Medigap Plan K

It's no myth that Original Medicare has limitations to its coverage. So, Medicare supplement plans like Plan K are often necessary. But with so many parts to Medicare supplement plans or Medigap plans, it's essential to know the basics to determine if the plan provides the coverage you need. If you're considering adding Plan K to your Original Medicare plans, start with understanding these fundamental points:

Medigap Plan K Defined

Medigap policies help bridge the gap of extra costs that Original Medicare does not cover. Plan K is a type of Medigap plan that not only covers the cost of Medicare Part A but also covers coinsurance and deductibles if you meet Medicare's requirements and if you have a terminal illness like Stage 4 cancer certified by your doctor. Your Medigap Plan K policy covers your Part A care at 100 percent. But you can expect only 50-percent coverage of the first three pints of blood, Part A hospice care copayment and coinsurance, your deductible of Part A and the coinsurance for your skilled nursing facility care. Moreover, Part B coinsurance and copayment is covered at 50 percent, but only after you meet your annual deductible and the yearly limit for out-of-pocket expenses. In 2019, out-of-pocket expenses are $5,560.

How to Decide if Plan K is Right for You

Before purchasing any Medigap policy, it's essential to assess if the plan is the right one for you. First, consider your medical needs and financial situation. Think about how Original Medicare fits these needs. If you aren't getting the coverage you need, start looking for Plan K policies from different providers in your state. Compare at least three providers and the costs of each provider you're considering. Once you found one that meets your needs, then buy your Medigap Plan K Policy.

How to Find Plan K Providers

Always make sure the insurance company you're considering is licensed to sell Medigap policies in your state. Contact us today and we can help you find the plan that works best for you.