Medicare Supplemental Plan K

Medicare Supplement Insurance (Medigap), sold by private companies, pays the costs that your Original Medicare doesn’t cover (gaps) such as coinsurance, deductibles, and copayments. Medicare Supplemental Plan K also called Medigap Plan K is one out the ten Medigap or supplemental plans available.

What is Medicare Supplemental Plan K?

The Medicare Supplement Plan K offers some coverage for certain services that are not covered by Medicare plans. This plan has high deductibles but comes with lower premiums.

What Does Supplemental Plan K Insurance Cover?

Medicare Supplement Plan K covers 50% of the following:

  • Copayments and coinsurance payments which are not paid by Medicare Part B
  • Copayments and coinsurance payments made or hospice care that are not paid by Medicare Part A
  • Coinsurance payments for your stay at skilled nursing care facilities
  • Medicare A deductible
  • Three pints of bloodSupplemental Plan K pays 100% of the following:
  • Coinsurance payments for Medicare Part A (Hospital stay up to an additional one year that exceeds Medicare payments)

Medigap Policy K provides the following benefits:

  • Basic Benefits
  • Skilled Nursing Facilities
  • Part A Deductible

Basic Benefits

  • Part A Hospital Coinsurance
    • Days 61-90 of a hospital stay in each Medicare benefit period
    • Days 91-150 of a hospital stay. Medicare will only pay for these 60 days once during your lifetime
  • Additional Part A Hospital Benefits
    • An extra 365 days of inpatient hospital care after you use your Original Medicare hospital benefits
  • Part B Coinsurance
    • Pays for the Part B coinsurance after you meet your annual deductible
  • Part A and B Blood Coverage
    • Pays for the first three pints of blood per calendar year
  • Part A Hospice Coinsurance
    • Pays for outpatient prescriptions drug and inpatient respite care coinsurance

Skilled Nursing Facility

A nursing facility with the staff and equipment to give skilled nursing care and, in most cases skilled rehabilitation services and other related health services.

Part A (Hospital Insurance)

The part of Medicare that pays for inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care.

When Can You Enroll in Medicare Supplement Plan K Insurance?

The best time to enroll for a Medicare Supplement Policy is during your Medigap Open Enrollment Period. This period lasts six months following and begins on the first day of the month when you turn 65 and enrolled in Medicare Part B. During this period, insurance companies must sell you a policy at the best rate regardless of our health status, they cannot deny you coverage.

What Does Medicare Supplemental Insurance Plan K Cost?

Medicare does not make any monthly premium payments towards your Plan K Supplemental Insurance policy. The Medigap premiums are paid by you. The median premium is approximately $950. It has been as low as $500 (for young people) and as high as $2000. There are several factors that can contribute to the cost of your premiums such as age, tobacco use, location and the rating system the insurance company uses.

Medigap may help your Part B bills. They obtain your Part B claims from Medicare and pay your physician.

The out-of-pocket limit for 2019 is $5,560. Once you have paid the out-of-pocket limit and the Part B yearly deductible, it pays 100% of covered services for the remainder of the year.

If you are on a fixed budget, a healthy senior citizen, don’t intend to make full use of the plan, and not concerned with the high out-of-pocket cost, you may be a prime candidate for this plan. To learn more about Medicare Supplemental Plan K insurance or get a quote for a policy, contact Plan Medigap by calling (800) 750-2407 today.