Medicare Supplement Plan K - Sharing Costs to Lower Premiums

Medicare Supplement Plan K provides a lower cost supplement plan to Medicare gap costs. The catch is that the patient must cover more of medical costs themselves. This option is ideal for someone who wants a lower premium with a decent amount of coverage.

This option has an annual out of pocket limit. Once that limit is reached, then the plan will kick in and cover 100% of all Medicare approved expenses for the rest of the year. The out of pocket limit for 2009 is $4,620. This limit is adjusted each year for inflation.

What does Medicare Supplement Plan K cover? This plan covers 100% of Part A coinsurance costs and covers 50% of the Part A deductible. It also provides up to 365 additional days of hospital care when Medicare benefits run out.

For hospice care, Plan K covers 50% cost sharing. It covers up to 50% of the costs of the first three pints of blood that a patient may require. For Part B, this plan will cover 100% of the coinsurance due on preventative care services. For other Part B coinsurance requirements, this plan covers 50% of the costs. For costs incurred during a skilled nursing facility stay, Plan K covers up to 50% coinsurance.

There are some minor changes coming on June 1, 2010 to Medicare Supplement Plan K. On that date, all supplement plans are changing. This is due to a Medicare shakeup in plans. For Plan K, the biggest change is the addition of hospice care to Part A coverage. Every senior is encouraged to review their policies and make sure they have the right coverage.

How will you know if Medicare Supplement Plan K gives you what you want? One option is to speak with one of our Medicare specialists. We can review your current and future coverage needs. We can then give you quotes from different insurance companies.