Medigap Plan K is a supplement plan that is increasing in popularity among consumers who are interested in the lower premiums offered by Medigap Plan K and are willing to take on some of the cost sharing and risk associated with Medicare out of pocket expenses. Medigap Plan K is a valuable plan with some serious benefits if you are willing to shoulder some of the costs associated with your medical care.
Lower Premiums but Less Benefits
Basically Medigap Plan K has fewer benefits for a lower monthly premium. Medigap Supplement Plan K gives you the same Part A coinsurance and additional year of hospital coverage as other Medigap plans but you are responsible for 50% pf the Part A Hospice care coinsurance and 50% of the Medicare Part A Deductible.
Medigap Plan K coverage basically splits the costs of your medical obligations with you. 50% of the Part A deductible as well as 50% of your first 3 pints of blood product. Medicare Supplement Plan K also covers 50% of your Part B coinsurance or co-payments. Plan K does not cover your Medicare Part B deductible or and excess charges you may incur. Medigap Plan K does not cover any Foreign Emergency Travel expenses either.
Out of Pocket Expenses Maximum
Medigap Plan K also has a Out of Pocket Expenses Maximum. In 2018 the out of pocket maximum is $5240 and that would be your total out of pocket spent – similar to an employer health plan you may have experienced. If you end up spending more than the out of pocket maximum the insurance policy is required to cover all of your medical expenses for the year. This is a benefit that could certainly come in handy in case of a catastrophic medical event!
Get More Information About Medigap Plan K
Not every Medigap insurance company offers Medigap Plan K policies nor are they offered by every company in every state. Save yourself some time and reach out to us here at JustMedigap.com so that we can compare rates with you. We would love to help you navigate the Medigap Plan maze.