Medicare Supplement Plan K is one of 10 different Medicare health insurance supplemental plans.
Plan K supplemental insurance plan is a cost-sharing plan that will split medical cost between the insurance company and the individual beneficiary.
Although shared cost plans provide less benefits; they cost less in comparison the broader coverage plans which cost more for the additional coverage.
If you are interested in a Medicare Supplemental Plan K and its benefits, you may want to consider the other plan which cost a little more each month but will provide greater coverage.
Other plays will give you a lot more coverage and offer you a greater overall value for the money.
Plan F and Plan G both are very popular plans, the top 2 plans in the market. Most additional benefits provided in Plan K are based on the individual beneficiary sharing the cost with the insurance company at rates as high as 50% for items which are covered.
Medicare Plan K might offer you some assistance in paying for the costs and medical expenses Medicare doesn’t cover; however, many of the costs are the responsibility of the insured to pay.
Plan K normally pays only half leaving the you to pay the balance for the other half.
Plan K won’t cover any excess charges; but depending on which state you live in, your state may enforce the Medicare Overcharge Measure (MOM law) then you have no need to worry about excess charges.
Plan K does not cover costs if you are outside the United States.
Plan K coverage includes your Part A hospital coinsurance costs for up to 365 days once your regular Original Medicare benefits are used or completely exhausted.
Additionally, included in this coverage is your Part B coinsurance for preventive care.
Maximum out of pocket cost for Medicare Supplement Plan K in 2017 is $5,120. Once your yearly limit for out of pocket cost has been met, then your Medigap plan will pay 100% of your covered services for the remainder of the calendar year.
Always factor in your cost for a plan and its potential benefits provided.
The amount of cost saved when using a cost-sharing plan is attractive for anyone trying to save money.
Remember there are other plans which cost a little more each month in premiums but will pay for more benefits overall.
Both of the Medicare Supplemental plans, Plan K and Plan L are cost-sharing plans. Use the chart below to compare Medigap Plan K to the other options available.