WHAT IS MEDIGAP PLAN K?
Plan K helps cover certain out-of-pocket costs associated with medical treatments for those on Medicare.
WHAT MEDIGAP PLAN K COVERS
Plan K covers certain services at a percentage. The only out-of-pocket expense Plan K fully covers is the Part A coinsurance and hospital cost.
Medigap Plan K offers 50% coverage for these costs:
● Medicare Part B coinsurance or copay
● First three pints of blood when getting bloodwork
● Part A deductible
● Part A coinsurance or copay for hospice care
● Coinsurance for care received in a skilled nursing facility
● In essence, Plan K can cut your out-of-pocket costs in half.
WHAT PLAN K DOESN’T COVER
Plan K does not cover foreign travel emergency care costs. It also does not cover the Part B deductible or excess charges.
Medigap Plan K is one of two Medigap policies that have an out-of-pocket limit. Once you pay a certain amount out-of-pocket and you’ve paid your annual Part B deductible, Medigap Plan K pays for the entirety of covered services for the remainder of the year.
As of 2020, the annual Part B deductible is $198. The 2020 out-of-pocket limit is $5,880. For 2021, that out-of-pocket limit will be $6,220.
In other words (assuming the Part B deductible remains at $198), once you have paid $6,078 in 2020, you will get complete coverage for the rest of the year. For 2021, you will be able to get full coverage for all of Plan K’s coverage categories for the rest of the year after you have paid $6,418 out-of-pocket. *Rates are subject to change, and please get in touch with our Medicare Specialist for the current rates.
To get your questions answered about Medicare Supplement plans or help to pick the right plan for your medical needs, get in touch with our Medicare Specialist today.
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