Medicare Supplement Plan K
Medicare Supplement Plan K is a private insurance plan that covers 100% of your Medicare Part A coinsurance responsibility, 50% of your Part B coinsurance, and 50% of a couple of other items.
What is covered under Medicare Supplement Plan K?
Medigap Plan K covers 100% of the costs Medicare expects you to pay for:
- Medicare Part A coinsurance payments for inpatient hospital care for up to an additional 365 days after Medicare benefits are exhausted
It covers 50% of:
- Medicare Part B copayment or coinsurance expenses
- The first three pints of blood used in a medical procedure
- Part A hospice care coinsurance expense or copayment
- Skilled nursing facility coinsurance
- Medicare Part A’s deductible
How does Plan K compare to other Medigap plans?
Some other Medigap plans cover the deductible of Medicare Part B. However, if you turned 65 after January 1, 2020, no plan that covers the deductible for Plan B is available to you.
Some even cover excess charges doctors are allowed to charge for services covered by Part B.
There are many plans with higher coverage than Plan K, but we can discuss how they align with your budget and see which plan would best fit your needs.
When can I enroll?
You can enroll once you have Medicare Part B. You will then have six months to enroll in a Medicare Supplement plan with no health questions. This is a one-time open enrollment in which you cannot be turned down for any health conditions, you cannot be asked any medical questions, and you cannot be charged an additional premium for health reasons.
Technically, you can enroll at any time after you have Part B. However, if you sign up after your initial enrollment period, you will be subject to medical underwriting.
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