Medicare Supplement Plan K

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.

FAQs

Who is eligible for Plan K?

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

What companies offer Medicare 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 Plan K cover eye exams?

Medicare Supplement plans cover the remainder of everything that Original Medicare covers. Since Medicare offers very limited vision and eye care coverage, routine eye exams don’t receive coverage through Medicare paired with any Medicare Supplement plan. If you would like dental coverage, your best bet is to purchase a standalone dental plan.

How do I choose between Medicare Supplement Plan F and Plan K?

Plan F provides the most comprehensive coverage of any Medigap plan. However, the broader coverage means this plan comes with higher premiums. Further, it’s not available to newer Medicare beneficiaries. For those who are able to choose between Plan F and Plan K, it’s important to weigh the importance of keeping premiums low versus obtaining the amount of coverage necessary for health needs.

Is Plan K a good Medicare Supplement plan?

Plan K is a good choice for beneficiaries who would like to keep their premiums low, don’t mind cost-sharing, and enjoy traveling outside of the United States. 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’re responsible for half of the Part A deductible and the entire Part B deductible. These amounts are subject to change each year.

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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.