Medigap Plan K
This Medicare Supplement plan comes with a lower monthly premium and offers cost-sharing. Plan K is also one of the two plans with a limit on out-of-pocket costs, and after reaching that limit, it pays 100% of the covered services for the rest of the year.
This makes this plan the best option for people who require frequent medical treatments or want peace of mind and protection during an emergency health condition.
What Does Medigap Plan K Covers?
Unlike other Medicare Supplement plans that offer 100% coverage, Plan K only pays for half of these coverage expenses. So, until you reach your out-of-pocket limit, you will have to pay for half of the expenses. For 2021, this out-of-pocket limit is $6,220.
Here’s a complete breakdown of the coverage Medigap Plan K offers:
- 100% of Part A hospital costs and coinsurance
- 50% of Part A deductible
- 50% of Part A coinsurance or copayment for hospice care
- 50% of the first three pints of blood for medical procedures
- 50% of skilled nursing facility care coinsurance
- 50% of Part B coinsurance or copayments
Medigap Plan K does not cover the Part B deductible or any excess charges associated with Part B. It also does not cover any foreign emergency travel charges, vision, dental, hearing care services, and outpatient retail prescription medicines.
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The Right Time To Enroll For Medigap Plan K
To enroll for Medigap Plan K, you need to take advantage of your Medigap Open Enrollment Period that starts the month that you turn 65 years old and enrolled in Original Medicare. The entire enrollment period lasts for six months. During this period, you don’t have to worry about being rejected from insurance companies or being charged extra, even if you have serious health conditions.
Ready To Enroll In Plan K?
Medigap Plan K is one of the ten different Medicare Supplement plans that fill the gaps left behind by Original Medicare. Because of the many options to consider, our agents will work with you to help you make an educated decision that saves you money while offering all the coverage you need for your health care.
If you are ready to learn more about available Plan K options in Oregon, contact us today at (541) 915-0939.
