Medigap Plan L offers lowered premiums if you share costs.
In return for slightly reduced premiums, if you enroll in a Plan L, the insurer will pay 75% of your covered medical costs for most items, and you’ll handle the other 25%. Also, you agree to pay the Medicare Part B deductible and any excess charges.
Medigap Plan L Benefits
- Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used up)
- 75% of blood (First 3 pints)
- 75% of Medicare Part B copayment
- 75% Part A hospice care copayment
- 75% Medicare Part A deductible
- 75% skilled nursing facility coinsurance
Plan L doesn’t cover Medicare Part B deductible, Part B excess charges, or a foreign travel emergency.
Medigap Plan L Out of Pocket Maximum
A Plan L policy also includes a limit on your expenses, which is called your out-of-pocket maximum or cap protection. Medicare dictates the limit each year, and in 2020, Plan L’s limit is $2,940. So, if in one calendar year your spending comes to $2,480 in Medicare covered expenses, the Medigap insurance company pays the remainder.
The limit promotes an easy agreement to share in 25% of the expenses because even if a year of poor health occurs, you won’t have more liability than the maximum cap figure.
Medigap Plan L Carriers
In most states, the carrier determines which Medicare supplements it’ll offer to consumers. It’s fairly easy to find carriers for Plan F, but not as many offer the Plan L Medigap policy.
Our agents specialize in Medicare insurance products, and we work with the major insurance carriers in Kansas and beyond. At Cornerstone Senior Advisors, we research companies and prices for you so you can save time and effort. Plus, it doesn’t cost you anything to work with us! Call (316) 260-3331 today.