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Medicare Supplement Plan K
Medicare Supplement Plan K is one of the standardized Medicare Supplements
plans available in 47 states of the United States. This means that the Plan K that’s offered in one state provides the same coverage as the Plan K that’s offered in another state. However, if you live in any of except in Massachusetts, Minnesota, and Wisconsin states, you will have to buy a different form of coverage.
Medicare Supplement Plan K differs from other Medigap plans because it provides partial coverage. Plan K pays only 50% of most of the expenses it covers. Hence, policyholders would still pay 50% out-of-pocket for whatever services they are rendered.
Plan K Covers Part A Coinsurance And Hospital Costs Up To An Additional 365 Days After Medicare Benefits Are Used Up And 50% Of The Following:
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Part A deductible
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Part A hospice care coinsurance or copayment
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Part B coinsurance or copayment
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Skilled nursing facility care coinsurance
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First 3 pints of blood in a medical procedure
Medicare Supplement Plan K has low premiums, which can be attributed to its coverage. It is also one of only two Medicare Supplement plans with an out-of-pocket limit. In others words, if your out of pocket costs (for approved Medicare services) reaches $6,940 in 2023, the plan pays 100% of its covered services for the rest of the year.
Medicare Supplement Plan K Doesn’t Cover The Following Items:
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Medicare Part B deductible
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Medicare Part B excess charges
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Emergency medical care during foreign travel
Medigap Plan K is not very popular because Plan G and Plan N still seem to be the overall best value for most people.
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Medicare is complicated and making the wrong decision can be costly. We have put together a FREE resource guide covering the Top 5 Medicare mistakes and how to avoid them. Here is what you will learn in this educational resource:
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Proven Steps to Achieve Medicare Success
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How To Avoid Costly Mistakes & Lifetime Penalties
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Discover What Insurance Companies Aren't Telling You
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And More…
Don’t leave your health coverage in retirement to chance. Download this FREE resource today!"
