Changes Made to Medicare Supplemental Policies in 2019.
As at June 1, 2010, Medicare Supplement (Medigap) added 2 new options for the consumer: the Medicare “M” Supplement and the “N” Medicare Supplement. At that time, Medigap policies E, H, I and J were deprecated because the benefit of preventive care and Benefit of At-Home Recovery were eliminated because they are the same as the other Medigap policies. Medicare considers that these two benefits are not necessary in current Medicare facilities. In addition to these changes, the new Hospice Care Benefit Co insurance cover was added to all the new Medicare supplemental insurance plans.
Policyholders currently may maintain existing insurance plans, but as of June 2010, enrollment ended for all current policies. The existing Medigap policies are divided into a group and all policies purchased after June were divided into new policy groups. There was no need to buy one policy against another (just buy the policy that is suitable), since all policies purchased after June 1 are included in the draft of the “brand new” policy. However, it is not clear which supplement providers will offer the new N and M policies. As most insurers offer more policies, it is imperative to seek for the best price.
We strongly recommend that you consult an independent and qualified Medicare consultant, since the agents employed by the company only offer their business policies. An independent consultant can help you find a policy today and offer alternatives each time a new policy is introduced. For people who became 65 before June 2010, the independent consultant can provide services today and save time each year when new policies and rewards become available.
Design for New Medigap
The Medicare Supplement N has benefits similar to Medicare’s Supplemental plan 2019 D (and not F as suggested by others), but there is a $ 20 fee for the medical exam and a $50 fee for the emergency room visit. It is expected that this additional payment will be applied after the $ 135 deduction has been made. However, there are some uncertainties as to how the deductible and co payment will be done. The good news is that these policies are intended to have premiums of approximately 70% of the cost of Policy F or approximately 77% of the current Medigap Policy D. The Medigap M Policy will also have benefits similar to Medicare’s “D” Supplement, but will insure only 50 percent of the Part A deduction, not deductible from Part B, but not co payment. The cost of Policy M is expected to be around 85 percent of Policy F or Medigap (or 92% of current Policy D).
Industry experts are enthusiastic about these modifications, as consumers are drawn to lower premium. Unfortunately, these policies are designed by bureaucrats and academics who do not understand what consumers want. We are not sure that the new policies satisfy exactly what consumers want. These policies (M & N) does not include the excess of $ 135 or the excess charges allowed by many states. It is however expected that the Medicare supplemental Policy N & M will bring real savings to consumers.