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Medicare Supplement Plan K Rates, Benefits & Coverage

Medicare Supplement Plan K is one of 10 different Medicare Supplement insurance plans that Medicare beneficiaries in most states can choose from. This plan, along with the other Medicare Supplement insurance plan options that are available, offers additional benefits on top of Original Medicare (Medicare Part A and Medicare Part B). This guide is here to help you compare Medicare Supplement Plan K and its benefits against the other plans that are out there. We are also here to help you choose an insurance company so that you can have reliable coverage and lower premiums.

Medicare Supplement Plan K Costs, Coverage and Benefits

The main benefits of signing up for a plan like Medicare Supplement Plan K come in the form of money that you can save on doctor’s office visits, emergency room visits, and other medical services and medical expenses. Of course, before you sign up for Medicare Supplement Plan K, you’ll want to compare its costs, coverage, and benefits against the costs, coverage, and benefits of other Medigap policy options.

What is covered by Medicare Supplement Plan K?

Medicare Supplement Plan K benefits pay 50 percent of some of the cost-sharing expenses of the federal Medicare program (Medicare Part A and Part B). Once you reach your yearly limit for out-of-pocket expenses, your plan will kick in and provide 100 percent coverage for the rest of the calendar year. These are some of the benefits:

  • Medicare Part A deductible
  • Medicare Part A hospice care coinsurance or copayment
  • Medicare Part A coinsurance or copayment
  • Medicare Part B coinsurance or copayment
  • First 3 pints of blood for a necessary, covered medical procedure
  • Skilled nursing facility care (SNF) coinsurance

Plan K pays for the same covered services no matter which company you purchase your plan from. This is the case with Medigap Plan L, Medigap Plan N, Medigap Plan F, High Deductible Medigap Plan F or any other plan that you purchase.

What is not covered by Medicare Supplement Plan K?

Medicare Supplement insurance Plan K does cover things like part of the Medicare Part A deductible. Overall, since it has a lower premium, it’s not as comprehensive of a plan as some of the other Medigap plans that you can choose from. For example, it has an out of pocket limit you must meet before your full coverage kicks in. Therefore, you should compare Medicare Supplement insurance Plan K and its benefits against the benefits of some of the other plans before signing up.

If you choose Medicare Supplement insurance Plan K, you will not be able to enjoy these benefits:

  • Medicare Part B deductible
  • Medicare Part B excess charges (charges over the Medicare-approved amounts)
  • Foreign travel emergency costs

Additionally, none of the Medigap policy options cover the Medicare Part B premium. You must pay the Medicare Part B premium to have Medicare Part B coverage, whether you sign up for one of the Medigap plans or not.

Medicare Supplement Plan K Rates

Medicare Supplement Plan K rates are some of the more affordable rates when you compare them to rates for other Medicare Supplement plans. Even though Medicare Supplement Plan K rates might be lower overall, you’ll still want to compare pricing to find the insurance company that offers the lowest monthly premium.

This means you should be aware of the different methods that an insurance agency can use when calculating Medicare Plan K rates. These are the three different methods that are used:

  • Community-rated – With this type of rating system, all beneficiaries who sign up for a certain plan with their chosen insurance company pay the same rates for their benefits.
  • Issue age – When rates for Medicare Supplement plans are calculated in this way, your rates for the life of your plan are based on your age when you sign up. This leads to lower costs for many people who sign up for benefits, particularly if you sign up as soon as you’re 65 and are signed up for Medicare Part A and Part B.
  • Attained age – Many companies set rates for Medicare Supplement plans using this system. With this plan, your rates for your benefits will go up as you get older.

Our Best Rated Companies Offering Medicare Supplement Plan K

Here at My Medigap Plans, we help beneficiaries of the federal Medicare program check out their plan options from different insurance companies. Our insurance agents prefer these major companies for Medicare Supplement Plan K and the other Medicare Supplement plans.

In our opinion, these are the best Medicare Supplement Plan K providers for beneficiaries of the U.S. government Medicare program:

Our agents consider these the best Medicare Supplement Plan K providers for these reasons and many more:

  • Top financial strength and ratings
  • Long history in the health industry
  • Great tools and ease of access at all points of the process
  • Great customer service
  • Competitive rates and stability over time
  • Customer satisfaction

We will be more than happy to compare rates from these best Medicare Supplement Plan K providers. Then, you can find the best Medicare Plan K rates so that you can save on your monthly premiums.

Does Medigap Plan K cover Prescription Drugs?

The United States Original Medicare program does not pay for most prescription medication. Since Medicare Supplement Plan K and the other Medicare Supplement plans are supplemental policies, they do not cover prescription medication costs, either. Therefore, in addition to paying your Medigap Plan K rates, you will need to be prepared to pay for a separate, stand-alone Medicare Part D drug plan.

Of course, you do not have to sign up for a Medicare Part D drug plan through a private insurance company if you do not want to. However, if you don’t sign up for a plan, then you’ll be on the hook for the cost of your medication. You may also be penalized if you do not sign up for prescription drug coverage when you’re first eligible. Therefore, along with shopping for the best Medigap Plan K rates (or rates for other Medicare Supplement plans), you may also want to shop for the best rates for a Part D prescription drug plan.

When can you enroll in Medicare Supplement Plan K?

The best time to enroll in Medigap Plan K benefits is during your Medigap Open Enrollment Period. This six month period is the best time to compare plans and sign up for benefits because you don’t have to worry about medical underwriting. This is particularly important if you have pre-existing health care conditions. You don’t have to worry about being turned down for health care coverage — such as Medigap Plan K — if you sign up during this period.

If you did not compare plans or sign up for benefits during this period, though, you don’t have to give up on signing up for Medicare Plan K. You can still sign up for Medicare Plan K or another health care plan outside of this time period, but your options might be more limited. We can help you do a comparison of the best Medicare Supplement insurance companies and help you find a plan if you’re in this situation, though.

Medicare Supplement Plan K Review

Many people do not consider Medigap Plan K to be the best option because it does not offer as many benefits as some of the other plans. If you do a comparison of Medigap Plan K against some of the other plans that are available, you’ll probably see that it doesn’t have as much to offer. However, rates for Medigap Plan K are typically cheaper than for other Medicare Supplement plans.

Basically, if you are someone who wants affordable, simple health insurance to complement your Medicare benefits for doctor’s office visits, emergency room visits, hospital costs and other costs for medical services, Medicare Plan K might be right for you. If you’re one of the beneficiaries who don’t want to worry about plan limits or who wants more coverage, though, exploring other plans might be best.

If you want help with looking at our Medicare Supplement plans comparison chart or if you need help shopping for Medicare Supplement plan quotes, we’re here to assist you. Our licensed agents can also talk to you about Medicare Advantage if you’re interested in it. It’s our goal to help Medicare beneficiaries have the best experience when shopping for the best plan, so call and talk to one of our insurance agents today if you want to enjoy more than the basic benefits that Medicare has to offer.

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