Medicare Supplement Plan K is a standardized Medicare Supplement (Medigap) plan available to Medicare beneficiaries. Medigap Plan K offers several great benefits that reduce cost-sharing for policyholders and does not limit or restrict the doctors from whom you can receive care.
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Like all Medigap plans, Medicare Supplement Plan K allows coverage at over 90% of doctors and hospitals nationwide. Medigap Plan K coverage is not extensive compared to other Medicare Supplement plans. However, the plan offers supplemental coverage at a low cost, which will help save you money on healthcare throughout the year.
What is Medicare Supplement Plan K?
Medigap Plan K is available in 47 of 50 states, plus Washington, D.C. This plan is standardized under federal law. Thus, Medicare Supplement Plan K offers the same benefits, regardless of the carrier or location. The only difference between carriers is premium cost and company rating.
When combined with Original Medicare (Medicare Part A and Medicare Part B), Medicare Supplement Plan K is an excellent option for reducing your cost-sharing responsibilities. 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
Original Medicare does 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 enrollees. These benefits 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
What Does Medicare Supplement Plan K Cover?
Although the benefits of Medigap Plan K are not as comprehensive as other Medicare Supplement plans, that does not mean it is not a good coverage option. Several people enroll in Medicare Supplement Plan K because it offers catastrophic coverage in an emergency.
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Without Medigap plan, you would be responsible for the total out-of-pocket costs from Original Medicare. Having Medicare Supplement coverage in place offers you peace of mind knowing you’ll never be stuck paying 100% of your Medicare-related costs.
Unlike other Medigap plans, Medicare Supplement Plan K has a maximum out-of-pocket limit to cap your copayments for the year. Once you meet the out-of-pocket limit, you will not be responsible for any more costs until the following calendar year. This is a unique benefit of Medigap Plan K.
Additionally, this maximum out-of-pocket limit will change yearly based on Medicare price increases. Medicare releases the new maximum out-of-pocket limit for the following year each fall.
How Much Does Medicare Supplement Plan K Cost?
The average monthly premium for Medicare Supplement Plan K varies based on location, age, and other factors. However, the national premium for the plan is around $40-$100 per month.
Like Medicare Supplement Plan L, Plan K has a cap on out-of-pocket costs. This is known as the maximum out-of-pocket (MOOP). The maximum out-of-pocket limit for Medicare Supplement Plan K in 2023 is $6,940. Once your Medicare-covered costs exceed this, Medicare Supplement Plan K pays 100% of your remaining expenses.
As mentioned, 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, Plan L covers a percentage of costs left behind by Original Medicare and has a MOOP to cap out-of-pocket costs.
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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 $3,470 in 2023.
Additionally, 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 come with 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 option is best for you.
Medicare Supplement Plan K FAQs
How to Apply for Medicare Plan K
Applying for Medicare Supplement Plan K is simple. As long as you have Medicare Part A and Part B (Original Medicare), you can apply for supplemental coverage. Working with a licensed agent is key to understanding all 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.
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