Medicare Supplement Plan L
Medicare Supplement Plan L is one of the ten standardized options offered in most states that can help cover certain Medicare out-of-pocket expenses, including copays or deductibles. Plan L offers a marginally lower premium rate than what might be paid for more comprehensive options, with the insurance carrier expected to pay 75% of covered medical expenses.
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Coverage for Plan L
Medicare Supplement Plan L provides 75% coverage for an assortment of benefits:
- Part A hospice care coinsurance or copayment coverage
- Medicare Part B coinsurance or copayment coverage
- First three pints of blood used for a covered medical procedure
- Skilled nursing facility care coinsurance coverage
Despite the partial coverage for the previous benefits, Plan L does offer full coverage for Medicare Part A coinsurance. That’s a savings of $1,408 in 2020.
It also covers hospital costs for up to an additional year after Medicare’s benefits are used up.
Medicare Supplement Plan L out-of-pocket costs
While Medicare Supplement Plan L does offer coverage for certain medical expenses, it does come with out-of-pocket costs that require you to pay the remaining 25% of costs not covered by Plan L. These out-of-pocket costs include:
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign travel emergency
Medicare Supplement Plan L also features an annual out-of-pocket maximum limit of $2,940 (in 2020).
Out-of-pocket maximum cap protection for Medicare Supplement Plan L
Medicare sets an annual limit for a maximum cap as a covered benefit. Once the yearly out-of-pocket limit is met and you meet the Medicare Plan B deductible, Plan L then has to pay your Medicare-related costs in full for the remainder of the calendar year. For 2020, Medicare set the limit to $2,940.
If paying a lower premium while still having some of your out-of-pocket Medicare expenses covered seems like a good deal, a licensed Medicare agent at Bobby Brock Insurance can help you get started.