Medicare Supplement Plan K is just one of the many insurance policies that can be used to supplement Medicare healthcare coverage. Plan K is a cost-sharing type plan, where approved medical costs are often split between the insurance company and the individual. While these shared costs supplemental coverage plans pay less in the way of benefits, they also tend to cost less than the supplemental plans that offer more coverage.
Medicare Supplement Plan K Benefits
Those who are interested in Medicare Supplemental Plan K benefits might want to consider other plans that cost just a little more each month, yet provide a lot more by way of coverage by offering a better overall value for the money. Plan F and Medicare Supplement Plan G are the two most popular plans in the market. Most other benefits provided by this plan are based on sharing the cost with the insured at a rate of 50% for the items that are covered.
While Medicare Plan K may offer assistance when it comes to covering some of the medical expenses that are not paid by Medicare, there are many costs left up to the insured to pay for. Since it normally only covers half, that would leave the insured paying the remaining half.
Medicare Supplement Plan K Outline of Coverage
Medicare Supplement Plan K outline of coverage includes Medicare Part A coinsurance hospital costs up to 365 days after traditional Medicare benefits have been used up, or exhausted. It also includes coverage for preventive care Part B coinsurance. When it comes to Medicare Part B co-payments/coinsurance, first 3 pints of blood needed for a surgery, Part A hospice care co-payment/coinsurance, skilled nursing facility care coinsurance and your Medicare Part A deductible, Plan K will cover 50% of the cost.
Medicare Supplement Plan K Out of Pocket Maximum
Medicare Supplement Plan K Out of Pocket Maximum for 2017 is $5,120. After you meet your out of pocket yearly limit and your yearly Part B deductible, your Medigap plan pays 100% of covered services for the rest of the calendar year.
Medicare Supplement Plan K Pros and Cons
When considering Medicare Supplement Plan K Pros and Cons, or other supplemental insurance coverage to fill in the gaps left by Medicare healthcare, it’s important to factor in the cost of the plan and potential benefits that plan provides. While the cost savings offered by cost-sharing plans may be attractive for those who are trying to save money, other plans may cost a little more per month but pay more benefits in the long. Both Medicare Supplement Plans K and L are considered cost sharing plans.
Compare Medicare Supplement Cost Sharing Plans
Those with Medicare who are looking compare Medicare Supplement cost sharing plans can call our Medicare agents now, or complete our online rates form. Information that is provided is free of charge and there is no obligation. We tried to answer most, if not all, of your questions regarding all 10 plans over in our FAQs. After you read those make sure to head over to our blog to read healthcare tips for any senior. When your ready to compare plans with the carriers in your local area, please fill out our online rate form here, we look forward to helping you!