Medicare Supplement Plan K is one of the 10 Medicare Supplement Plans that are available in most states.

Plan K has been getting more and more attention because it is one of two Medicare Supplement (Medigap) plans that have an annual limit on the policyholder’s out-of-pocket expenses.


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Since Medicare Supplement plans are designed to cover the gaps in Original Medicare Part A and Part B, it seems logical to look for a plan that has an out-of-pocket limit so you can plan accordingly.

But remember, your cost for a Medigap plan is over and above your Medicare Part B monthly premium, and as such, Plan K might be a good fit for your budget because of its lower monthly premiums.


Coverage Provided with Medicare Supplement Plan K


Medicare supplement Plan K covers the following gaps found in Medicare Part A and Part B along with some additional coverages.

  • Provides coverage for Part A coinsurance and hospital expenses for an additional 365 days after Part A benefits have been exhausted at 100%
  • Covers 50% of the Medicare Part A deductible
  • Covers 50% of the Medicare Part A coinsurance or copayment for hospice care.
  • 50% of the cost for the first 3 pints of blood
  • Pays 50% of the coinsurance cost for skilled nursing facility care
  • Covers 50% of the coinsurance or copayments for Medicare Part B

What Medicare Supplement Plan K does not cover:

  • Part B deductible
  • Part B excess charges (in states that allow excess charges)
  • Foreign travel medical emergencies


How does the annual Out-Of-Pocket Limit Work?


When you are enrolled in Medicare Supplement Plan K, the insurance company will track your out-of-pocket expenses for you each year.

Once you have paid out-of-pocket $6,220 (for 2021) and met your Medicare Part B deductible, Plan K will pay 100% of every covered service for the remainder of that year. Then, on the renewal date of your policy, the process will start over again.


What Medicare Supplement Plan K Does Not Cover


As was stated above, your Medicare Supplement plan K will not cover your Original Medicare Part B deductible, excess charges, or medical services while traveling outside the United States.

Moreover, Plan K, like all other Medigap plans, will provide coverage for dental, vision, or hearing services so you may want to check into a Medicare Advantage Plan or look into some stand-alone dental, vision, and hearing plans.

Additionally, Medicare Supplement plans do not provide coverage for outpatient prescription drugs so you’ll want to shop for a Medicare Part D drug plan.


Why Consider Medicare Supplement Plan K?


For most Plan K policyholders, the lower monthly premiums combined with the annual limit on out-of-pocket expenses made Plan K the best fit for their individual circumstances and budget.

Since Original Medicare Part A and Part B do not have a limit on out-of-pocket expenses, Plan K can often save thousands on healthcare services each and every year.

Seniors who have purchased Medicare Supplement plan K typically share two things:

  1. They have one or more chronic health conditions like diabetes, arthritis, or heart disease.
  2. They want to mitigate the financial impact of an unexpected medical emergency.


How Does the Cost of Medigap Plan K Compare with other Medigap Plans?


Since Medicare will no longer allow Medigap Plans to cover the Medicare Part B deductible, Medigap Plan C and Plan F are no longer available to anyone who became eligible for Original Medicare after January 1, 2020, the sales of Plan K have increased dramatically.

Here’s how the premiums for Medicare Supplement (Medigap) Plan K compare to other Medicare Supplement Plans:

Medicare Supplement Plan Monthly Premium
Plan K $62 – $135
Plan L $119 – $301
Plan M $201 – $430
Plan N $146 – $289


And don’t forget, policyholders must continue to pay the monthly Medicare Part B premium in addition to the Medicare Supplement premium ($148.50 in 2021 for most enrollees).


How Does Medigap Plan K compare to Medigap Plans L, M, and N?


Plan KPlan LPlan MPlan N
Part A Coinsurance100%100%100%100%
Part B Coinsurance50%75%100%100%
Blood - First 3 Pints50%75%100%100%
Part A Hospice Coinsurance50%75%100%100%
Skilled Nursing Facility Coinsurance50%75%100%100%
Part A Deductible50%75%50%100%
Part B DeductibleXXXX
Part B Excess ChargesXXXX
Foreign Travel EmergencyXX80%80%
Max Out-Of-Pocket$6,220$3,110No LimitNo Limit


How Can I Buy a Medicare Supplement Plan K?


The process of purchasing a Medicare Supplement Plan has changed dramatically since Medigap Plans first came into the marketplace.

Now, seniors can shop all plans simultaneously because of the innovative technology that is available for shoppers online.

Medicare Supplement experts like HealthPlans2Go can shop a plan according to your circumstances and budget with many of the highly-rated companies that offer Medicare Supplement plans and deliver a solution to applicants in a matter of minutes.

In most cases, the shopping, underwriting, and purchase process can be done via telephone and internet, and the Medicare Supplement plan you choose can be issued shortly afterward.

Rather than contacting each insurance company separately, seniors have access to one-stop-shopping by contacting an experienced and reputable Medicare specialist. Independent health insurance brokers will always put the needs of their client and prospective client first because employed by or have allegiance to any one particular insurance company.



Speak with a Plan Specialist
For more information about Medigap Plans and to find the best plan to meet your needs, call us at (888) 773-1181 during normal business hours or contact us through our website 24/7.

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