Medicare Supplement Plan K

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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 much lower premium. Each year, enrollment into Medicare Plan K increases. This is due to more beneficiaries willing to share more costs if in return they have a reduced monthly premium.

What Does Medicare Supplement Plan K Cover

Plan K will cover 100% of any Part A coinsurance and hospital costs for an additional 365 days. As for the rest of the benefits that fill in your gaps in coverage, Plan K will cover 50%.

Plan K will cover 50% of: 

  • Medicare Part B coinsurance or copayments
  • Part A deductible
  • Part A hospice care coinsurance or copayments
  • First 3 pints of blood
  • Skilled Nursing Facility Coinsurance

The Part A deductible is $1,408, which means beneficiaries enrolled in Plan K are responsible for $704.

Medigap Plan K Does Not Cover: 

  • Part B deductible
  • Part B excess charges

Medicare Supplement Plan K Comparison Chart 2020

Plan K is Perfect for Those Who:

  • Looking for a lower monthly premium
  • Are reaching the Medicare age
  • Like employer coverage
  • Enjoy traveling overseas
  • Have out-of-pocket medical expenses

What is the Out-Of-Pocket Maximum for Plan K?

Plan K does have an out of pocket maximum, or cap on spending. The Out of Pocket Maximum for Plan K in 2020 is $5,880. The OOP limits increase annually. When you reach to out of pocket maximum within that calendar year, then Plan K will pay 100% of any medical expenses going forward.

How Much Does Plan K Cost?

The average premium for Plan K is anywhere between $40-$100. It could be less, or more, depending on where you live.

Who is Eligible for Plan K?

You must have Part B to be eligible for Plan K.

Plan K Reviews

Medicare Supplement Plan K has 5-star reviews, just like all the other letter plans. The reason they all have great reviews is that they cover anything that Medicare covers. They’re also guaranteed renewable as long as you pay your premiums each month.

The only time beneficiaries have an issue with Plan K is when they start incurring medical expenses and must pay the shared costs before their benefits kick in. If this is something you’re not prepared for, then I would consider an alternative plan to Plan K.

What’s an Alternative to Plan K?

Keep in mind, you may have higher out of pocket costs due to the plan only covering 50% of most the benefits. Depending on your budget, and the level of benefits you’re looking for, there are alternative options to Plan K that may suit your healthcare needs better. There are two other cost-sharing plans you can choose from that will still give you a lower premium, Plan L, and Plan M.

Plan L works the same exact way that Plan K does. The only difference is that everything Plan K covers at 50%, Plan L will cover 75%.

Plan M is the cost-sharing plan that gives you the least amount of cost-sharing. Plan M will cover all the same benefits as Plan K and Plan L but at 100%. The only benefit that’s not 100% covered is your Part A deductible. You’re responsible for 50% of that deductible.

Technically, there is one more cost-sharing plan, Plan N. I say technically because it works a little differently than the other cost-sharing plans. Plan N will pay 100% of the same benefits as Plan K, the only cost-sharing you’re responsible for is a small co-pay for doctor visits and emergency room visits.

What if I Don’t Want a Cost-Sharing Plan?

If you’re looking for the same amount of benefits, all covered at 100%, then Plan G is the runner up. Plan G is the second most popular plan among beneficiaries. It’s runner up to Plan F.Plan F is a first-dollar coverage plan, as well as Plan C. These two plans cover the most benefits of all supplement plans. However, more coverage comes with higher premiums.

If you’re expecting to have higher medical expenses, then choosing a different plan then Plan K will give you lower out of pocket costs in the end. However, if you’re overall healthy and don’t see your medical expenses being more than your budget, then a cost-sharing plan like Plan K could work for you.

Get a Quote for Plan K Now

Plan K isn’t in all states, and not all carriers offer this plan. Due to this, it’s not easy for beneficiaries to compare rates without the help of a licensed agent.

At MedicareFAQ, we work with all the top carriers in your area. We can provide you with rates on all the plans available where you live, with all the carriers that offer it.

Our services are 100% free to you. We’re here to educate you on all your Medicare options. Call us today. Or use our rate comparison tool to compare all plans and carriers in your area now.

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