Medicare Supplement Plan L

Medicare Supplement Plan L is a standardized Medicare Supplement (Medigap) plan available nationwide. Medigap Plan L offers several attractive benefits and is an excellent choice if you are looking for a low-cost Medicare Supplement plan.

However, not everyone will be on board with this plan’s cost-sharing. Yet, Medigap Plan L certainly offers more coverage than Original Medicare alone.

When you enroll in Medicare Supplement Plan L, you can visit any doctor or hospital accepting Original Medicare, regardless of the carrier. Additionally, you will never need a referral to see a specialist.

Medigap Plan L is not one of the most comprehensive Medicare Supplement plans. However, it offers more coverage than Original Medicare alone. Typically, enrollees in this plan save more money in the long run than with just Original Medicare.

If you have a covered hospital stay, hospice stay, or short-term stay in a skilled nursing facility, Medicare Part A pays 100% of allowable charges for the first 60 days after you meet your Part A deductible. You will need to pay the other 20% out-of-pocket unless you have a Medigap plan, which closes the gap by taking care of the costs for which you would otherwise be responsible.

Medicare Supplement Plan L offers full coverage for Medicare Part B preventive care coinsurance, Medicare Part A coinsurance, and hospital costs up to 365 days beyond when Medicare benefits are exhausted. Additionally, this plan includes foreign travel emergency coverage up to plan limits.

As a cost-sharing plan, Medigap Plan L offers 75% coverage for Medicare Part B coinsurance or copays, the first three pints of blood, Medicare Part A coinsurance or copays for hospice, coinsurance for skilled nursing facilities, and the Medicare Part A deductible.

This plan may be a solid option for those not concerned with Medicare Part B excess charges. Not every state allows excess charges. Further, they are not common in the states that allow them.

However, if you encounter excess charges while on Medicare Supplement Plan L, you must pay them in full. Additionally, Medigap Plan L does not cover the Medicare Part B deductible, so you must cover this cost before your Medigap benefits kick in.

Medicare Supplement Plan L Comparison Chart for 2022

The chart below compares Medigap Plan L to the other standardized Medicare Supplement plans. As you can see, the plan covers 75% of the costs Original Medicare leaves for you.

Thus, you are responsible for 25% of the remaining 20% of costs after Medicare pays. Further, you will be responsible for 100% of the expenses not covered by Medigap Plan L.

Medigap Plan L Costs

The average cost of Medicare Supplement Plan L is around $80-$180 per month. Medigap monthly premiums depend on numerous factors, such as your state’s cost of living, as well as your age and gender. The only way to obtain an accurate estimate of what you will pay is to speak to a Medicare agent.

Medigap Plan L has a maximum out-of-pocket (MOOP) limit. The purpose of the MOOP is to protect beneficiaries from spending over a certain amount on covered services out-of-pocket in a calendar year.

The MOOP for Medicare Supplement Plan L in 2022 is $3,470. This dollar amount is subject to change annually.

An example of how the MOOP works is if you develop a severe illness that requires frequent hospital stays. With Medigap Plan L, the most you will pay outside your monthly premiums is $3,470 for the year. Suppose you spend $3,470 out-of-pocket on hospital stays. In that case, you can expect 100% coverage from your carrier on any further Medicare-covered services during that year, as Medicare Supplement plans only cover what Medicare will cover.

Medigap Plan L covers 75% of the Original Medicare out-of-pocket costs, whereas Plan K only covers 50%.

Additionally, Medicare Supplement Plan L has a lower maximum out-of-pocket limit than Plan K. Medigap Plan K’s maximum out-of-pocket amount for 2022 is $6,940, more than twice as steep as Plan L’s.

If you do not enroll during your Open Enrollment Period, you can still sign up anytime. However, you may need to answer underwriting health questions. Thus, the carrier can deny your application due to pre-existing health conditions.

Medicare Supplement Plan L FAQs

How to Enroll in Medigap Plan L

Finding the right Medigap plan for your needs is easier than it sounds. A MedicareFAQ agent licensed in your state can help you find the best coverage for your health and budget needs. Plus, all our services are free, and you are not obligated to purchase a plan when you work with us.

Call the phone number above to start your free plan comparison from all the top carriers in your area. You may also submit our online rates form for access to our library of Medicare resources and to receive your plan comparison today!

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