Medicare Supplement Plan L
You need the Medicare Supplement Plan L details and this policy does offer some interesting benefits. However, the cost-sharing may or may not work for you.
Traditional Medicare will leave you with many out of pocket expenses, this is due to the gaps in coverage. Original Medicare leaves you responsible for your Part A and B deductible in addition to 20% of the bill.
“First-dollar” coverage plans cover all the gaps in Medicare. Cost Share plans will leave some responsibilities to you, like plan L.
With a cost-share plan, you’re responsible for some of the healthcare cost, but not all. Plan L certainly has more coverage than Traditional Medicare.
Medicare Supplement Plan L Cost Sharing Benefits
Plan L isn’t the most comprehensive coverage; however, it boasts good coverage at a slightly lower premium than a typical Plan F.
Plan L will cover in full:
- Part A Coinsurance and hospital costs
- Up to an additional 365 days after Medicare benefits are exhausted
Plan L will cover 75% of:
- Medicare Part B Coinsurance
- First 3 pints of Blood
- Part A deductible
- Part A Hospice Care Coinsurance
- Skilled Nursing Facility Coinsurance
With every Medicare Supplement, you’ll have access to every doctor that accepts Medicare Assignment in the United States. You can even see any specialist you want, without a referral from your primary care doctor.
Additionally, coverage is guaranteed renewable, meaning coverage can’t be canceled over deteriorating health.
As you can tell, Medicare Supplement Plan L isn’t a bare bones policy. Coverage exists where coverage is needed.
Although, there are some things not covered by Plan L that are important to note.
Maximum Out of Pocket on Plan L
If you’ve been confused by the term “Maximum Out of Pocket” (MOOP), fear no more. The MOOP is a protection or safety net designed with you in mind.
Basically, this is the most you can pay in a calendar year on covered services. For Medicare Supplement Plan L, the MOOP is $2,780 in 2019.
Although, this amount could change annually.
For 2019 the most you can spend on your covered healthcare (outside of the premium of course) is $2,780.
This means if you develop a serious illness and find yourself in and out of the hospital, the most you’ll pay outside your premium is $2,780.
So, once you’ve spent that much on healthcare, you can expect 100% coverage from your carrier on any further covered services during the year.
Plan L Won’t Cover This
When you select a cost-share policy, it means you’ll be responsible for some of the costs associated with your healthcare. Many Medigap plans require beneficiaries to cover some out-of-pocket expense.
Plan L requires you to be responsible for the costs of:
- Part B deductible
- Foreign Travel Emergency care
- Medicare Part B excess charge
Out-of-pocket expenses can be found in the form of a deductible, coinsurance, or copayment. First dollar plans that cover these gaps are retiring in 2020.
The Medicare Access and CHIP Reauthorization Act (MACRA) of 2015 is eliminating first-dollar coverage for new Medicare beneficiaries beginning on January 1, 2020
Does Medigap Plan L Come with Part D Coverage?
If you have a Medicare Supplement, you’re covered when the hospital is administering prescriptions. Although, if the prescribing doctor gives instructions for an at home drug, you’ll want Part D coverage.
Prescription drug coverage is easy to enroll in and it protects you for the Part D late enrollment penalty.
Plan L Dental, Vision & Hearing benefits
The application process for Dental, Vision and Hearing benefits is simple. Additionally, our agents compare rates for people like you every day.
Although a Medigap policy doesn’t cover Dental, Vision or Hearing, there are still stand-alone policies you can enroll in.
These policies make sense because they’re the price is a bargain and it’s necessary to have comprehensive coverage when you need it most.
Medicare Advantage Limitations
There are plenty of people who select MA enrollment, mostly because they’re blinded by the extra added features.
This policy typically has options for:
- Low Premiums
- Part D coverage
- Dental, vision, and hearing
- Maximum out of pocket
Many seniors select Medicare Advantage every year and the frills can seem appealing; however, the limitations could cause high out of pocket expenses.
- A network of Doctors, hospitals and Medical Facilities
- Lack of comprehensive dental, vision and hearing
- No coverage while out of the service area
- You’re responsible 100% when seeing an out of network doctor
- Policy changes EVERY year
Medicare Advantage plans are typically HMO (Health Maintenance Organization), occasionally you’ll find a PPO.
MA plans will take over for Medicare; the carrier will handle all your claims, appeals, and issues.
An HMO requires you to stay in network, with no coverage when you see an outside doctor.
A PPO will provide some coverage to out-of-network doctors at a much higher price than in-network.
If you have a Medicare Advantage plan and you’re diagnosed with cancer, you could experience unforeseen expenses if the treating hospital is out of network.
While Medicare Advantage plans have a Maximum out of Pocket, it only includes covered services.
How Do I Enroll in Medigap Plan L?
Having a Medigap policy will protect you from 20% of thousands of dollars or more depending on your health that year.
Depending on when you enroll in a Medicare Supplement, you may qualify for Guaranteed Issue. This means there isn’t any medical underwriting.
You qualify for this during the first 6 months of your Part B effective date. Although, you can apply at any time.
The application process is simple and talking to a licensed insurance agent in your state can make it super easy.
I Can’t Afford Plan L, What Now?
Medicare Supplement Plan N has incredible benefits and many seniors select it as an option. This is a popular plan with a few copays and comprehensive coverage.
If you want more coverage than this, Plan G offers more coverage for a slightly higher premium than Plan N.
Talking to a licensed insurance agent will make selecting coverage easy.
Free Medicare Assistance
Our licensed insurance agents offer time to you, absolutely free. Since Medicare constantly changes, it’s nice to have a personal agent in your corner.
Our agents can help answer your pre-enrollment questions, learn about eligibility, and apply for coverage.
Once you become a member, our client care team will keep you informed on Medicare changes as well as assist you with claims and appeals.
When you have a policy with us, you have a team of people who care just as much as you.
Get started by giving us a call at the number above. You can also complete our online rate comparison form to see Medicare Plan L rates side by side from all the top carriers near you.