Medigap Plan K
| Medigap Plan K Policy Coverage | |
|---|---|
| Basic Benefits | 50% |
| Part A Deductible | 50% |
| Part B Deductible |  |
| Part B Excess | |
| Skilled Nursing Coinsurance | 50% |
| Foreign Travel Emergency | |
| At Home Recovery | |
| Additional Preventative Care | |
Quick Introduction to Medigap Plans
Medigap is a private health insurance policy that is designed to cover medical costs not covered by Medicare programs. It covers many of the costs that people would otherwise have to pay individually such as copayments, coinsurance, and deductibles. There are twelve different Medigap plans ranging from A to L. Any insurance company offering Medigap plans is required to offer Plan A, other plan availability will vary by insurance company and by state. Medigap policies do not cover long-term care such as nursing homes, vision or dental care, hearing aids, eyeglasses or private-duty nursing. This article will deal exclusively with Medigap Plan K policies covering some of the benefits and other considerations.
More on Medigap Plan K Policies
Medigap K plan is structured slightly different than the majority of the Medigap plans. Instead of providing the maximum amount of benefits, it focuses instead on reducing your annual deductible. After you meet your out-of-pocket yearly limit and your yearly Part B deductible ($135 in 2009), the policies are designed to pay 100% of covered services for the rest of the calendar year.
Medigap Plan K policies provide Basic coverage in addition to other benefits. Basic coverage for Medigap Plan K polices includes:
- Medicare Part A Coinsurance, and all costs after hospital benefits are exhausted
- 50% of Medicare Part B Coinsurance or Copayment for other than preventative services
- 50% of Blood (first 3 pints). Medicare typically covers all costs associated with blood after the first 3 pints.
- Medicare Preventative Care Part B Coinsurance
In addition, Medigap Plan K policies provide the following additional benefits:
- 50% of Hospice Care Coinsurance or Copayment
- 50% Skilled Nursing Facility Care Coinsurance
- 50% of Medicare Part A Deductible
What Medigap Plan K Policies Do Not Cover
Preventive Care not Covered by Medicare
At-home Recovery (Up to Plan Limits)
Foreign Travel Emergency up to plan limits.
Medicare Part B Excess Charges
Medicare Part B Deductible
Source: Centers for Medicare & Medicaid Services, Choosing a Medigap Policy: A Guide to Health Insurance for People With Medicare (2009).
These may or may not be important expenses and limitations, depending on your situation. If a Medigap Plan K policy doesn't meet your needs, consider Medigap Plan L policies.