New Medicare Supplement Plans - June 1, 2010

Medicare Supplement Insurance Plans - New Medicare Supplement Plans - June 1, 2010

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Two new Medicare Supplements will be introduced on June 1, 2010, and will be added to the other current standardized plans. The new additions will be Plans N and M. N will offer similar benefits to Plan F along with a copayment for doctor visits and a copayment for visits to the urgency room. Plan N will cost roughly 70 percent of the current Plan F depending on where you live.

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Medicare Supplement Insurance Plans

Medicare Supplements being eliminated: Plans E, H, I and J will no longer be offered as of June 1, 2010. The preventive care and at-home salvage benefits will also be eliminated from the standardized Medicare Supplement options.

Medicare Supplement (Medigap) plans have been the same since 1992, when they became federally standardized. However, the June 1, 2010 expanding of plans M and N will be the first major changes to the Medicare Supplement marketplace since 1992. Supplementary changes will be to the current plans A straight through G, which will be phased out, and a new set of A straight through G plans will be phased in. This is a minute confusing because the beneficiaries who are currently enrolled in A straight through G can either stay in their current option or migrate to one of the new A straight through G plans. Hospice care will be added to all standardized plans, and the preventive and at-home salvage benefits eliminated.

Plans M and N are similar to the current plan F, although plan N includes copayments for doctor visits and trips to the urgency room. Because of the copayment, it is estimated to cost about a third less than the current plan F. Plan M is also similar to the traditional standardized plan F, but only covers 50 percent of this years Medicare Part A deductible of ,100.00 and Part B deductible of 5.00. The premiums for plan M are estimated to be about 15 percent less than plan F.

Some seniors have expressed a serious concern that depending on their current health status may dictate either they will be able to switch to the new plans. If stuck in the old plan, rates may in crease faster than the new standardized plans. Cms has recommended that the participating guarnatee companies allow all existing Medicare Supplement course holder to be able to migrate to the new plans, and I believe they will. Also, because of the changes happening on June 1, 2010, all participating companies will be allowed to reset their rates with the introduction of the new plans. Meaning, the companies that are no longer competing will be able to reset their pricing for all new plans including plans A straight through G because of the expanding of the new Hospice benefit.

Please talk to your agent or a Medicare specialist regarding these issues.

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