Medicare Supplement Plan K

Medigap Plan K’s benefits pay 50% of several cost-sharing expenses in Original Medicare, which may include the following costs and benefits.

Medicare Part B excess charges are extra charges your doctor may bill you for outside of the Medicare-approved charge. Medicare has a “fee schedule” of approved amounts that doctors may charge for Medicare-covered services; however, doctors who do not accept assignments may charge up to 15% above these amounts.

Unlike most of the Medigap plan types, Medigap Plan K includes an out-of-pocket yearly spending limit of $5,880 in 2020 for Medicare-covered services. Once your out-of-pocket spending has reached the plan limit, Medigap Plan K pays 100% of covered services for the remainder of the calendar year.

Original Medicare does not come with a maximum spending limit, meaning there is no annual cap on your health-care expenses, no matter how high your medical costs may get. Plan K’s out-of-pocket limit may be helpful if you want protection in the event of a medical emergency. With Plan K there is a cap on your Medicare costs for a given year.

The best time for beneficiaries to enroll in Medicare Supplement Plan is during their Medicare Supplement Open Enrollment Period, which is not the same for everyone.

This period begins on the first day of the first month that you are both age 65 or older and enrolled in Medicare Part B, and lasts for six months. During this time, private insurance carriers may not use medical underwriting to assess a beneficiary’s health condition.