
What Are Medicare Excess Charges?
Medicare excess charges are one of those complicated Medicare topics which tends to raise questions for potential Medicare Supplement plan enrollees. Read on to find out what you
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
Medicare excess charges are one of those complicated Medicare topics which tends to raise questions for potential Medicare Supplement plan enrollees. Read on to find out what you
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
Medigap Plan K provides many of the benefits that Medicare Supplement plans can offer using a cost-sharing format. It also has an out-of-pocket maximum, or a limit on how much spending you will have to do if you enroll in this plan.
If you enroll in Medigap Plan K, you will receive 100% coverage for:
Additionally, your Medigap plan will cover 50% of the following expenses:
The only expenses that aren’t covered at all by Plan K are your Part B deductible and Part B excess charges*.
Plan K does come with an out-of-pocket maximum, which puts a cap on Medicare spending that you will have to do each year. However, the coverage offered by Plan K isn’t as extensive as what you would get with Plan F or Plan G.
Plan K isn’t available in all states, and not all insurance providers offer it. Plus, its premiums may not be low enough to justify choosing this plan. Consequently, it is a relatively unpopular Medicare Supplement plan, with on average only 1% of Medigap enrollees choosing Plan K.
*Excess charges are incurred when a medical provider doesn’t “accept assignment” or, in other words, charges more than the Medicare-approved amount that corresponds to their services.
The limit on spending that you have to do with Plan K is set at $6,620 for 2022. Once you have spent that amount of money on Medicare costs, your plan will pay 100% of the remaining eligible expenses for the rest of the year.
Just be aware that out-of-pocket (OOP) limits increase annually, so the maximum when you enroll in the plan will not be the same the following year or years down the road.
If you think that Plan K could be a good fit for you, or you simply want to consult your Medicare Supplement Insurance options, reach out to a licensed insurance agent here at Medicare Plans Direct.
Copyright © 2022. All Rights Reserved. Not affiliated with the federal government. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.