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What Is Medicare Supplement Plan K?

Whether you’re currently on Medicare, or you’re preparing to enter, it’s essential to evaluate your coverage options. While Original Medicare alone pays for a majority of your medical costs, you’re still at risk of receiving large bills as a result of copays, deductibles, and the 20% coinsurance. Plan K is one of the standardized Medicare Supplement (Medigap) plans that works with Original Medicare to protect you from those bills.

What Does Medicare Supplement Plan K Cover?

Medicare Supplement Plan K lowers your potential costs with Original Medicare but it doesn’t cover all of the gaps completely. For some services, Plan K only pays 50% until you’ve met an out-of-pocket maximum limit. Plan K’s maximum limit is $5,880 in 2020. Once you’ve met the limit, Medigap Plan K will pay the rest of your approved costs for the remainder of the year. The limit resets at the beginning of each calendar year.

Plan K provides the following coverage:

  • Medicare Part A coinsurance and hospital costs
  • Medicare Part B coinsurance or copayment (50%)
  • Blood – first 3 pints (50%)
  • Part A hospice care coinsurance or copayment (50%)
  • Skilled nursing facility care coinsurance (50%)
  • Medicare Part A deductible, which is $1,408 in 2020 (50%)

What Doesn’t Medicare Supplement Plan K Cover?

Medicare Supplement Plan K doesn’t cover anything for the following services:

  • Medicare Part B deductible, which is $198 in 2020
  • Part B excess charges
  • Foreign travel emergencies

If you don’t travel outside of the country, not having coverage for emergencies in other countries isn’t a risk for you. However, if you’re considering Plan K, you may want to confirm that none of your healthcare providers charge excess charges before you select this plan. Most providers don’t, but if they do, it can result in a fee to you of up to 15% of what Medicare would pay for the service.

Is Medicare Supplement Plan K Right for Me?

You should carefully consider your options before selecting any Medicare Supplement plan, including Medigap Plan K. Plan K leaves you open to a high amount of out-of-pocket costs, so if you select this plan, you should be able to pay them without it ruining your budget.

While Plan K tends to cost less than most high coverage plans (like Medigap Plan F or Medigap Plan G), it isn’t always competitively priced compared to similar plans that offer more coverage. For instance, High Deductible Plan F and High Deductible Plan G tend to be priced in the same range as Plan K, but their out-of-pocket limits are much lower. If you don’t need a high level of coverage and want to save money on premiums, you may want to consider those plans as well. Ultimately, we recommend to our clients that they purchase the Medigap plan that they feel best fits their needs.

Nothing on this website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.

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