What Is A Medicare Supplement Plan K

Medicare Supplemental Insurance Plan K is one of the fastest growing plans according to a 2017 report, increasing in enrollment by almost 30% in 2015.  Compare rates for all the Medicare Supplement Plans in your area and run a free rate quote, or call 844-528-8688 and we will do the work for you.  Keep reading to see the benefits of the Medicare Supplement Plan K.

Medigap plan K falls into a unique group of Medicare supplements (along with plan L) that offer a maximum out-of-pocket expense limit. This limit, paired with only 50% coverage of many services that are fully covered by other plans, allows Plan K to have one of the lowest average monthly premiums of any Medicare supplement available.

Read on to learn more about why so many Medicare recipients are trading monthly premiums for a greater share of service costs by choosing Plan K

Medigap Plan K Benefits

Like all Medigap, Plan K covers 100% of the Medicare Part A coinsurance and hospital costs (up to 365 additional days beyond typical Medicare benefits). However, all of the other benefits are only covered at 50%, meaning that you must pay half of the charges.

Medigap plan k benefits

Medicare Supplement Plan K covers 50% of the following:

  • Medicare Part B Coinsurance and Copayment
  • First 3 Pints of Blood
  • Coinsurance for Hospice Care Under Medicare Part A
  • Part A Deductible
  • Skilled Nursing Facility Care Coinsurance

Plan K Out-of-Pocket Limit

Medigap Plans K and L feature a unique out-of-pocket limit. This is a guaranteed maximum amount that you will pay for covered health care expenses during the year. Once you have reached your limit, your Medicare supplemental insurance will cover 100% of all remaining charges (excluding premiums).

For Plan K, the out-of-pocket limit for 2018 is $5,240.

Who Is Medicare Supplement Plan K Best For?

Medicare Plan K is a great option for those who are looking to spend less in monthly premiums in exchange for paying a greater share when you do need to visit the doctor.

It works well for people who don’t need regular medical care because they are not likely to have a lot of expenses that would drain away the money saved on premiums.

If you know that you’ll be making regular use of the services that Plan K only covers at 50%, it probably isn’t a good choice for you. For example, if you think you are likely to be staying at a skilled nursing facility in the near future, you’ll end up spending a lot of money out-of-pocket on coinsurance if you choose Medigap K.

In essence, Plan K is best for Medicare recipients who don’t want to be financially crippled by an emergency situation or a bad turn of health, but also want to save money on premiums.

Call 844-528-8688 now for a FREE rate comparison from all the top companies in your area!

Plan K Versus Plan L

Plans K and L are the only Medigap options that have a maximum out-of-pocket expense limit, and their coverage looks very similar. While they both cover the same services, Medicare Supplement Plan L pays 75% of the charges, and its maximum limit is $2,620 for the year 2018.

These increased benefits, of course, come at the cost of higher monthly premiums. The Plan L, therefore, offers a little more in the way of emergency financial protection, but most people don’t find this worth the  extra cost.

Thinking About Enrolling in Medicare Supplement Plan K?

Choosing Plan K can be a big decision because of those reduced benefits. It seems counter intuitive to many people because we tend to think that the sole purpose of Medigap is to eliminate out-of-pocket expenses. However, there is a reason that Plan K is one of the fastest growing plans available.

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If you think it might be the one for you, or you just want to learn more about it, don’t hesitate to give us a call at 844-528-8688 or get in touch via our contact form. We’re here to help and our services are always 100% free to you

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