Medigap Plan L is one of the Cost Sharing Medigap Plan Offering Lower Premiums.
Medigap Plan L is another plan that can fit into those budget conscious categories when you absorb some of the risk and expenses of Medicare’s typical out of pocket costs. You will get a lower monthly premium plan and absorb some of the costs of your health care. With this plan the insurance carrier will typically pay 75% of covered medical expenses and you will pay the remaining 25% out of pocket. With Medigap Plan L you also will be responsible for the Medicare Part B deductible and any Medicare Part B excess charges.
Out of Pocket Max Protection with Medigap Plan L
There is an out of pocket maximum for Medigap Plan L policies set by Medicare annually. This number is set and adjusted annually by Medicare. For 2021 the number $3,110 annually. What that means for you is that if your medical expenses reach that number the insurance carrier will be required to pay all of the covered medical costs you incur in that plan year. This Out of Pocket Maximum protection is a great feature to have with this plan and can make the 25% cost-sharing seem more obtainable even if you happen to have a serious medical issue come up. Many people are comfortable with plans with out of pocket protection because it is a similar model to lots of employee health plans you may be accustomed to having annually.
How to Get a Quote for a Plan L Policy
Not all insurance carriers have a Plan L, and not all carriers have all plans in all states. The quickest and easiest route to finding the right plan for your unique situation is to let us help! Contact us today and we will help you get started with your Medigap Plan L supplement!