|Medigap Plan L Policy Coverage|
|Part A Deductible||75%|
|Part B Deductible|
|Part B Excess|
|Skilled Nursing Coinsurance||75%|
|Foreign Travel Emergency|
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 ten different Medigap plans offered. 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 L policies covering some of the benefits and other considerations.
More on Medigap Plan L Policies
Medigap Plan L is designed to cover seventy-five percent of basic and other common costs. Some benefits may be used often while others may not be needed at all. Keep in mind that without the Medigap coverage you would have to pay out of pocket for these expenses.
Medigap Plan L policies provide Basic coverage in addition to other benefits.
- Medicare Part A Coinsurance, and all costs after hospital benefits are exhausted
- Part A Hospice Care Coinsurance or Copayment
- 75% of Medicare Part B Coinsurance or Copayment for other than preventative services
- 75% 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:
75% of Medicare Part A Deductible
75% Hospice care Coinsurance
75% Skilled nursing facility coinsurance
Not Covered by Medigap Plan L Policies
Medicare Part B Excess Charges - The difference between what Medicare pays to doctors versus the actual amount of the bill. Medicare will typically only cover part of the bill while the patient must pay out of pocket for the remaining amount.
Foreign Travel Emergencies - Medicare does not cover healthcare coverage for its beneficiaries outside of the United States. Medigap Plan L does not provide any assistance in this area either. Medical emergencies in foreign countries requiring treatment or travel by patients must be paid in full out of pocket.
Source: Centers for Medicare & Medicaid Services, Choosing a Medigap Policy: A Guide to Health Insurance for People With Medicare (2012).
These may or may not be important expenses and limitations, depending on your situation. If a Medigap Plan L policy doesn't meet your needs, consider Medigap Plan M policies.