A Quick Review
To choose the right Medicare supplement plan, it’s important to understand how Medicare Part A and Part B factor into your decision. Original Medicare covers some hospital and medical expenses, but it may not cover everything. That’s where supplemental plans like Part M come in.
Part M is designed to fill in some of the gaps left by Original Medicare. It can help with some of the costs of hospital stays, physical therapy, durable medical equipment, and lab work, among other things. However, it’s important to note that Part M won’t cover everything.
For example, it won’t cover your Part B monthly premiums or Part B deductibles. It also won’t cover Part B excess charges, which are the fees charged by a provider that exceed the Medicare-approved reimbursement amount. Despite these limitations, Part M can still be a useful option for those who want a middle-of-the-road set of benefits.
Understanding Your Premiums
The monthly premium for Medicare Part M is unique compared to other supplemental plans. Unlike plans that calculate premiums based on income and tax status, Part M considers factors such as age, gender, and health status to determine your monthly premium. Private insurance carriers issue all Medicare supplements, and this affects the cost of Part M coverage.
It is recommended to enroll in Medicare Part M during the Open Enrollment Period (OEP), which begins on the first day of the month when you turn 65 and enroll in Part B. The OEP lasts for six months. During this time, you are guaranteed coverage through Part M, regardless of your current health condition. If you enroll outside this period, you may undergo medical underwriting, which can significantly impact your monthly premiums.
When considering Part M, it is wise to estimate your annual medical expenses to determine whether the extra monthly cost of this plan is worth it. If you are generally in good health and won’t use your coverage much, you may not need this supplement. However, some people prefer to have this coverage in case of an emergency, as it can help lower their overall out-of-pocket costs.
Our team is made up of compassionate, friendly individuals who understand the unique needs of older adults. We take the time to listen to your concerns and provide personalized solutions that work for you. We provide additional and detailed information on Medicare Health Plans and a no-cost plan comparison to determine if you qualify for additional benefits.