Medicare Supplement Plan K may only pay 50% of the costs for any medical services you receive.
Your Medicare Supplement Plan K premium has potential to range anywhere between $50 and $95 per month, depending on your geographical location, if you are a tobacco smoker and your age.
Medicare Supplement Plan K does not cover any prescription drugs.
The difference between Medicare Supplement Plan K and other Medigap plans is that Medicare Supplement Plan K only pays for a certain percentage of the cost of the various medical services that are covered. Because of this limited coverage, the monthly premiums for Medicare Supplement Plan K tend to be lower than for other Medicare Supplement Plans.
How Does Medicare Supplement Plan K Work?
If you are enrolled in Medicare Parts A and B, you can purchase an additional Medigap plan which helps to cover any additional costs that you encounter when paying for your medical care including coinsurance, copays, and your deductibles.
How Much Does Medicare Supplement Plan K Pay for Medical Services?
Medicare Supplement Plan K will only pay for 50% of what the cost is for the medical services you receive. This, of course, means that you are responsible for paying the remaining 50% of out-of-pocket medical costs that are remaining.
The good news is that Plan K does have an upper limit on how much you are required to pay. For the year 2022, this amount is $6620 and after you have paid out that amount and reached this threshold, Plan K will then cover 100% of any medical services received for the rest of the year.
What Does Medicare Supplement Plan K Cover?
- Medicare Supplement Plan K covers 50% of the Part A deductible.
- All part A hospital costs or Part A coinsurance.
- 50% of the Part B yearly deductible.
- 50% of Part A hospice care.
- 50% of any part B copays or coinsurance.
- 50% of coinsurance for care in a skilled nursing facility.
What Does Medicare Supplement Plan K Not Cover?
- Any of your Part B deductibles.
- Any prescription drugs.
- Any long-term care.
- Any dental care.
- Any vision cares.
- Any private duty nursing care.
What is the Cost of Medicare Supplement Plan K?
The cost of premiums for Plan K in which is provided by health insurance companies depends on where you live, what your age is and if you are a tobacco smoker.
According to Medicare.gov in the state of California, if you are a non-smoker and aged 65 years old, your Plan K monthly premium would be anywhere from $50 per month to $95 per month.