Medicare supplement plan L is very different from eight of the other ten supplement plans. To understand how Medigap plan l works we need to break down the different pieces of this plan.
Medigap plan L will cover a variety of the gaps left by traditional Medicare insurance coverage. It covers the full amount of the Medicare Part A coinsurance and it will cover 75% of the cost for Medicare Part B coinsurance as well as Medicare Part A deductible, skilled nursing care, hospice care, and the cost of the first three pints of blood. This 75% coverage is what makes Plan L somewhat unique. There are three gaps that are not covered. They are the Medicare Part B deductible of $140 per year, any excess charges that a physician may charge above the Medicare approved amount, and any expenses from foreign travel emergencies.
The nice feature of Medicare supplement plan L is that the 75% liability for you is not unlimited like the liabilities left by Medicare insurance coverage.
As you pay the 25% of coinsurance that you are responsible for with Medigap Plan L you will be getting closer to closer to an out of pocket limit. The way this works is once you reach the limit of $2,320 you are no longer responsible for the 25% coinsurance until the next year. So if you have a prolonged stay in the hospital then you pay up to the point of the out of pocket limit and then Medicare supplement plan L pays 100%.
I have had many people ask me why anyone would take such a plan when they can choose another plan like Medicare supplement plan M which covers many more of the gaps without having this large out of pocket limit. The answer is really easy, monthly cost. Since you are taking on more liability the insurance company can afford to provide you with a lower premium. This is a concept frequently used in the private insurance market where people, who have to purchase their own health insurance, choose a plan with a very high deductible in order to get much lower premiums. The same can work for you.
In order to see if Medicare supplement plan L is the right plan for you or your loved one you will need to get a set of custom quotes. We are happy to provide you with a set of these quotes free of charge. Just fill out the form on the bottom or side of this page or go to our page for Medicare supplement quotes HERE. We are happy to provide you with quotes for Medigap plan L or any of the other Medicare supplement plans.
If you are doing research and are not quite ready to get your own set of quotes we have information on plans other than Medicare supplement plan L. You can find information on all the Medicare supplement plans HERE.