Changes to Medigap Policies In 2019
Effective from June 1, 2010, Supplement Medicare (Medigap) added two new consumer options: the “M” Cigna Medicare supplemental plan and the Medicare “N” supplemental plan. At the time, the Medigap E, H, I and J policies were discontinued, as the benefits of at home recovery and preventive care had been eliminated as they were identical to other Medigap policies. Medicare thinks that these two benefits are not needed in today’s Medicare facilities. In addition to these changes, the new Hospice Care Benefit Co insurance coverage was included in all new Medicare supplemental insurance policies.
Insured persons can currently maintain existing insurance policies, but as of June 2010, the subscription expired for all policies in effect. Existing Medigap strategies were divided into one group and all strategies bought after the month of June were categorized into new strategy categories. There was no reason to purchase one policy against another (only purchase the appropriate policy) because all policies purchased after June 1st were included in the draft of a “new policy”. It is however, difficult to know what supplement provider will provide the new M and N plans. Since most insurers offer more plans, it is important you look for the best price.
It is strongly recommended that you consult a qualified and independent Medicare consultant because the agents employed by the company only propose the policies of their company. An independent consultant can help you find a policy today and suggest alternatives whenever a new policy is introduced. For those who reached the age of 65 years prior to June 2010, the independent agent can provide services now and save time every year when brand new plans and rewards become accessible.
Plan for New Medigap
The Medicare N supplement offers benefits similar to those of the Medicare D supplemental policy (and not plan F as suggested by others), but a fee of $20 is charged for the medical examination and $50 for the visit to the emergency room. This additional payment should be applied after the deduction of $135, but uncertainties remain as to how the payment will be made with the co payment and deductibles.
The good news is that these policies aim to have premiums equal to about 70 percent of the cost of the F policy or about 77 percent of the current Medigap D policy. The Medigap M policy will also have benefits similar to those of the “Supplement”. D “Medicare, but will only provide 50% of the deduction from Part A, non-deductible from Part B, but not co-payment. The cost of policy M should represent about 85% of the F or Medigap policy (or 92% of the current D policy).
Experts in the industry are enthusiastic about these modifications as beneficiaries are attracted to a lower premium. These policies unfortunately, are formulated by academics and bureaucrats who have no understanding the needs of consumers. We are not certain that the brand new plans will meet exactly the needs of consumers. These policies (M & N) do not include the $135 excess or excess spending allowed by many states. However, it is expected that Medicare’s additional health care policy will result in real savings for consumers.