Medigap Plan L – Medicare Supplement
|Part A Hospital Coinsurance||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|
|365 Hospital Reserve Days||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|
|Part B coinsurance||Yes||Yes||Yes||Yes||Yes||Yes||50%||75%||Yes||Yes|
|Benefit for Blood||Yes||Yes||Yes||Yes||Yes||Yes||50%||75%||Yes||Yes|
|Skilled Nursing Facility||No||No||Yes||Yes||Yes||Yes||50%||75%||Yes||Yes|
|Part A deductible||No||Yes||Yes||Yes||Yes||Yes||50%||75%||50%||Yes|
|Part B deductible||No||No||Yes||No||Yes||No||No||No||No||No|
|Part B excess||No||No||No||No||Yes||Yes||No||No||No||No|
|Foreign Travel Benefit||No||No||80%||80%||80%||80%||No||No||80%||80%|
|Out-of-pocket limit||N/A||N/A||N/A||N/A||N/A||N/A||$5,120 in 2017||$2,560 in 2017||N/A||N/A|
What’s Medigap Plan L?
Medicare Supplement Plan L may be a good choice for those with low medical expenses as it has the ability to have an out-of-pocket deductible, resulting in a low monthly payment. The annual out-of-pocket limit for 2016 is set at $2,480. After you reach this limit, the plan takes over in paying 100 percent of your Medicare Part A and preventative services coinsurance. Medigap Plan L also requires you to pay a percentage for other covered services, instead of covering the entire cost for you. This helps to keep your plan premiums low.
Plan L utilizes different divisions of cost for items and services than most of the supplement plans. You will have to pay some expenses yourself for some covered services (a deductible) until you meet the yearly cap. After you hit the yearly limit, your Plan L policy pays for the Medicare copayments, coinsurance, and deductibles until the end of the year. Excess charges from your physician, which surpass the amount Medicare will pay for a certain service, aren’t covered and don’t qualify for the out-of-pocket spending cap. You are responsible for paying these excess charges. The amount that you are responsible for may increase or vary from year to year.
Specifically included with Plan L benefits, coinsurance for Part A and expenses after your hospital benefits end are covered 100%. Medicare Preventive Care coinsurance for Part B is also covered for 100% of the Medicare-approved amount.The copay or coinsurance for Medicare Part B is covered 75% for services other than preventative. Also covered at 75% are the skilled nursing facility service and hospice care coinsurance or copay and the Medicare Part A Deductible. Blood coverage is also covered at 75% after the first 3 pints.
There are services and benefits not covered under Plan L. The Part B deductible is not covered. Any excess charges, as explained above, are also your responsibility. Emergency coverage for travel abroad is not included with this plan, so be aware of this when traveling. Recovery at home benefits are also not included in Plan L.
Not all insurance carriers offer all Medigap Supplement Plans. It can also be difficult to determine which plan is right for you. Most insurance carriers offer a variety of plans, so our licensed sales agents can help you shop around for the plan that will best fit your needs.