Medicare Supplemental Insurance Changes for 2010
There are dramatic changes to Medicare Supplement Plans in 2010. This issue was the leading topic of discussion at the annual Medicare Supplement conference held in Phoenix, AZ. During the event, a number of industry experts shared their ideas on the advantages and disadvantages of each plan, and also told participants about two new plans, which I believe will be of great benefit to consumers.
By June 1, 2010, Plans E, H, I and J will be eliminated. This goes hand-in-hand with the dropping of the preventive care benefit and the at-home recovery benefit, which Medicare views as needless in today’s market. Due to these changes, it is our recommendation that people buy Medicare Supplement Plan F rather than Plan J, since it can be much cheaper and includes the most helpful benefits package. For these reasons, most Americans go with Plan F. And since most insurance companies offer Plan F, it’s important to shop around to get the best deal.
Also on June 1, 2010, Medicare Supplement Plan N and Medicare Supplement Plan M will be introduced for consumers. Plan N is similar to Plan F as far as the benefits it provides, but Plan N requires a $20 co-payment for physician visits, and a $50 co-pay for trips to the emergency room. The cost of these plans will be about 70% of the cost of Plan F. Medicare Supplement Plan M is also a lot like Plan F, however it only covers 50% of the deductible for Part A and 50% of the Part B deductible. The price for Plan M is about 85% of the price of Plan F.
Along with these changes, all Medicare Supplement Plans will offer a hospice care benefit. This addition will be greatly welcomed and will be used by a number of Americans.
These changes are quite exciting to industry experts, insurance carriers and consumers alike, as they will result in an increase in benefits and a decrease in out-of-pocket costs. Many leaders look forward to seeing Medicare Supplement Plan N and Medicare Supplement Plan M in the marketplace, where they’re sure to be a big hit with consumers.
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