Medicare Supplement Plan K and Plan L: What’s the Difference?
Medicare Supplement Plan K and Plan L are two of the most popular Medicare Supplement plans. Both plans offer comprehensive coverage for Medicare gaps, but there are some key differences between the two.
Plan K
Plan K has a lower monthly premium than Plan L, but it also has a higher deductible and cost-sharing. With Plan K, you will have to pay a $500 deductible each year for Part B services. After you meet your deductible, you will pay 50% of the cost of Part B services.
Plan L
Plan L has a higher monthly premium than Plan K, but it also has a lower deductible and cost-sharing. With Plan L, you will have to pay a $350 deductible each year for Part B services. After you meet your deductible, you will pay 25% of the cost of Part B services.
Which plan is right for you?
The best way to decide which plan is right for you is to consider your individual needs and budget. If you are on a tight budget, Plan K may be a good option for you. However, if you expect to need a lot of medical care, Plan L may be a better option.
Other things to consider
In addition to the monthly premium, deductible, and cost-sharing, there are a few other things to consider when choosing a Medicare Supplement plan:
- Network: Make sure that the plan you choose has a network of doctors and hospitals that you are comfortable with.
- Extra benefits: Some Medicare Supplement plans offer extra benefits, such as coverage for foreign travel or prescription drugs. Make sure to compare the extra benefits offered by different plans before you choose one.
- Customer service: Read reviews of different Medicare Supplement plans to see what other people have said about their customer service.
Conclusion
Medicare Supplement Plan K and Plan L are two good options for Medicare beneficiaries who want to fill in the gaps in their Medicare coverage. The best plan for you will depend on your individual needs and budget.
