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Best Medicare Supplement Plan L Rates & Benefits

Medicare Supplement Plan L is a slightly more difficult Medigap policy to find in comparison to some of the more popular plans. It is a cost-sharing plan that offers some coverage benefits in addition to the Medicare benefits of Medicare Part A and Medicare Part B. It’s not a popular plan like Medigap Plan F (either the standard or high-deductible plan) or Medigap Plan G, but it’s still an option to consider if you’re looking for a plan with a lower premium. Once you compare Medicare Supplement Plan L and its benefits to some of the other plans, you may find that it’s a health insurance plan you want to sign up for.

Medicare Supplement Plan L Costs, Coverage and Benefits

The whole point of Medicare Supplement plans is that they are supposed to help you save money on medical expenses that are not covered by Original Medicare (Medicare Part A and Part B) through the U.S. government program. Of course, it’s key to find a plan that offers the coverage and benefits that you need without monthly premium out of pocket costs that you can’t afford.

What is covered by Medicare Supplement Plan L?

There is an annual cost-sharing limit with Medicare Supplement insurance Plan L like there is with Medigap Plan K. Once this out-of-pocket limit is reached, your benefits will pay 100 percent of covered costs for the rest of the calendar year. Until then, your insurance company will pay 75 percent of the following costs:

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

100 percent of your Medicare Part A coinsurance and hospital costs for the United States Medicare Part A program will be covered with this plan, even before your out-of-pocket limit is reached for the calendar year.

What is not covered by Medicare Supplement Plan L

Naturally, if you’re hoping to save on doctor’s office visits, emergency room visits, and other health care costs, you don’t want to end up with any surprise bills. This means that you’ll want to know what benefits are and are not offered from Medicare Plan L. These are some of the things that are not covered:

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

Also, as with any of the other Medicare Supplement plans, you will still have to pay the Medicare Part B premium in addition to any monthly premiums for your Supplement plan. It is critical to sign up for Medicare Part A and Medicare Part B and to pay your Medicare Part B premium so that you will be eligible to sign up for one of the Medicare Supplement plans, whether you choose Medicare Plan L or another plan.

Medicare Supplement Plan L Rates

Naturally, if you’re interested in possibly signing up for Medigap Plan L, you might be wondering what the Medicare Plan L rates are like. In general, Medigap Plan L rates are lower than for many plans.

Even though Plan L rates are usually pretty affordable anyway, it’s still important to understand how your insurance agency calculates its rates. It’s also important to compare monthly premiums from each insurance company to find the lowest Medigap Plan L rates.

  • Community-rated – If your insurance company offers community rated Medicare Supplement Plan L rates, then you will pay the same amount each month as the other beneficiaries who have the same plan through the same health insurance company.
  • Issue age – If your provider offers issue age rates, then your Medicare Supplement Plan L rates for the life of your plan will be based on your age when you first sign up for the plan. For lower premiums, you’ll want to sign up as soon as you’re 65 years old and signed up for the federal Medicare program.
  • Attained age – When you’re shopping for Medicare Supplement insurance Plan L, you will probably come across companies that use the attained age model when setting their rates for Medicare Supplement Plan L. Your rates will go up over time with this type of rating model since your rates are based on current age.

Our Best Rated Companies Offering Medicare Supplement Plan L

Since we have access to plans from almost all of the best Medicare Supplement companies that offer Medicare Supplement Plan L and since we have helped many beneficiaries do a comparison and find the best plan for them, we know a little bit about the different companies that are out there.

While working hard to help beneficiaries compare plans to find the best plan, our insurance agents have found that these companies are some of the best companies that offer Medigap plans:

If you’re wondering why we chose the above companies as the best for buying Medigap plans, consider these important reasons:

  • 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

Does Medigap Plan L cover Prescription Drugs?

Medicare Part A and Part B do not cover most prescription drugs. Since Medicare Supplement plans like Medicare Supplement Plan L are complementary plans to boost the basic benefits of Original Medicare, they don’t cover prescription drug costs either.

Of course, all is not lost just because Medicare Supplement Plan L does not cover prescription drugs. You can sign up for one of the Medicare Part D drug plans so that you will have prescription drug coverage.

In fact, it’s wise to start looking for the best rates for prescription drug coverage as soon as you can. You may find the best rates from the insurance company that also offers the best Medicare Supplement Plan L pricing, or you may want to buy your plan from another company. Either way, signing up now is best so that you can avoid penalties later and so that you can start saving on your medication right away.

When can you enroll in Medicare Supplement Plan L?

There is a six month period around the time that you turn 65 during which you can sign up for Medigap policy benefits without going through medical underwriting. This is called the Medigap Open Enrollment Period. You will not be turned down for Medigap Plan L because of health conditions, and you may be able to get the best Medicare Supplement Plan L pricing during this time, too.

Just because you miss this sign-up period doesn’t mean that you can’t sign up for Supplemental benefits to complement your Medicare benefits, though. Different companies use different methods for underwriting so you may need some help if you want to compare plans and find the best Medicare Supplement Plan L pricing. Our agents can help you shop for Medigap Plan L outside of your Medigap Open Enrollment Period so that you can save on medical expenses for medical services. Just give us a call so that we can help you compare plan options and find the best plan and the best rates for your situation.

Medicare Supplement Plan L Review?

It is smart to look at our Medicare Supplement plans comparison chart to compare Medigap Plan L to other Supplemental health insurance plans. Overall, Medigap Plan L is not very popular when you compare it to some of the other Medicare Supplement plans. However, this does not mean that it’s not right for you.

Basically, this Medicare Supplement insurance option is a good choice for Medicare beneficiaries who don’t mind cost-sharing or meeting certain out-of-pocket plan limits each calendar year. Beneficiaries of these Medigap plans can enjoy some health insurance benefits that aren’t covered by Original Medicare and can also usually enjoy low monthly premiums. If you want help with things like the Medicare Part A deductible and some things that Original Medicare doesn’t pay for, it might just be the best option for you.

Also, know that this is a plan that complements Original Medicare. It is very different from Medicare Advantage plans, which work to replace Original Medicare. There are no network restrictions for doctor’s office visits or other care with Medicare Supplement plans, however, since you can use them anywhere that you can use Medicare benefits. In fact, this is one of the main benefits of Supplement plans, since many people don’t like to be restricted to only using their benefits within certain networks.

Making the best choice when choosing a health care plan is tough. One of our insurance agents can help, though. We can help you compare the benefits of Medicare Supplement PLan L versus an Advantage plan, and we can help you compare the benefits of each type of Supplement plan. We’ll even help you get Medicare Supplement plan quotes from the best Medicare Supplement insurance companies. Give us a call today so that we can help you choose a plan that offers the best benefits for you.

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