Medigap Plan K is a Supplement plan that covers all of the Medicare Part A hospital deductible, and covers 50% of most of the other gaps in Original Medicare. Enrollment in Plan K jumped up 28% from 2014 to 2015, according to AHIP’s Center for Policy ad Research. This is most likely because beneficiaries are becoming more interested in paying lower monthly premiums if they participate in more cost-sharing.
While Medigap Plan K offers the same coverage of Medicare Part A hospital costs as other Medicare Supplement Plans, you will be cost-sharing charges like the Part A deductible and coinsurance or copay. You will also be fully responsible for the Part B deductible and excess charges.
Medicare Plan K does include an out-of-pocket maximum. If you have a lot of medical treatments that you may not have been expecting, once you reach your out-of-pocket maximum, Medigap Plan K will take on the rest of the financial burden for the rest of the year.
The cap on out-of-pocket spending in 2020 is $5,880, so that is the most that someone with Plan K would pay for medical treatments during the calendar year.
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Did you know…
People turning 65 can get Medicare coverage from over 30+ companies with no health questions?
Here’s how it works
When someone turns 65 or enrolls in Medicare Part B for the first time (whichever comes later) they become eligible for the Medicare Initial Open Enrollment Period.
The signup period begins 3-6 months before starting Part B (age 65 for most) and continues for 3-6 months after Part B starts.
This means that any and all Medicare Supplement plans must accept you regardless of previous health status.
Medicare Supplement Plan benefits are standardized, the only difference is PRICE!
Insurance companies offer the same plan letters (A,B,C,D,F,G,K,L,M, or N) and the benefits with each company compare apples-to-apples…
Medicare Supplement (otherwise known as Medigap) plans are renewable for life. No requirement to change each year.
All standard Medicare Supplement plans are accepted by any doctor that accepts Medicare NATIONWIDE
Medicare Advantage and Part D plans have Annual Enrollment periods and change yearly.
Let us show you how to compare plans and take the headache out of getting set up in one easy step!