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. Thus, approved medical costs are often split between the insurance company and the individual.
While these shared cost plans provide less in the way of benefits, they tend to cost less compared to 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.
They provide a lot more by way of coverage by offering a better overall value for the money.
Plan F and 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.
Medicare Plan K may offer assistance when it comes to covering some of the medical expenses that are not paid by Medicare.
However, 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.
This plan does not cover any excess charges. However, if you live in a state that enforces the Medicare Overcharge Measure, or MOM law, you don’t have to worry about excess charges.
Also, Plan K does not include Medicare coverage outside the United States.
Medicare Supplemental Plan K Outline of Coverage
Medicare Supplemental Plan K outline of coverage includes Part A coinsurance hospital costs. It covers up to 365 days after traditional Medicare benefits have been used up, or exhausted.
It also includes coverage for preventive care Part B coinsurance.
Medicare Supplement Plan K will cover 50 of the cost for:
- 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
- Medicare Part A deductible,
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, your Medigap plan pays 100% of covered services for the rest of the calendar year.
Medicare Supplement Plan K Pros and Cons
It’s important to factor in the cost of the plan and potential benefits that plan provides.
Of course, cost savings offered by cost-sharing plans may be attractive for those who are trying to save money.
However, other plans that cost a little more per month pay more benefits in the long run.
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 cost sharing plans can call our Medicare agents now. Or if you prefer, you can complete our online rates form.
Information that is provided is free of charge and there is no obligation. We tried to answer most 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!