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Medigap Plan K

Medicare Supplement Insurance plans, also known as Medigap plans, help pay the out-of-pocket costs that remain after Original Medicare plans pay their approved portion of your health care costs. There are currently ten plans available, each offering a specific arrangement of valuable benefits. Some plans are basic, while others offer comprehensive coverage. This is what you can expect from Medigap Plan K.

Medigap Plan K Benefits

Medigap Plan K falls in the mid-range of potential Medigap plans. It doesn’t offer comprehensive coverage, but will provide members with a fair share of useful benefits. Here is what Medigap Plan K covers:

  • 100% coverage of Medicare Part A coinsurance and hospital costs for up to 365 days after your Medicare benefits run out.
  • 50% of Medicare Part A hospice care coinsurance and copayments
  • 50% coverage of Medicare Part A deductible
  • 50% coverage of Medicare Part B coinsurance and copayments
  • Medicare Part B excess charges
  • 50% coverage of skilled nursing facility care coinsurance
  • 50% coverage for blood to be used in a medical procedure, up to 3 pints.

Notice that Plan K offers fewer benefits than the comprehensive Medigap plans, but more than the basic plans. With it, you will still need to pay Part B deductibles and excess charges, as well as 50% of the cost-shared benefits. Though, Plan K also has a maximum limit on out-of-pocket spending. In 2021, this maximum limit is $6,220, meaning plan members will never need to pay more than that amount in any calendar year.

Medigap Plan K Costs

Plan K offers fewer benefits than plans like C, F, and G, therefore it is one of the more affordable Medigap plans. Monthly premiums should be about half as expensive as those plans, ranging between $50 to $150. Keep in mind that this is just an estimate, and to get a completely accurate price range you will need to work with an insurance agent to collect quotes.

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Don’t wait to apply for Medicare Supplement Insurance. Get started with Rothrock Insurance Solutions today. Our agents will help you find the best plan for your specific needs and budget. Call us at 888-828-4060 now to get started.