Medicare Supplement Plan K

Medicare Supplement Plan K is a unique Medicare supplement plan.  While there are eight traditional plans that fill very specific gaps in traditional Medicare, Plan K takes a slightly different approach.

Medicare Supplement Plan K By the Numbers

Most supplement plans completely fill a hole in Medicare coverage.  For example plan A covers 100% of the Medicare Part A coinsurance, but 0% of the the Medicare Part A deductible.  Medicare supplement Plan K takes a different approach. Instead of covering all of a gap, it covers 50% of most of the gaps. It then gives you an out-of-pocket limit. Once you reach that limit, Medicare supplement plan K will then cover 100% of your expenses.

For example, let’s say John is a hospital inpatient.  The Medicare Part A deductible is $1,340. With Plan K, John has to pay for half of that, or $670.  After he is dismissed from the hospital, he receives skilled nursing care until he completely recovers. He pays for half of the coinsurance until he has paid $5,420 total out-of-pocket.  If he is still on skilled nursing care after he hits his out-of-pocket limit, Plan K will cover 100% of the costs.

Medicare supplement Plan K covers your Medicare Part B coinsurance, Medicare Part A deductible, first three pints of blood, skilled nursing care, and hospice care at 50%. Plan K covers all of the Medicare Part A coinsurance and none of the Medicare Part B deductible, excess charges over the Medicare approved amount that a doctor’s office may charge you, or any foreign travel emergency expenses.  Like we said above, once you reach the out of pocket limit of $5,420, you will not have to pay any of the items that you were paying 50%. However, you will have to pay for the items that Medicare supplement Plan K does not cover.

Why Choose Medicare Supplement Plan K?

Why would anyone choose Plan K when you have all these possible out-of-pocket expenses?  The answer lies in the monthly premium.  With a plan like this, the insurance company takes on much less risk so they are able to offer lower premiums.  So if you are in a situation where you are healthy and have a sizable nest egg to handle the $5,420 maximum, then you can take advantage of the lower monthly premiums offered by Medicare supplement Plan K.

The only way to know if Plan K or one of the other Medicare supplement insurance plans is right for you is to get a set of custom quotes.  We are happy to provide you with a set of quotes for Medicare supplement Plan K along with the other Medicare supplement insurance plans and answer any questions.  If you would like, you can learn more about the different Medicare supplement insurance plans here.

Compare Your Medicare Supplement Rates Immediately!