Starting in June 1, 2010, Medicare supplement insurance Plans M and N will be available for purchase.

Medigap Plans M and N are cost sharing plans. These plans will have lower monthly premiums in exchange for higher out of pocket expenses for medical expenses incurred. For example, Plans M and N will not cover the Part B deductible and Part B excess charges.

Plan M will cover 50% of the Part A deductible, while Plan N will cover 100% of the Part A deductible. Plan N will additionally have instances in which co-pays will be required. Plans K, L, M and N will be suitable low cost alternatives to Medicare Advantage Plans (minus the prescription coverage and network restrictions.) This means that you will be able to visit any doctor or hospital that accepts Medicare.

Most insurance companies will offer Plan N on a guaranteed issue basis in the majority of states. This will come as a great relief to those who may have health conditions which prove troublesome when obtaining coverage which requires medical underwriting. Medicare supplement Plan M, on the other hand, will require underwriting with most companies in many situations.

Many of Medigap insurance providers are now offering Medicare supplement Plans M and N. You may now begin signing up for these types of coverage as long as your effective date is June 1, 2010 or later.

Medicare supplement Plans M and N will be cost effective ways to cover most of that which Medicare Parts A and B do not. However, you still must be sure to do thorough research on these plans to be sure you are aware and at peace with the out of pocket expenses you may need to pay. For any assistance in your Medicare supplement decision, contact a trusted Medicare attorney and/or Medicare supplement insurance brokerage.

Want to find out more about Medicare supplement insurance, then visit Richard Cantu’s site on how to choose the best plan for your needs.