While Medicare Supplement Plans C, D, F, and G tend to be the most widely known plans, don’t forget to consider the lesser known plans. Don’t overlook Med Supp plans K, L, M, and N, they could be just what your client needs.
For clients in states that don’t allow excess charges, Plan K is one to consider. It covers 100% of the Part A coinsurance as well as 100% of hospital costs. Fifty percent of remaining Medigap benefits related to Medicare Part A, Part B coinsurance, skilled nursing facility care, and blood work is covered. This could be a good fit for clients that are aging into Medicare, have out-of-pocket expenses, or are used to having their employer provide insurance coverage.
Foreign travel emergency costs and Part B deductibles are not covered by Plan K.
This is another plan that is especially desirable in states that don’t allow excess charges. It is similar to Plan K — although it provides slightly more protection. Plan L covers 100% of hospital costs and 100% of Part A coinsurance. Emergency foreign travel costs, Part B excess charges, and the Part B deductible are not covered under Plan L.
Here is where Plan L and Plan K differ: Plan L covers 75% of each of the remaining Medigap benefits related to Medicare Part A, Part B coinsurance/copayment, blood, and skilled nursing facility care. Once the client has met their annual out-of-pocket maximum and met their Part B deductible, the rest of the costs for the remainder of the policy year are covered.
Like the other plans, Plan M pays 100% of the Part A coinsurance. Hospital costs, the first three pints of blood, skilled nursing facility care coinsurance, hospice care coinsurance/copayment, and Part B coinsurance or copayment are also covered by Plan M.
Unlike Plan K and Plan L, Plan M does pay 80% of emergency foreign travel costs. It also covers 50% of the Part A deductible.
Plan M does not cover excess charges or the Part B deductible.
Plan N is a great option for folks that only see their doctor a handful of times a year. Enrollees are required to pay a small deductible (the Part B deductible), copays, and premiums. However, premium-wise it is still about 25% less expensive than Plan F.
It covers 80% of emergency foreign travel costs. One hundred percent of Medigap benefits related to Medicare Part A, Part B coinsurance/copayment, skilled nursing facility care, and blood are all covered under Plan N.
Part B excess charges are not covered by this plan either.
One Last Thing
The plans mentioned in this paper do not cover Part B excess charges, making them more desirable to clients living in states that don’t allow excess charges. As of 2021, the states that don’t allow excess charges are Connecticut, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, Rhode Island, and Vermont. Typically enrollees in these states will pay out-of-pocket for Part B deductibles and any copays.
As always, we advise comparing all possible plans for your clients. Our marketers are standing by to answer any questions you may have regarding Plans K, L, M, and N, or anything else insurance related!
Sylvia Gordon and her sister, Rebecca, run Gordon Marketing, one of the nation’s largest Medicare FMO/NMA offices. They have a team of over 100 that train and support independent insurance agents in all 50 states. You can find Sylvia’s weekly posts on LinkedIn and the sisters' Youtube channel posts 2 training videos each week. Contact Sylvia at firstname.lastname@example.org or 800-388-8342.
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