Medigap Plan K

Medigap plans help make healthcare more affordable for Medicare beneficiaries. If you want to lower your out-of-pocket health care costs, we suggest you read up on the benefits on Medigap plans.

Plan K, for example, will pay a portion of your Part A deductible, as well as your coinsurance and copayments. This is one of the few cost-sharing plans available, so keep reading to learn more about this unique form of Medigap coverage.

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What Is Medigap?

Medigap plans provide Medicare beneficiaries with coverage that helps pay for the things that Medicare doesn’t cover. These plans are best for people who use their Medicare benefits often because these people will save the most on care.

All Medigap plans are standardized, meaning you will get the same coverage from any plan, no matter where you purchase it. Keep in mind that Medigap plans are not sold directly through Medicare. Instead, they are sold by private insurance companies that have been approved to sell the plans

How Does Medigap Work?

Medigap plans work like any other insurance plan. You pay premiums, and in exchange, you get access to benefits. In the case of Medigap, you’ll have your out-of-pocket portion of certain health care costs covered.

Applying for Medigap coverage is easy, and there are few requirements. To get Medigap, you need to be above age 65 and enrolled in Original Medicare. Some people may be able to purchase Medigap coverage before age 65, but this isn’t the standard.

We suggest you enroll in Medigap during the Medigap Open Enrollment Period, which begins as soon as your Medicare Part B benefits go into effect. It ends six months later, so make sure you apply during this period. If you do, you won’t be subject to underwriting when you go to purchase a Medigap plan. Underwriting can increase costs significantly, so this is incredibly important.

Medigap Plan K Coverage

Plan K is a cost-sharing Medigap plan. This means that the plan only covers a portion of the costs that are featured in the benefits list. There is one exception, Plan K will cover all of the Part A coinsurance and hospital costs.

These are the costs that are covered up to 50% by Medigap Plan K:

  • Medicare Part B
  • Coinsurance and
  • Copayments
  • First 3 Pints of Blood
  • Part A Hospice Care
  • Coinsurance and Copayments
  • Skilled Nursing Facility Coinsurance
  • Medicare Part A Deductible

Unlike many other Medigap plans, Plan K does not cover foreign travel emergencies.

Medigap Plan K Costs

Cost-sharing Medigap plans are built to be more affordable than other plans. With Plan K, you can spend around half as much as you would on a more comprehensive plan, like Plans G and F. 

To get accurate pricing information on Plan K, speak with an insurance advisor. The insurance experts at Elite Medicare Advisors are waiting for your call. You can reach us at 1-800-994-0708.

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