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Medicare Supplement (Medigap) Plan K is the Medicare supplement that covers the Part A hospital deductible while also covering about 50% of the other gaps in Medicare. Supplement Plan K pays a percentage of most of its covered benefits, with the exception of Medicare Part A coinsurance and hospital costs for an extra year (after you’ve used up what Original Medicare covers); supplement Plan K covers this benefit in full. Because your out-of-pocket costs tend to be higher with this policy, supplement Plan K typically comes with a lower premium than most other supplement policies.Because your out-of-pocket costs tend to be higher with this policy, Supplement Plan K typically comes with a lower premium than most other supplement policies.
Medicare Supplement (Medigap) Plan K offers you the same basic benefits as other supplements, but with lower premiums. For example, this plan will still cover preventive care services and give you an extra year in the hospital. However, you have to share the cost with the insurance carrier on certain items like the Part A deductible. You also agree to pay the Part B deductible and any excess charges.
Medigap Plan K also includes a cap on your spending called an out-of-pocket maximum. For example, if you have a year with a lot of medical procedures and your out-of-pocket spending reaches the maximum limit, then your Supplement Plan K policy will cover all of the rest for that year.
Supplement Plan K’s maximum out of pocket is $5,880 in 2020. That is the maximum you would spend in one calendar year. Your insurance carrier will track your out-of-pocket spending for that calendar year. When you spend more than the maximum cap of $5,880 (2020), then the insurance policy must cover 100% of the rest of your expenses after that point.
At Nevada Medicare we can help you sort through the different plans, confusion and understand your options. Contact Us today.