Enrollment in Plan K increased by 28% from 2014 to 2015, according to a report by AHIP’s Center for Policy and Research. This is likely because consumers are beginning to be more interested in plans that offer lower premiums if they share in more of the cost-sharing.
Medigap Plan K: Less Benefits for Lower Premiums
Medicare Supplement Plan K offers you the same basic benefits as other supplements, but with lower premiums. For example, this plan will still cover preventive care services and give you an extra year in the hospital. However, you split the cost-sharing with the insurance carrier on certain items like the Part A deductible. You also agree to pay the Part B deductible and any excess charges.
Medicare Plan K also includes a cap on your spending called an out-of-pocket maximum. For instance, let’s say you have a year with a lot of medical treatments. If your out of pocket spending reaches the maximum limit, then your Medigap K policy will kick in to pay all of the rest for that year.
Medicare Supplement Plan K – Maximum Out of Pocket
Medigap Plan K’s cap is $4,960, so that is the maximum you would spend in any calendar year. This cap works very similar to the out-of- pocket maximums that you have had in the past on employer group health insurance plans. Your insurance carrier will track exactly how much out-of-pocket spending you’ve done for that calendar year. If for any reason you spend more than the cap, then the insurance policy must cover 100% of the rest of your expenses after that point.
Get Quotes for Medigap Policy K
Finding Plan K quotes is not always easy for consumers because not every Medigap insurance carrier offers it. At Boomer Benefits, we know which carriers in your state offer this policy. We can easily pull rates for you, so that you don’t have to hunt through 30 carriers to find the 2 or 3 that might be selling this particular option.
Since only a few carriers offer Plan K, we can help you quickly get quotes from the companies that do offer it. Contact Boomer Benefits online to request a quote!