Medigap Plan L
Medicare Supplement (Medigap) Plan L is another policy that involves cost-sharing. In exchange for slightly reduced premiums than what you may pay for a Plan F, if you sign up for a Plan L, the insurance company will pay 75% of your covered medical expenses — on most things — and you’ll pay the other 25%.
In addition, you’ll pay the Part B deductible and any Medicare excess charges.
Medigap Plan L Benefits
75% Part A deductible
75% Part B coinsurance
75% first three pints of blood
75% Part A hospice care coinsurance
75% Skilled nursing facility coinsurance
✔ Part A coinsurance and hospital costs
Plan L doesn’t cover the Medicare Part B deductible, Part B excess charges, or Foreign travel emergency care.
Medigap Plan L Out Of Pocket Maximum
Plan L also has a limit on the costs you’re responsible for — called your cap protection or out-of-pocket maximum. Medicare sets this limit annually, and in 2023, Plan L’s limit is $3,470. So if in a calendar year your spending hits $3,470 in covered expenses approved by Medicare, the Medigap carrier will pay the rest.
This limit makes it easier to share in 25% of the expenses on listed items. Even if you have a year of poor health, you can have peace of mind knowing that you won’t have to pay more than the cap amount.
Medigap Plan L Carriers
In most areas, the insurance carrier decides which Medigap policies it will offer to buyers. It’s relatively easy to find companies for a popular plan like F, but not so easy for Plan L. Not as many carriers offer it. This is a key reason to get help from a Medicare broker like us.
We Work FOR YOU!
We specialize in Medicare Supplement plans — working with the top Medigap insurance carriers in Texas and beyond. But we work for you! At Simple Retirement Benefits, we research carriers and rates for you so you can save time and money. The best part? Our service is FREE of charge. You read that right. Call 512-432-5414 to speak with a licensed Medicare agent.
