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Is a Medicare Supplement Insurance Plan K the Right Option for Me?
Medicare Supplement Insurance, sometimes referred to as Medigap, covers some of the out-of-pocket costs that you would normally have to pay with Medicare Parts A and B (Original Medicare). Individuals on a tighter budget and in excellent health may find Medicare Supplement Plan K (also referred to as Medigap Plan K) to be a good option. Plan K is one of eight standardized Medicare Supplement Insurance plans available for purchase in most states. (Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans).
Medicare Supplement Plan K features lower premiums because it covers less of your healthcare expenses (coinsurance and copayments). The percentage of coverage is lower compared to other Supplement Plans, but you can expect to realize lower premium costs compared to other Medigap plans that cover more benefits or a greater percentage of costs.
Plan K does limit the amount of out-of-pocket you pay each year, which is $6,220 in 2021. This is helpful since Original Medicare does not have an annual out-of-pocket limit, so there’s no maximum cap on your health-care costs for a given year. Once you reach this “cap” on your out-of-pocket costs, the plan pays 100% of Medicare-approved costs for the rest of the year.
Consider Plan K if you want a lower premium but still want the peace-of-mind of having a moderate amount of coverage for a wide variety of medical services in case of unexpected medical emergencies, or for those with chronic health conditions that require a lot of ongoing medical care.
What Does Medicare Supplement Plan K Cover?
Hospital Expenses: Pays Part A coinsurance and hospital costs, up to 365 days after Original Medicare benefits are exhausted.
Medical Expenses: Pays 50% Part B coinsurance or copayment, except for preventive care services, which are covered 100%.
Transfusions: Pays 50% of Medicare-eligible expenses for the first three pints of blood.
Hospice Care: Pays 50% of hospice coverage for Part A coinsurance or copayment.
Skilled Nursing: Pays 50% for facility care coinsurance.
Additional Hospitalization Expenses: Pays 50% coverage for your Medicare Part A deductibles.
Part B Deductible
Part B Excess Charges
Foreign Travel Medical Emergencies
Medigap Plan K does not cover prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Another option is a Medicare Advantage plan, which typically covers prescription drugs and may also include other benefits, such as dental, gym memberships, vision and hearing coverage.
What Does Medicare Supplement Insurance Plan K Cost?
Monthly premiums are set by the private insurance companies who offer Medicare Supplement Insurance and are based on age, health status, gender and various other factors. Depending on these factors including location, insurance companies may charge different premiums for the same Medicare Supplement Plan K. That’s why it is in your best interest to shop around to ensure you are paying the lowest amount possible for your Medigap coverage. Companies may not cancel your coverage unless you don’t pay the plan premium, you weren’t truthful on the application, or the Medigap insurance company becomes bankrupt or insolvent.
Two Easy Ways to Get Expert Advice and Make a Smart Choice
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Meet a Medicare Supplement Plan K User
Jerry is 70 years old and in terrific health. He makes sure to get all his annual check-ups and tests and is regularly pronounced “the picture of good health.” He doesn’t need a lot of additional medical care and doesn’t anticipate requiring it anytime soon.
He’s retired though, so he wants to keep a lid on his premiums should he need some unexpected medical care. Anticipating his good health will continue, it’s okay with Jerry if his supplement plan doesn’t pay as big a percentage of his excess expenses as some of the other plans.
What’s most important to Jerry is having a supplement plan that features a cap on his out-of-pocket expenses.
For these reasons, Jerry chose Medicare Supplement Plan K.
Need help navigating the Medicare Supplement Insurance Plan alphabet? To ensure you’re getting all the benefits you deserve, complete the online form to request a callback or call now and speak to a SelectQuote Medicare Plan Expert.