At Medicare Advantage, you will have a variety of options to choose from when it comes to medical insurance covers with Medigap plan L being one of them. It is a Medicare supplement coverage that gives partial coverage for most of its pros categories, with the exception of the benefit for hospital coinsurance of Medicare part A.
It might be a more budget friendly option if you are looking for help with particular Medicare costs, yet you don’t want to pay premiums which are high for Medicare Supplement coverage. There are certain Medicare supplement insurance plans which might cover more or even full instead of the partial covered by Plan L, but they definitely cost more.
Benefits For The Medicare Supplement Insurance Plan L
As you know that it offers partial cover for a variety of benefits, it is important that you know some of the benefits if you decide to start on it. It pays for 75% of the total costs for most of the benefits which are covered, including the below out of pocket expenses:
- Deductibles for Medicare part A
- Coinsurance or copayment coverage for Part B of the Medicare
- The first 3 pints of blood in case of a medical procedure
- Coinsurance or copayment in hospice care for Medicare part A
- Coinsurance for skilled nursing facilities.
The below benefits get full coverage from plan L Medigap
- Part A coinsurance Medicare and the costs incurred in the hospital for up to an extra 365 after your Medicare benefits are done.
There is an out of pocket limit that comes with this Medigap plan L which changes from year to year.
Maximum Out Of Pocket Limit Plan L
Medigap plan L is one of the known two insurance plans for Medicare plans which has a yearly out of pocket limit. The other one is plan K. For 2020, the maximum out of pocket for plan L is $2940 as long as the medical expenses are for services that are covered by Medicare.
If you are enrolled on Medicare supplementary Insurance plan L, and it happens that your out of pocket expenses have reached their limit, and you have fulfilled your part when it comes to Medicare deductibles for part B, then the plan will pay for you 100% of the services which is covered for the remaining days in the calendar year.
It is necessary that you should always remember that, in the traditional Part A of Medicare and part B there is no maximum cap per year when it comes to your out of pocket costs. In case you encounter a health emergency where your medical costs hit the roof, there will be no limit to your medical costs in a calendar year.
With the Medigap plan L, you will at least have peace of mind with the knowledge that the costs will be higher than the maximum out of pocket limit as long as you have met the deductibles in part B of the Medicare cover.