When asking what is a Medicare Supplement, it is first important to understand Medicare and how it works. Medicare covers 80% of approved health care expenses. Medicare Supplements, also known as Medigap Plans, are designed to cover the remaining 20%.
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.
The following Medicare Supplement Benefit Guide will help you compare plans. There are only nine areas of coverage to consider when comparing. All standardized plans cover a portion of these benefits.