Plan L is a cost-sharing Medicare Supplement plan option that offers lower monthly premiums compared to Plan F or G. In exchange for those lower premiums, you will have 75% coverage on most expenses that Original Medicare does not cover. You will be financially responsible for the other 25%. You also will be responsible for paying the Medicare Part B deductible and excess charges.
There is a cap on the expenses you are responsible for when you choose Plan L. This is also known as the out-of-pocket maximum. In 2020, the limit is $2,940, but that number changes annually. If someone with Plan L reaches the out-of-pocket limit, then their insurance plan will pay the rest. This limit on out-of-pocket costs makes it a much more appealing plan, because if you have unexpected medical needs then you know exactly how much of the financial responsibility will be yours.
Most states allow insurance providers to choose which Medicare Supplement Plans they want to offer. This means that options like Plan L and K may not be available from most insurance companies, unlike the popular Plan F or Plan G.
We are Independent Medicare Insurance Agents who Help Seniors Clarify Their Medicare Goals and Get a Great Deal on Coverage While Providing High-Quality Customer Service:
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!