Medicare Supplement Plan L

Medicare Supplement Plan L is a cost-sharing policy that contributes 75% 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 L covers six of these gaps at 75%. Cost-sharing plans are great for individuals shopping on a budget. Below we take a closer look. 

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The Importance of Medigap

If you’re new to Medicare, you might be surprised that there are out-of-pocket costs every time you use your Medicare benefits. Looming within Medicare are copayments, coinsurance, and multiple deductibles. Without supplemental insurance, you remain exposed to costly medical bills. 

Medicare Supplemental Insurance plans (Medigap) are private health insurance policies that fill the financial gaps within Medicare, protecting both your health and your bank account. Nearly 80% of all Medicare beneficiaries own some form of supplement insurance.

Here’s Everything Covered In Medicare Supplement Plan L

As shown in the comparison chart below, Plan L shares cost on six of the nine the gaps existing in Original Medicare.

Part A coinsurance –  Medicare Part A is your hospital insurance for all your inpatient medical care. It covers up to 60 inpatient stays in a hospital or treatment facility. Plan L extends your coverage to 365 days. This coinsurance is the only gap that Plan L covers fully. All other gaps it cost shares at 75%.

Part A deductible at 75% – The 2020 standard deductible for Part A is $1,364. Medigap Plan L pays 75% of this deductible, which saves you $1,023 on this benefit alone. 

Part B coinsurance 75% – Medicare Part B is your doctors’ insurance for all your outpatient services. Through your Part B benefits, Medicare pays 80% of all outpatient care services, and you pay the remaining 20%. This coinsurance is the biggest gap within Medicare because there is no out-of-pocket maximum in which you might spend. Supplement Plan L pays 75% of your Part B responsibility regardless of how much that might be. 

Blood (first 3 pints) 75% – This plan pays 75% for the first three pints of blood. 

Skilled Nursing 75% – Medicare covers the first 20 days of skilled nursing care. After that, you’ll pay a steep daily coinsurance upwards of $200 per day. If you need skilled nursing care longer than 20 days, this Medigap plan pays 75% on this gap too!

Out-of-Pocket Maximum for Financial Protection – Supplement plan L is one of only two supplement plans that set out-of-pocket maximums. Medigap Plan K is the other.  All other supplement policies leave you exposed to potential catastrophic Medical expenses. In 2020, the out of pocket maximum for Plan L is $2,940. 

What’s Not Covered By Medigap Plan L 

Medicare Supplement plan L provides coverage for all but the following three gaps in Medicare. 

Part B deducible – The standard Part B deductible in 2020 is $185. Plan L does not cover this cost. Medigap Plan F and Medigap Plan G are the only plans that do cover this gap.  

Part B excess charges – Medicare sets a billable limit for all covered services; however, healthcare providers can bill you directly up to 15% more than what’s covered by Medicare. These are known as excess charges. Plan L does not protect you against Part B excess charges. However, you still are protected through the out-of-pocket maximum. 

Foreign Travel Exchange – Medigap Plan L does not include any foreign travel health insurance protection. Other supplement plans include foreign travel benefits after a $250 deductible. If you’re considering some out of country travel in the upcoming year, we’d recommend you go with a different lettered plan.  

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How Does Medigap Plan L Compare?

See how Medicare Supplemental Plan L compares to the other options.


Who Should Consider Medicare Supplement Plan L?

Cost-sharing plans fit all sorts of life circumstances. In our opinion, cost-sharing plans would be much more popular if the public understood them correctly.   

Medicare Supplement Plan L is a great fit for individuals with less than perfect health but does not want to pay the high monthly premiums of Plan F or G.   

If you foresee using your Medicare benefits frequently in the upcoming year, then you’ll likely find Plan L very attractive.   

All individual eligible for Medicare can purchase Medicare Supplement Plan L during one of the Medicare Enrollment Periods.  

Shopping Quotes & Carriers

Medicare standardizes all Medigap plans. In other words, all lettered plans are the same regardless of which carrier you purchase from.  

So why is it important to shop for insurance carriers?  

Insurance carriers choose which plans to offer, and they also set the price. Therefore, if you’re looking for your best Medigap option and lowest rate, you’re going to have to shop around. 

Our independent agency helps you do just that. We help you identify which Medigap policy fits your life circumstances best and then help you compare Medicare supplement insurance companies to find your best price. 

Our friendly agents are experts in all things Medicare. We here to answer all your questions and help you maximize your Medicare benefits. We also can help you explore Medicare Advantage as an alternative to Medicare supplement insurance.  

We’ve helped thousands of people customize their Medicare. See what we can do for you!

Get started today and explore Medicare Supplement Plan L with your free quote. 

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