Medicare Supplement Plan K is one of the cost-sharing plans available to Medicare beneficiaries. Plan K has many of the other benefits that Medigap plans offer, but with a lower premium.
Medicare Supplement Plan K Benefits
The benefits that Medigap Plan K covers in full are Part A coinsurance for hospital costs up to 365 days beyond the use of Medicare benefits, foreign travel emergency to plan limits, and Part B coinsurance for preventive care. For the rest of the benefits that Plan K covers, coverage is 50%. These benefits are Part B coinsurance or copays, the first three pints of blood, Part A hospice care coinsurance, skilled nursing facility coinsurance, and the Part A deductible.
Plan K doesn’t cover the Part B deductible, as only certain plans that are no longer available to newer beneficiaries offer such coverage. Further, Plan K doesn’t cover Part B excess charges but these are not applicable most of the time. Not every state allows excess charges and they are rare even in the states that do.
How Much Does Medicare Plan K Cost?
The average cost of Plan K is around $40-$100 per month. The monthly premium could be more or less depending on various determinants.
What is the Out-Of-Pocket Maximum for Plan K?
Like Plan L, Plan K has a cap on spending outside the plan, known as the maximum out-of-pocket (MOOP). For Plan K in 2021, the MOOP is $6,220. This amount is subject to increase each year. After a beneficiary meets the MOOP for the calendar year, Plan K covers 100% of any medical expenses for the remainder of that year.
What is an Alternative to Plan K?
There are two other Medicare Supplement cost-sharing plans. Plan L and Plan M offer more coverage and require less cost-sharing than Plan K. Yet, the average monthly premiums for these plans tend to be higher than for Plan K, as plans with more benefits have higher premiums. Determining whether you’re more comfortable with higher monthly premiums or with more cost-sharing will help you decide which plan is best for you.
How to Apply for Medicare Plan K
The availability of Plan K depends on your location. Additionally, not every carrier offers this plan. Thus, comparing rates for Plan K isn't easy without the help of a licensed agent.
For an accurate quote, call the phone number above or fill out our online rate form. We'll prepare a comparison of monthly premiums for Medigap plans in your area and help you choose the right coverage for your needs. At MedicareFAQ, we work with all the top carriers in your area, so you'll be able to make an educated decision and our services are 100% free to you.