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Medigap Plan L is a less popular Medicare Supplement Plan due to the reduced coverage and minimal cost savings as compared with many other Medicare Supplement Plans. Medigap Plan L has a cost-sharing component that makes it initially attractive to some folks, however by the time the cost/benefit ratio is factored in, the Plan L becomes less favorable.
Medigap Plan L includes somewhat less coverage of Original Medicare costs than most supplement plans, but it does have a cap on your out-of-pocket spending, which most supplement policies don’t have.
Because of the higher degree of cost-sharing, Supplement Plan L policies sometimes have lower premiums than more comprehensive Medicare Supplement insurance plans, such as Plan G. Supplement Plan L covers the basic benefits that all Medicare Supplement insurance plans are required to offer, but covers some costs partially instead of fully. if you enroll in a Supplement Plan L, the insurance carrier will pay 75% of your covered medical expenses on most items, and you will pay the other 25%. You also agree to pay the Medicare Part B deductible and any excess charges on your own.
A Plan L Medigap policy also includes a maximum cap on your expenses. This is referred to as your out-of-pocket limit or maximum. Medicare sets this limit annually, and in 2020, the limit for Plan L is $2,940. This means that if in any one calendar year your spending reaches $2,940 in Medicare-approved covered expenses, then the supplement insurance carrier pays the rest. The cap makes it much easier to agree to share in 25% of the costs on the items listed because you know that even if a year of bad health occurs, you won’t spend more than $2,940 for that year.
Medigap Plan L completely covers Medicare Part A coinsurance and coverage for hospital stays up to 365 days after standard Medicare benefits are used up.
Medigap Plan L also covers 75% of the following services:
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