Plan K
Coverage Benefits
MEDIGAP PLAN K
Medigap Plan K covers some benefits in full and others at 50%. It covers the Part A coinsurance, foreign travel emergencies, and the Part B coinsurance for preventive services at 100%.<br><br>
Plan K does not cover the Part B deductible or the Part B excess charges. However, Part B excess charges are not common and if you live in a state that does not allow them, this is not an issue.
MEDIGAP PLAN K COVERS:
- Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
- 50% of the Part B coinsurance/copayment
- 50% of the first 3 pints of blood
- 50% of the Part A hospice coinsurance/copayment
- 50% of the Skilled nursing facility care coinsurance
- 50% of the Part A deductible
- $6220 out-of-pocket limit (in 2021), then Medigap pays 100%
Medigap Plan K Premiums
In comparison, Plan K offers a lower monthly premium than Plan L. At the same time, it offers higher coinsurance amounts and a higher annual out-of-pocket limit.
Plan K Out-of-Pocket Maximum
Plan K is one of two Medigap plans that offers a maximum out-of-pocket(MOOP) limit. In 2023, the MOOP limit will be $6940 and keep in mind this number typically increases each year. After the maximum has been met, Plan K will pay for 100% of covered services for the remainder of the year.
If you are enrolled in Original Medicare (Part A and Part B) then you are also qualified to enroll in Supplement Plan K. You can enroll in it during the Medigap open enrollment period which lasts for six months and starts after your Part B becomes effective.
Alternatives to Plan K
Plan L and Plan M are two cost-sharing plans that may be a good alternative to Plan K. They both offer more coverage and have less cost-sharing requirements, but the monthly premiums for both are typically higher than the Plan K premiums. Individuals will need to decide which factor is more important to them. You can look into all available Medigap plans to weigh out your options and find one which suits your best.
How to Compare
MEDIGAP PLAN K RATES
There is a lot of information about each plan online, but to get an accurate quote, you’ll need to enlist the help of a licensed Medicare agent. Instead of calling each insurance carrier to get a quote, we can compare premiums across many different carriers, ensuring that you enroll with one that gives you the best rate.
We’ll need to collect some information from you in order to provide quotes since your premium is based on your information and health history, but our services come at no additional cost to you! If you choose to enroll in a Medigap plan through our agency, we also offer unlimited support. If you have problems with your coverage or have questions about how your plan works, we will be here to help.
