Medicare Supplement Plan K is one of the standardized plans that offers fewer benefits but lower premiums. This plan is popular among beneficiaries who do not make as many visits to their healthcare provider or hospital and accept the share of certain medical expenses to receive those lower premium payments.
Coverage for Plan K
For the lower premium payment, Medicare Supplement Plan K only offers 50% coverage for these benefits:
- Part A deductible
- Hospice care coinsurance expenses or copayments for Part A
- Copayment or coinsurance expenses for Medicare Part B
- Skilled nursing facility care coinsurance
- First three pints of blood used in a medical procedure
Despite the partial coverage for the previous benefits, Plan K does cover 100% of coinsurance payments (Medicare Part A) for inpatient hospital care up to an additional year after the Medicare benefits have been used up.
The yearly out-of-pocket limit for Plan K in 2021 is $6,220. This is the most you will pay within one full year out of your pocket. Once this limit is met from your out-of-pocket costs, Plan K can cover 100% of your Medicare-covered expenses for the remainder of the calendar year.
What is not covered by Plan K?
Medicare Supplement Plan K does not cover the deductible for Original Medicare Part B, excess charges, or foreign travel emergency expenses. If Plan K is the Supplement plan you feel is right for you, make sure to check with your healthcare provider if they charge excess charges. Most of the time, they don’t. However, if they do, this can cause you to pay a fee of up to 15% more than what Medicare would initially pay.
When deciding on a plan that is right for you, you need to keep in mind your current state of health and your future health.