Medicare supplement Plan L is very different from the other supplement plans. To understand how Plan L works, we need to break down the different pieces of this plan.
Medicare Supplement Plan L Coverage
Medicare supplement Plan L covers a variety of the gaps left by traditional Medicare coverage. It covers the full amount of the Medicare Part A coinsurance. Plan L also covers 75% of the Medicare Part B coinsurance and the Medicare Part A deductible, skilled nursing care, hospice care, and the cost of the first three pints of blood. This 75% coverage is what makes Plan L unique. The gaps not covered by Plan L includes the Medicare Part B deductible of $183 per year, any excess charges that a physician may charge above the Medicare approved amount, and any expenses from foreign travel emergencies.
The 75% liability for you is not unlimited, unlike the liabilities left by Medicare insurance coverage.
Medicare Supplement Plan L Out-of-Pocket Limit
As you pay the 25% of coinsurance, you will get closer to your out-of-pocket limit. Once you reach the limit of $2,620, you are no longer responsible for the 25% coinsurance until the next year. For example, you might have a prolonged stay in the hospital. You would pay up to the out-of-pocket limit, and then Plan L pays 100%.
The cost of Plan L is the main motivator for individuals to choose this plan. Since you are taking on more liability, the insurance company can afford to provide you with a lower premium. This is a concept frequently used in the private insurance market where people, who have to purchase their own health insurance, choose a plan with a high deductible in order to get lower premiums.
Cost of Medicare Supplement Plan L
In order to see if Medicare supplement Plan L is the right plan for you, you will need to get a set of custom quotes. We are happy to provide you with a set of these quotes free of charge. Fill out the form on the side of this page or go to our page for Medicare supplement quotes here. We are happy to provide you with quotes for Plan L or any of the other Medicare supplement plans.
If you are doing research and are not quite ready to get your own set of quotes, we have information on all Medicare supplement plans. You can find information on all the plans here.