As of June 1, 2010, the Medicare advantage plan market will look completely different. This is the deadline set by the government for all companies that market and sell Medicare advantage planal policies to adhere to the modernized Medigap chart. This update adds two new policies to the combination of available Medicare advantage plans, Policy M and N. Both promise legitimate choices for new and existing policy holders, are they right for you?
What will the policies cover?
The Medicare Advantage plan will be very similar to the current Medigap Policy D. It will continue to have the main advantages of insuring the 20% that Medicare does not cover for the doctor, the hospital and the nursing staff (as well as the hospice coverage). However, Policy M does not cover the Medicare Part B deductible (which is currently $ 135 / year) and only half of the Medicare Part A deductible (which is currently $ 1068 per year). However, there will be no copayments.
Most people assume that Policy M has apremium of approximately 85% of the current premiums in Policy F (Policy F iscurrently the most common policy). The Medigap N Policy will also be similar to the current Medigap Policy D. However, instead of covering some or all of the deductibles, premiums are reduced by sharing costs. The doctor’s office will pay a $ 20 co pay and a $50 emergency room. Most expect Policy N to represent about 70% of the current Policy F premium costs.
Why they might be right for you
Once you understand what Policy M andN are about, you can see why these policies are right for so many people,possibly for you. The largest market for non Medicare policyholders is one thathas not been able to pay for a advantage planary policy so far. The M and Npolicies compensate for this problem. In addition, at a time when Medicare Advantage programs are changing dramatically, M and N promise to be an excellent alternative to Medicare Advantage policyholders (many of these changes are negative: reduced benefits, higher premiums). These options offer rewards that are not much higher (if any) than the programs and the Advantage coverage, which in most cases is much broader.
Do I qualify for a advantage plan?
Medicare advantage plans only work in conjunction with the traditional Medicare policy. Normally, you must have Medicare Part A and B to qualify for a advantage plan. Your application will be accepted if you are 65 years or older and are applying for Medicare Policy B within 6 months of your first enrollment in Policy B.
Do I qualify for an advantage policy?
You can always enroll in a Medicare Advantage policy if you meet the following criteria:
• You have part A and B
• You live in the policy service area.
• Do not have end-stage renal disease (ESRD) (a permanent kidney failure that requires dialysis)
When can I joinor change? You make your choice the first time you qualify for Medicare.