Medicare Supplement Plan K

Medicare Supplement Plan K is a cost-sharing policy that pays 50% towards all out-of-pocket Medicare expenses.

There are 10 Medicare Supplement Plans (Medigap) lettered A-N. Each plan covers a different set of gaps in Original Medicare. Medigap plan K covers six of these gaps at 50%. Cost-sharing Medigap plans are great for individuals shopping on a budget. Below we take a closer look.

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The Need For Medigap Insurance

Although Original Medicare provides excellent coverage, it’s far from complete. If you’re new to Medicare, you may be unaware of the high out of pocket expenses that loom within your Medicare coverage. 

Within your Medicare benefits are copays, coinsurance, and multiple deductibles. Without a Medigap policy, you’ll pay out-of-pocket for all Medicare covered services. 

Medicare Supplemental Insurance fills the financial gaps of Medicare, which protects both your health and your bank account. These plans continue to rise in popularity every year. As a result, 8 out of 10 Medicare beneficiaries own some form of supplemental insurance. 

What Does Medicare Supplement Plan K Cover?

Part A coinsurance – Your Medicare Part A benefits cover up to 60 days of inpatient medical care inside a hospital or treatment facility. After these benefits run out, you’ll pay a steep daily coinsurance of over $200 per day. Medigap Plan K covers your Part A coinsurance for one full year. This is the only gap that Plan K covers in full.   

Part A deductible at 50% –  the annual Part A deducible in 2020 is $1,364. Plan K pays 50% and therefore saves you $682 on this benefit alone. 

Part B coinsurance 50% – Your Medicare Part B benefits cover your inpatient care services at 80%, and you pay the remaining 20%. This is the most significant gap in Medicare because there is no out of pocket limit in which you might spend. Plan K contributes 50% on whatever costs stem from your Part B coinsurance. 

Blood (first 3 pints) 50% – pays 50% for the first three pints of blood. 

Skilled Nursing 50% – Original Medicare only covers skilled nursing care for 20 days. After that, you’ll pay a daily coinsurance ranging between $200-$300. If you need extended care beyond 20 days, Plan K cost-shares at 50%.

Out-of-Pocket Limits for Financial Protection – Only two Medigap policies give set out-of-pocket maximums, Plan K and Medigap Plan L. If you enroll in Medicare Supplement Plan K, you’re out-of-pocket maximum is $5,560. 

What Medigap Plan K Doesn’t Cover

There are three areas that Medigap Plan K does not cover. 

Part B deductible – The annual deductible for your Part B benefits is $185. While other plans cover this gap, Plan K does not.

Part B excess charges – Medicare allows care providers to bill the patient directly up to 15% beyond what Medicare covers. These are Excess Charges. Only two policies cover Part B excess charges, Medigap Plan F, and Medigap Plan G

Foreign Travel Exchange – five of the ten supplement plans offer foreign travel exchange coverage at 80%. Medigap Plan K does not provide any foreign travel coverage. Therefore, individuals who plan on traveling abroad in the upcoming year should consider other Medigap policies that cover this gap. 

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How Does Medigap Plan K Compare?

See how Medicare Supplemental Plan K compares to the other plans. 


Who Should Consider Medicare Supplement Plan K?

Determining which Medigap policy fits your best depends on your health, age, state of residence, zip code, and gender, and monthly budget. 

Medicare Supplement Plan K is an excellent choice for individuals with less than perfect health yet don’t want to pay the high premiums of one of the more comprehensive policies. Plan K cost-shares on almost all of your out-of-pocket expenses yet the premiums. Therefore, this policy will fit well for any individual who expects to use their Medicare benefits regularly throughout the upcoming year. 

All individuals eligible for Medicare can purchase supplemental insurance during one of the Medicare Enrollment Periods

Finding Your Best Rate

Did you know that Medicare standardizes all Supplement Plans? 

It’s true. Each lettered plan includes the same benefits and coverage no matter what company you purchase from. The only difference between insurance carriers is what plans they offer and the price. 

The cost of Medicare Supplement Plan K can vary significantly between carriers, which is why it is so important to shop around before purchasing.

Our independent agency helps you shop and compare Medicare supplement companies nationwide to find your best policy and price.  

We also can help you explore Medicare Advantage as an alternative to Medigap.  

We’ve helped thousands of people customize their Medicare benefits. 

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