurance plans. Plans M and N are two of the newest plans that are being offered by various private insurers. These give you the option to pay lower premiums as compared to other Medicare plans. This comes in handy in light of the changes that will be introduced to the Medicare Advantage program.

Plan M: How does this work?

This medical supplement plan uses the cost-sharing method (also known as the deductible-sharing method) in able to keep your monthly premium payments to a minimum. What does this mean? Those who are covered by this medical plan would divide Plan A with a private insurance company at 50%. In simple terms, you pay the half the cost while the insurance company pays the other half. What are not covered under this medical insurance plan are the items on Medicare plan B which are basically medical services.

Plan N Medicare Supplement Plan

Plan N is basically the same with Plan M in using the cost-sharing method. Unlike Plan M, Plan N uses co-pays to help lessen monthly premium payments. The cost of co-pays is fixed as follows:

* $20 for doctor\’s visits

* $50 for emergency room visits.

Compared to plan F, plan M is projected to be 15% lower while plan N is 30% lower. In able to take advantage of the benefits of Medicare plan N, the co-pay system will only take effect after the deductible requirement in Medicare Plan B is met.

These plans are also a good alternative for those who wish to come off the Medicare Advantage Program. According to experts, premiums and charges are expected to increase so for those who are under this program may cancel their plan either by choice or necessity. But it is also noteworthy to compare both options and see which one will benefit you and your family the most.

For those who wish to learn more about Medicare Supplement plans, you may browse the internet to get details about medical insurance plans. You can see the pros and cons of these plans online, and may even provide you with the insurance quotes that you need. If you are serious to provide medical insurance, then this is one way to compensate for the financial needs when it comes to medical emergencies.

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Author Bio: If you are looking for the best medicare supplement plans and medicare requirements, visit our site for more tips and information. Contact us for free medicare advice.

Category: Finances
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