What Does Medigap Plan K Cover?
ecause it is a cost-sharing plan, it has the maximum out-pocket limit beneficiaries can spend before the provider starts to cover all the costs for the rest of the year. The MOOP is 6940$ in 2023. Original Medicare, on the other hand, does not offer this benefit.
These are the benefits this Medigap policy includes by percentage:
- 100% Medicare Part A coinsurance hospital costs up to additional 365 days after Medicare benefits are exhausted
- 100% part B preventive care coinsurance
- 50% Medicare Part A deductible (1660$ in 2023)
- 50% Medicare Part B copayment/coinsurance
- 50%Medicare Part A hospice care copay/coinsurance
- 50%Skilled nursing facility care coinsurance
- 50% First three pints of blood for an approved medical procedure
Plan K does not cover Part B’s deductible, excess charges, or a foreign travel emergency. Part B deductible cost is 226$ in 2023, and Part B excess charges can happen if you go to a doctor or a hospital which don’t accept Medicare Assignment. This means that they can charge you up to 15% more than the Medicare-approved amount for provided service.
What makes Plan K a popular choice is the lower premiums. If you do not visit the doctor’s office or hospital frequently, it might be wise to share some of the medical expenses so you save on monthly premiums. The monthly premium for this plan can be from 40$ to 100$ each month.
Turning 65 Solutions can assess your situation and offer you a plan that fits your budget and healthcare needs.