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Is a Medicare Supplement Insurance Plan L the Right Option for Me?
Medicare Supplement Insurance plans, also referred to as Medigap plans, help pay for out-of-pocket costs, such as deductibles and copayments that are not covered by Medicare Parts A and B (Original Medicare). There are eight standardized Medicare Supplement insurance plans available for purchase in most states (Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans). Medigap Plan L provides less coverage of Original Medicare costs as compared to most Medigap plans, but it does set a lower out-of-pocket cap which can be beneficial. Medigap Plan L may be a good option for individuals who are on a tighter budget.
Plan L covers 75% of your healthcare expenses (coinsurance and copayments), comes with a lower monthly premium, and features a helpful out-of-pocket limit on Original Medicare-covered costs, which is $3,110 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 the “cap” is reached, the plan pays 100% of Medicare-approved costs for the rest of the year.
Consider Plan L to enjoy a lower premium as well as a lower annual out-of-pocket (about half of Plan K) that you have to reach before the plan pays 100% of your hospital expenses. That peace-of-mind is important in case of unexpected medical emergencies, or for those with chronic health conditions that requires a lot of ongoing medical care.
What Does Medicare Supplement Plan L Cover?
Hospital Expenses: Pays Part A coinsurance and hospital costs, up to 365 days after Original Medicare benefits are exhausted.
Medical Expenses: Pays 75% Part B coinsurance or copayment, except for preventive care services, which are covered 100%.
Transfusions: Pays 75% of Medicare-eligible expenses for the first three pints of blood.
Hospice Care: Pays 75% hospice coverage for Part A coinsurance or copayment.
Skilled Nursing: Pays 75% coverage for facility care coinsurance.
Additional Hospitalization Expenses: Pays 75% coverage for your Original Medicare Part A deductible.
Part B Deductible
Part B Excess Charges
Foreign Travel Medical Emergencies
Medigap Plan L 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 L 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 L. 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 L User
Wow, a supplement plan that fills 75 percent of the Medicare gap expenses? When Ellen saw that, she said “sign me up.” Ellen is living comfortably on her social security benefits, but she’s cautious about incurring extra expenses, especially when it comes to healthcare. She’s active and healthy, but she knows surprise illnesses can happen.
When Ellen shopped for a supplement plan to help fill the gap in her Medicare coverage, she paid attention to which ones offered lower out-of-pocket caps.
In addition, she wanted to find a plan that paid higher percentages of expenses and would cover most or all of her coinsurance.
For these reasons, Ellen chose Medicare Supplement Plan L.
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.