What Is Medigap Plan K?

Medigap Plan K is a basic Medicare Supplement plan, offering similar benefits to other types of plans but with lower premiums. Purchasing a Medigap Plan K also provides you with a cap on your out-of-pocket maximum. A Medigap Plan K plan supplements Original Medicare Parts A and B.

Health Plans of NC, Kelly Quinn
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Medigap Plan K is a basic Medicare Supplement plan, offering similar benefits to other types of plans but with lower premiums. Purchasing a Medigap Plan K also provides you with a cap on your out-of-pocket maximum. A Medigap Plan K plan supplements Original Medicare Parts A and B.

What Medigap Plan K offers

Medigap Plan K covers some preventative care services. You share the costs with your insurance provider on specific items, such as your Part A deductible. Because you’re paying lower premiums, you also agree to part of the Part B deductible and excess charges. 

Excess charges for Medicare Part B relate to when some health care providers don’t accept the rates designated by Medicare, meaning you could be required to pay 15% above what Medicare is willing to pay. If you need coverage for excess charges, it’s worth considering purchasing Medigap Plan F or Medigap Plan G. A Medicare Supplement Plan K does offer a cap on your spending however, known as an out-of-pocket maximum, which can help you manage your health care costs. 

Medigap Plan K maximum out of pocket

In 2022, Medicare Supplement Plan K’s cap is currently $6,620. 

If you’ve ever had employer group coverage or an individual health insurance policy, the cap works like out-of-pocket maximums. Your insurance provider will monitor how much you’re spending on health care during the calendar year. If you breach the Medigap Plan K out of pocket maximum, the insurance policy will cover 100% of your additional health costs until the end of the year. 

Key benefits of Medigap Plan K

Some of the main benefits of taking out a Medicare Supplement Plan K include: 

Part A 

  • 50% of your hospice care copayment 

  • 50% of your deductible

  • coinsurance and hospital costs (up to an extra 365 days after using up your Medicare benefits)

Part B

  • 50% of your Medicare Part B copayment

Other

  • 50% of your skilled nursing facility coinsurance

  • 50% for the first three pints of blood

What Medigap Plan K doesn’t cover

Plan K does not provide any coverage for the annual Medicare Part B deductible, your Part B excess charges, or any health care needs with foreign travel emergencies.

Need help choosing the right Medigap plans?

If you’re considering purchasing a Medigap Plan K, our experienced and local health insurance agents can provide you with a clear and understandable quote. We help North Carolina residents every day to determine the right health insurance coverage for their needs and budget. So get in touch with us today to learn about the best Medigap plans available or compare plans online. 

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