ORIGINAL MEDICAREMedicare Supplement Plan L
Medicare Supplement Plan L does offer some attractive benefits. However, the cost-sharing may or may not work for you. With a cost-share plan, you’re responsible for some of the healthcare costs, but not all. Plan L certainly has more coverage than Medicare alone.
What is Covered Under Medicare Supplement Plan L?
Medigap Plan L isn’t the most comprehensive coverage; however, it boasts good coverage at a slightly lower premium than a typical Plan F.Plan L will cover in full:
- Part A coinsurance and hospital costs
- Up to an additional 365 days after Medicare benefits are exhausted
Plan L will cover 75% of:
- Part B Coinsurance
- First 3 Pints of Blood
- Part A deductible
- Part A Hospice Care Coinsurance
- Skilled Nursing Facility Coinsurance
As you can tell, Plan L isn’t a bare-bones policy. Coverage exists where coverage is needed.
Plan L is Ideal for Those Who:
- Want a lower monthly premium
- Don’t travel outside the U.S.
- Are not concerned about excess charges
What is the Maximum Out of Pocket on Plan L?
If you’ve been confused by the term “Maximum Out of Pocket” (MOOP), fear no more. The MOOP is a protection or safety net designed with you in mind. This is the most you can pay in a calendar year on covered services. For Plan L, the MOOP is $2,940 in 2020. Although this amount could change annually.
This means if you develop a severe illness and find yourself in and out of the hospital, the most you’ll pay outside your premium is $2,940.
So, once you’ve spent that much on healthcare, you can expect 100% coverage from your carrier on any further covered services during the year.
How Does Medicare Plan L Work?
Let’s say Andy has Medigap Plan L and he experiences a heart attack in the grocery store. Well, the ambulance ride is the Part B deductible and coinsurance. So, Andy pays the $198 annual Part B deductible if he hasn’t met that yet; then, Andy pays 25% of the remaining Part B coinsurance.
Andy is going to be inpatient at the hospital, which means his plan pays the Part A deductible in full. Then, Andy will pay 25% of the remaining Part A coinsurance balance. If Andy lives in a state that allows excess charges, he could be responsible for those costs.
Since Andy uses his monthly premium savings to add to an exclusive account, he has the funds set aside to cover these cost-sharing amounts. Now, if you think you’re not comfortable with coverage that requires out of pocket spending, Plan G or Plan F could be a more suitable option.
Does Medigap Plan L Come with Prescription Coverage?
Get Help Enrolling in Medigap Plan L
Our licensed insurance agents offer time to you, absolutely free. Since Medicare continually changes, it’s nice to have a personal agent in your corner.
Our agents can help answer your pre-enrollment questions, learn about eligibility, and apply for coverage. Once you become a member, our client care team will keep you informed on Medicare changes as well as assist you with claims and appeals.
Having a policy with us means a team of people that care about your coverage just as much as you are available to call anytime.
Get started by giving us a call at the number above. You can also complete our online rate comparison form to see Plan L rates side by side from all the top carriers near you.
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