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Supplement Plan K
Supplement Plan K is the most basic of the 10 Supplement Plans. This means that it has the least coverage, but it also means it has the lowest monthly premium cost. Also, Plan K has a unique benefit called an out-of-pocket maximum. As of 2019, the out-of-pocket max for Plan K is $5,560. That means that this is the most you will have to pay out of pocket for your medical expenses. Once you reach that amount in expenses, this Supplement plan will cover 100% of your remaining expenses for the year. So this plan is great if you do not visit the Doctor often and want a lower monthly premium, yet you want peace of mind, knowing that there is a set limit on your spending in case of medical emergencies.
What is covered under Medigap Plan K
Medigap Plan K covers the following expenses:
100% of Medicare Part A coinsurance and hospital costs (Up to an additional 365 days after Medicare benefits are used)
50% of Medicare Part B coinsurance or copayment
50% of Blood (First 3 pints)
50% of Part A Hospice care coinsurance or copayment
50% of Skilled nursing facility care coinsurance
50% of Medicare Part A deductible
What is not covered under Medigap Plan K
Medigap Plan K covers the following expenses:
100% of Medicare Part A coinsurance and hospital costs (Up to an additional 365 days after Medicare benefits are used)
50% of Medicare Part B coinsurance or copayment
50% of Blood (First 3 pints)
50% of Part A Hospice care coinsurance or copayment
50% of Skilled nursing facility care coinsurance
50% of Medicare Part A deductible
Difference between Part C and Plan C
Every insurance carrier has different premium rates for Medigap Plan K. The premium rate depends on factors such as your zip code, gender, age, and tobacco usage. However, because all of the Medigap Plans are standardized, meaning they offer the same basic benefits, you can choose the insurance carrier that offers the lowest premium price, and has the best company rating (which indicates it has stable pricing over time). Please give us a call to get a quote today!
Difference between Part A
and Plan A
If you are new to Medicare, all of the different “Parts” and “Plans” may be confusing. To simplify it, “Parts” refers to Original Medicare. There are two Parts to Original Medicare,
Part A and Part B. Part A covers about 80% of your hospital stay bills.
A Plan A refers to one of the 10 Medigap Plans (otherwise known as Supplement Plans), which you can add onto your Original Medicare to cover much of your remaining health care costs. One of these 10 “Plans” is Plan A.
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