Medigap Plan M
Medigap Plan M – What You Need To Know
Medigap Plan M is NOT on our recommended list of Medigap plans for Idaho residents. Why? Because the plan has limited Idaho and National enrollment, few insurance companies in Idaho offer this plan, and we feel there is much better value available in other Medigap plans.
Why is limited enrollment in Medigap Plan M across the Nation an issue?
What does limited enrollment mean? At the end of 2014 (latest data available), Plan M had 995 people enrolled in this plan all across the USA (14 people in Idaho are enrolled in this plan at the end of 2014). There was a net outflow of 3,085 between 2013 and 2014 (a 76% decline). You can review this information here.*
Few Insurance Companies in Idaho offer Medigap Plan M
According to the current Medigap rate chart maintained and published by the SHIBA group within the Idaho Department of Insurance
Over 30 companies offer Medigap Plan F (the most popular plan in the Nation and Idaho). We are not comfortable recommending a plan with this narrow of a selection of vendors offering this product.
Other Medigap Plans offer better value than Medigap Plan M
As you review the monthly premiums for Plan M, compare the rates to either Plan G, Plan N or Plan F Hi-Deductible. We feel you get much better value from either of these plans when compared to Plan M.
Look at Medigap Plan G or Medigap Plan N
Monthly premiums can be lower than Plan M and you get better coverage
What should I do if I have a Medigap Plan M policy?
Read should I change Medigap policies and call us if you want help thinking through your options. If you prefer, we will help you find a Medigap insurance plan that offers good value and meets your needs (and retirement budget).
What Medigap Plans do you recommend?
Each of the 12 Medigap plans pay a different combination of the costs left over by Medicare Part A and Part B. At this time we feel Medigap Plan G, Medigap Plan N or F Hi-deductgible should be considered by Idaho residents. All of these plans have a decent market share, monthly premiums are attractive and provide good value. Note the monthly premiums offered by the different insurance companies offering these plans can vary by 200% for the same exact coverage. We encourage Idaho residents to work with a professional Medicare insurance broker when selecting both a Medigap plan and the right insurance company. We have screened each of the companies offering these plans and have identified ones we would do business with ourselves.
Please refer to this report for specific details on which plans are gaining enrollment and which are losing membership. Scroll forward to page 5 for this information.
We encourage Idaho residents to avoid Medigap Plan K, L, and M
Medigap Plan K, Medigap Plan L, and Medigap Plan M are NOT on our list of Medigap plans to consider. Why? Because of their low levels of national enrollment. We feel Idaho residents will get better value from other plans. The above-mentioned report notes that the combined total Idaho membership in plans K, L, and M is less than 1.6% of all Idaho Medigap enrollees. Nationally, these three plans had similar enrollment numbers.
Idaho residents interested in a Medigap Plan
Before you consider any Medigap Plan, review Medigap Policies and Carrier Differences. This discussion will give you a good appreciation for other considerations when choosing a Medigap policy.
How to contact us
Call us at (208)-867-0296 if you would like to talk about Medigap plans.
We also help Idaho Medicare beneficiaries find the Prescription Drug plan that covers their med’s and at the lowest annual out of pocket cost too.
Learn more about us before you call and then learn the answer to the question ‘Why should I use an independent agent?‘.
*We are monitoring the AHIP website to see when they add a more current report on Medigap Plan enrollment figures; when this is available, we will update these figures.
We are here to help.
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