Benefits of Medicare Supplement (Medigap) Plan L
When comparing the benefits of Medigap Plan L, you will notice a cost-sharing structure similar to Medigap Plan K and Medigap Plan M. With Plan L you share certain costs at 75% until a maximum annual out-of-pocket limit of $2,480. Then the plan pays 100% for those benefits. In this post, we’ll take a closer look at the Medigap Plan L Benefits to see if it makes sense for you.
Medigap Plan L Covers 6 of the 9 Medicare Supplement Benefits
Medigap Plan L covers a majority of the nine Medicare Supplement Benefits. The 75% Cost-Sharing applies to five of them. The important benefits are included, and the ones that are not, are a non-concern. We’ll start by taking a look at the Cost-Sharing Benefits.
Medigap Plan L Cost-Sharing Benefits at 75%
Medicare Part B Coinsurance
Blood (First 3 Pints)
Skilled Nursing Facility Care Coinsurance
Part A Hospice Care Copay or Coinsurance
Medicare Plan L Covers the Following at 100%
Medicare Part A Coinsurance (Hospital)
Medigap Plan L Does NOT Cover
Part B Excess Charges
Foreign Travel Emergency
Is a Medigap Plan L a Good Value?
Medigap Plan L covers all of the important benefits. Everything it doesn’t cover I consider to be a non-issue. The out-of-pocket limit is within reason, so in the event, you require a significant amount of medical care; your potential liability is capped. For the right price, a Medigap Plan L can be a tremendous value. Unfortunately, I find most companies rate this product incorrectly and most companies don’t offer it. With that being said, most areas of the country you can find a better bargain with another plan. This doesn’t mean you shouldn’t, at least, compare the rates. If you need help evaluating a Medigap Plan L in your area give us a call.
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