Medicare Supplement Plan M, also known as Medigap Plan M, is a type of supplemental insurance policy that is designed to help cover certain out-of-pocket costs that are not covered by Original Medicare (Part A and Part B). It is one of the 10 standardized Medicare Supplement plans that are available in most states. Plan M is considered a middle-of-the-road option that offers a balance between coverage and cost.

One of the key benefits of Medigap Plan M is that it helps cover the cost of the Medicare Part A deductible. This can be a significant burden for beneficiaries, especially those with limited income or high medical expenses.

Medigap Plan M also offers coverage for some additional benefits that are not covered by Original Medicare. These include:

Part A hospice care coinsurance and copayment

• Up to 50% of the Medicare Part B coinsurance
• Foreign travel emergency care (up to plan limits)
• It is important to note that Medigap Plan M does not cover the cost of the Medicare Part B deductible or the Medicare Part B excess charges, which are charges above the Medicare-approved amount for certain medical services. Additionally, it doesn't cover prescription drugs, long-term care, or vision and hearing services.

When it comes to cost, Medigap plans can be expensive, and the costs will vary depending on factors such as the insurer, location, and age of the policyholder. However, compared to some of the more comprehensive Medigap plans, Plan M tends to have lower premiums. It's important to compare different options and shop around for the best plan before enrolling. In most states, people who are eligible for Medicare can only enroll in a Medigap plan during their open enrollment period, which begins on the first day of the month in which they turn 65 and are enrolled in Medicare Part B.

It's also worth noting that while Medigap Plan M can help cover some of the out-of-pocket costs that Original Medicare does not cover, it's not the only option available. Beneficiaries can also consider enrolling in a Medicare Advantage plan, which also provides additional coverage and benefits, but with different rules and restrictions. It is always a good idea to consult with a health insurance agent, financial advisor, or a Medicare counselor to help you make an informed decision about which Medicare Supplement plan is right for you.

In conclusion, Medicare Supplement Plan M, also known as Medigap Plan M, is a middle-of-the-road option that offers a balance between coverage and cost. It helps cover the cost of the Medicare Part A deductible and some additional benefits that are not covered by Original Medicare, but it doesn't cover the cost of the Medicare Part B deductible or prescription drugs, long-term care, or vision and hearing services. It is important to evaluate your own health care needs, budget, and compare different options before enrolling in any Medicare Supplement plan. Consult with a health insurance agent, financial advisor or a Medicare counselor to help you make an informed decision.