Medigap Plan K

As one of ten Medigap options available to members of Medicare healthcare insurance, Plan K is designed to provide additional financial support to those eligible for Medicare but may need additional supplement insurance to help cover excess expenses and additional payments required as part of their ongoing health needs.

When compared with the other plans offered by Medigap, Plan K is one of the more limited plans in its offering. However, limits aren’t all bad, especially if you opt for Medigap Plan K. On top of the generic coverage features, Plan K also implements an out-of-pocket limit, which changes on a yearly basis – for 2021, this is set at $6,220. What this means is that your Plan will limit the amount you will spend on healthcare over the course of the year – capping your spending at $6,220 after your Medicare coverage has run out. Anything beyond that will be covered by Medigap – saving you from huge bills and unexpected expenses.

What Is Included as Part of Medigap Plan K Coverage

Medigap Plan K covers varying percentages of the different eligible expenses, as shown below:

  • 100% of Medicare Part A coinsurance and copayment expenses for an additional 365 days in a hospital facility, after Medicare benefits have run out
  • 50% of Part A deductible
  • 50% of Part A hospice and palliative care copayments
  • 50% of the first three pints of blood required for a medical procedure
  • 50% of expenses accrued in a skilled nursing care setting
  • 50% of Part B coinsurance or copayments

In essence, after your Medicare policy has covered its agreed percentage of an eligible expense, Medigap Plan K will then step in and pay the agreed percentage of the remaining bill. If, for example, your Part A deductible sits at a further $200 after Medicare’s coverage, Medigap Plan K will pay $100, and you will be responsible for the other $100.

How Much Does Medigap Plan K Cost?

Medigap Plan K tends to be one of the best plans for those with ongoing medical issues or chronic healthcare needs, primarily because of the out-of-pocket spend limit. What this means in practice is that once your Medicare coverage has paid its agreed amount, and you have reached your Plan K out-of-pocket limit, Medigap will cover 100% of your remaining healthcare and medical expenses.

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How to Avoid Medicare Mistakes

Navigating through the rules pertaining to Medicare can be a daunting task, and at times, confusing. Penalties and mistakes can be extremely costly. So, we have devised a list of our top five common mistakes we see people making. This report can help educate you and help you be better prepared while making these difficult decisions.


Get the Support You Need with Game Changing Benefits

Knowing which Medigap supplement insurance plan to opt for can be difficult, especially for those new to Medicare who have previously been covered by their employer or spouse. If you’re in need of advice or guidance, the agents at Game Changing Benefits are here to help. To set up a free consultation, give us a call today at 972-331-1060.