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.