What Is Medicare 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.

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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 2022 is $6,620.

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 health turn, 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 $3,310 for the year 2022.

These increased benefits, of course, come at the cost of higher monthly premiums. 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 Plan K?​

Choosing Plan K can be a big decision because of those reduced benefits. It seems counterintuitive 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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Frequently Asked Questions

Does Medicare Plan K coverage pay for the Part A Part B deductibles?

Although Medigap Plan K doesn’t cover the Part B deductible, it will cover 50% of the Part A deductible.

Do Medigap Plans K and L contain an out-of-pocket limit?

Yes. The out-of-pocket (OOP) limit for Plan K is $6,620 and $3,310 for Plan L. Unfortunately, these limits will likely increase in 2023.

Does Medicare Part K cover excess charges?

Medicare Plan K will not cover any excess charges you may incur.

After I purchase a Medigap Plan, must I continue paying my Medicare Part B premium.

Yes. Since your Medicare Supplement plan pays on top of what Medicare doesn’t pay, you must still pay your Part B monthly premium.

How much does Medicare Plan K Cost?

Since Medigap Plan K offers less robust coverage than other plans, it is generally less expensive than other plans depending on your zip code.

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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