Medigap Plan L
Medigap Plan L is a cost-sharing plan that can moderately reduce your out-of-pocket health care costs. These plans are only available to Original Medicare beneficiaries, so they won’t be helpful if you are enrolled in Medicare Advantage.
To learn what Plan L is and what it offers, keep reading.
Some people assume that the entirety of their health care costs will be covered by Medicare, but this is not true. Medigap is Medicare Supplement Insurance, a form of coverage that is used to fill the gaps that are left in Medicare. These gaps are out-of-pocket costs that plan members are required to pay whenever they use their benefits.
How Does Medigap Work?
Like other insurance plans, you pay a premium and in exchange, you get access to benefits. The benefits of Medigap plans vary depending on which plan you choose, but all of the plans are designed to pay out-of-pocket costs that plan members don’t want to pay themselves.
To enroll in a Medigap plan, you must be enrolled in Original Medicare. That means both Part A and Part B of the program. Once your Part B benefits activate, your Medigap Open Enrollment Period begins. During this time, there is no underwriting requirement and Medigap insurers must sell you coverage at the lowest available rate.
You keep the same rates for as long as you hold the plan, so enrolling immediately makes the most sense for new Medicare beneficiaries.
What Does Medigap Plan L Cover?
Medigap Plan L is a cost-sharing Medigap plan. That means it will pay a portion of the out-of-pocket costs associated with using your Medicare benefits. This plan is similar to Plan K, which is also a cost-sharing plan. Plan L covers 75% of costs while Plan K covers 50%.
Plank L covers 75% of the following out-of-pocket costs:
- 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
Part A coinsurance and hospital costs are covered in full up to an additional 365 days after Medicare benefits are expended.
Medigap Plan L Costs
Medigap Plan L is one of the least expensive Medigap plans. It balances effectiveness with affordability, giving plan members the best of both worlds.
If you want to learn exactly how much Plan L costs, reach out to the Elite Medicare Advisors. We can help you collect quotes on Medigap coverage in your area.
Our phone number is 1-800-327-5579.
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