Medicare Supplement Plan K

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.

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 Comparison Chart for 2023

What Does Medicare Supplement Plan K Cover?

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

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.

Without a Medigap plan, you would be responsible for the total out-of-pocket costs left by 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.

What Isn’t Covered Under Medicare Supplement Plan K?

If you enroll in Medicare Supplement Plan K, you’ll be responsible for covering the cost of your Medicare Part B deductible, Part B excess charges when they apply, and your own expenses if you experience an emergency when traveling to a foreign country. You’ll also need to cover 50% of the costs for many of the benefits your Medigap Plan K coverage already covers.

Additionally, Medicare Supplement Plan K doesn’t cover dental, vision, hearing, or prescription drugs, meaning you’ll need additional coverage for these healthcare services, such as Medicare Part D. While not the most comprehensive plan, Medigap Plan K can be a cost-effective way to lower your costs while managing affordable premiums as an enrolee.

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. However, by comparing different areas, we can get a better idea of the average costs you may face for your coverage. Below, we’ve compared the cost of Medicare Supplement Plan K among 65 and 75-year-old males and females in three different cities. For our comparison, none are users of tobacco:

Medigap Plan K Pros and Cons

What Carriers Offer Medicare Supplement Plan K?

Many carriers offer Medicare Supplement Plan K, but their availability will vary depending on where you live and the individual options provided by different brands. However, here are several top-rated carriers that may provide Medigap Plan K benefits for your needs near you:

• Accendo
• Aetna
• Aetna Health and Life Insurance Company (An Aetna Company)
• American Continental Insurance Company (An Aetna Company)
• American Retirement Life Insurance Company (A Cigna Company)
• Anthem Blue Cross Blue Shield
• Bankers Fidelity
• Blue Cross Blue Shield
• Cigna
• Combined Insurance
• Continental Life Insurance Company (An Aetna Company)
• Equitable
• ForeThought Life Insurance
• Gerber Life Insurance
• Government Personnel Mutual
• Heartland National
• Humana
• Individual Assurance Company
• Loyal American Life Insurance Company (A Cigna Company)
• Lumico
• Manhattan Life
• Medico
• Mutual of Omaha
• National General
• New Era Life Insurance
• Omaha Insurance Company (A Mutual of Omaha Company)
• Oxford Life
• Philadelphia American Life Insurance
• SilverScript (A CVS Caremark Company)
• Standard Life and Casualty
• Stonebridge Life Insurance (A TransAmerica Company)
• TransAmerica
• TransAmerica Premier (A TransAmerica Company)
• United American
• UnitedHealthcare
• UnitedHealthcare (AARP Medicare Supplement)
• United of Omaha (A Mutual of Omaha Company)
• United World (A Mutual of Omaha Company)

Believe it or not, even with so many great options listed above, there are even more carriers providing such benefits to eligible beneficiaries. Fortunately, working with a licensed Medicare agent will help you make sense of it all and find the right plan and carrier for your needs. By looking at your healthcare and budget, a licensed Medicare agent can help you cut costs and stay covered when receiving services.

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.

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.

Enter ZIP Code

Enter your ZIP code to pull plan options available in your area.

Compare Plans

Select which Medicare plans you would like to compare in your area.

Get Quote

Compare rates side by side with plans & carriers available in your area.