Medicare Supplement Plan K

Medicare Supplement Plan K is one of ten standardized Medicare Supplement (Medigap) plans available to Medicare beneficiaries. Medigap Plan K offers several great benefits that reduce cost-sharing for policyholders.

Medicare Supplement Plan K allows coverage at 93% of doctors and hospitals nationwide. When compared to other Medicare Supplement plans, Medigap Plan K coverage is not extensive. However, the plan offers supplemental coverage at a low cost.

How Does Medicare Supplement Plan K Work?

Medicare Supplement Plan K is a Medicare Supplement (Medigap) plan available in 47 of 50 states nationwide. This plan is standardized under federal law. Thus, Medicare Supplement Plan K offers the exact same benefits, regardless of the carrier you enroll with. The only difference between carriers is premium cost and company rating.

When combined with Medicare Part A and Medicare Part B, Medicare Supplement Plan K is a great option for reducing the cost-sharing responsibilities of the beneficiary. Like all Medicare Supplement plans, Medicare Supplement Plan K works secondary to Medicare by paying some of the costs Original Medicare leaves behind.

Medicare Supplement Plan K Benefits

Medicare Part A and Part B do not cover 100% of medical costs for seniors. You, as the beneficiary, can either pay the leftover costs out-of-pocket in full or reduce these costs by enrolling in a Medicare Supplement plan.

Medicare Supplement Plan K offers several benefits to help lower Medicare costs for beneficiaries.

Benefits of Medicare Supplement Plan K include:

100% Medicare Part A hospital coinsurance
100% Medicare Part B preventive care coinsurance
50% Medicare Part B coinsurance
50% of the cost for 3 pints of blood
50% Hospice coinsurance
50% Skilled nursing care coinsurance
50% Medicare Part A deductible

How Much Does Medicare Supplement Plan K Cost?

The average cost of Medicare Supplement Plan K varies based on location, age, and other factors. However, the national average monthly premium for the plan is around $40-$100.

Like other Medicare Supplement plans, Plan K has a cap on out-of-pocket costs. This is known as the maximum out-of-pocket (MOOP). For Medicare Supplement Plan K in 2022, the MOOP is $6,620. Once your Medicare-covered costs exceed this amount, Medicare Supplement plan K pays 100% of your remaining costs.

The MOOP for Medicare Supplement Plan K is subject to change each year.

Medicare Supplement Plan K vs. Medicare Supplement Plan L

When shopping for Medicare Supplement plans, beneficiaries often compare Medicare Supplement Plan K to Medicare Supplement Plan L.

Like Medicare Supplement Plan K, Medigap Plan L covers a percentage of costs left behind by Original Medicare and has a MOOP to cap out-of-pocket costs.

The difference between the two plans ultimately comes down to cost. Where Medicare Supplement Plan K covers 50%, Medicare Supplement Plan L covers 75%. In addition to this difference, the MOOP for Medicare Supplement Plan L is $3,310.

The average monthly premium for Medicare Supplement Plan L tends to be higher than the monthly premium for Medicare Supplement Plan K. This is because higher benefits often warrant a higher monthly premium.

Determining whether you are more comfortable with a higher monthly premium on Medicare Supplement Plan L or higher cost-sharing with Medicare Supplement Plan K will help you decide which plan is best for you.

FAQs

Who is eligible for Medicare Supplement Plan K?

Medicare beneficiaries who enroll in Medicare Part A and Medicare Part B are eligible to enroll in Medicare Supplement plans, including Medigap Plan K.

What companies offer Medicare Supplement Plan K?

The companies that offer Medigap Plan K vary by location. Keep in mind that not every state will offer this plan.

Does Medicare Supplement Plan K cover eye exams?

Medicare Supplement plans pay secondary to Original Medicare. Since Medicare offers very limited vision and eye care coverage, routine eye exams do not receive coverage through Medicare paired with any Medicare Supplement plan.

Is Plan K a good Medicare Supplement plan?

Medicare Supplement Plan K is a good choice for beneficiaries who would like to keep their premiums low, don’t mind cost-sharing, and want to enjoy the benefits of Original Medicare. It is not the most comprehensive plan on the market, but those who are cost-conscious should consider this plan in their Medigap search.

What is the deductible for Medicare Supplement Plan K?

With Medigap Plan K, you are responsible for half of the Medicare Part A deductible and the entire Medicare Part B deductible. These amounts are subject to change each year.

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How to Apply for Medicare Plan K

Applying for Medicare Supplement Plan K is simple. As long as you are enrolled in Medicare Part A and Medicare Part B, you can apply for supplemental coverage. Working with a licensed agent is key in understanding all of your options and receiving the best costs possible.

For the most accurate quote from multiple top carriers, 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.