Medigap Plan K
Medicare Supplement Plan K is one of the ten possible supplement plans that are available for Medicare enrollees. This plan helps you pay expenses that Original Medicare doesn’t pay for at a low cost. However, this plan is not as comprehensive as some other supplement plans but it is good if you don’t mind cost-sharing.
What is covered under Medigap Plan K?
Medicare Supplement Plan K helps you to reduce your costs because Part A ad B don’t those costs in full. Beneficiaries that this plan offers are:
- 100% Medicare Part A coinsurance hospital costs for 365 additional days
- 50% of Medicare Part B coinsurance or copay
- 50% of the first three blood prints
- 50% of Part A hospice care and copay
- 50% of skilled nursing facility care coinsurance
- 50% of Medicare Part A deductible
- 100% of Medicare Part B preventive care coinsurance
However, this plan doesn’t cover for:
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign travel emergency
How much does it cost?
Medicare Supplement Plan K has an annual out-of-pocket limit and this is known as a MOOP (maximum out-of-pocket limit). This limit is 6940$ in 2023, but it is subject to change every year. If you reach this limit before the end of a year your supplement plan needs to cover your additional expenses in full.
However, there are always other factors that can impact your costs and they could be different for each beneficiary. Some of the factors include your gender, age, location, tobacco usage, time of enrollment, rate locks, household discounts, etc.
In general, the average cost of the monthly premium is from 40$ to 100$.
How do I enroll?
If you are enrolled in Original Medicare (Part A and Part B) then you are eligible to enroll in Supplement Plan K. You can enroll in it during Medigap open enrollment period which lasts for six months (after your Part B becomes effective).
Is supplement Plan K a good choice?
You should consider this plan if you want to choose a plan which offers you the benefits of lower premium costs and if you don’t mind cost-sharing. Even to this plan isn’t as extensive as some other Medigap plans you should consider it if you are not having trouble with paying some additional costs.
However, choosing a plan that is the best option for you can be confusing so the best thing to do is to talk to licesend Medicare agent here in Better Place Insurance Group. Our experienced agents will help to choose a plan which is based on your needs and income possibilities.
Call us today, we will be happy to help you!