Individuals who have or who may purchase Medicare Supplements in 2011 will see some changes. Do to the need to further modernize the Medicare Modernization Act signed in to law in 2003, certain changes will be made to Medicare Supplemental Insurance in order to keep up with some of the changes made to medicare. Some coverage options will be dropped and others added.
Of the twelve original Medicare Supplements, E,H,I, and J will no longer be offered for new sales. Individuals who already have these plans can still keep them as long as they paid the premiums. A new hospice benefit will be added to Plan G. This plan will also be modified to increase excess changes from 80% to 100%.
Supplements Plan M and N will provide a lower-premium alternative to the existing Medicare Supplements. Medicare Supplement M uses cost-sharing to keep your monthly premium lower. With Plan M, half of the premium will be paid by the insurance company and the other half by the insured. Medicare Supplement N uses cost-sharing also to reduce the monthly premiums. It uses the co-pays to help reduce premium costs. The co-pays is set at $20 for doctor’s visits and $50 for emergency room visits.
Individuals looking for the most complete coverage possible will find it with Medicare Supplement F. Medicare Supplement Plan F is the most popular Medicare Supplement Plan, and is the most comprehensive option available. It covers costs in excess of medicare approved amounts. This plan covers Medicare part A and part B deductibles, as well as the 20% coinsurance original Medicare does not pay. This plan will also cover Part B excess charges and has a foreign travel benefit.