Are Co-Sharing Medicare Supplement Plans the Best Option for You?

Out of all the Medicare supplement plans available at https://www.bestmedicaresupplementplans2019.com/ two of these plans offer only partial coverage, as they are co-sharing plans. With co-sharing plans, your health insurance company will cover a part of your bill, while you will have to pay for the rest of your bill by yourself. In 47 states, Medicare supplement plans are standardized and offer the same benefits. In these 47 states there are two co-sharing Medicare supplement plans available: the Medicare supplement plan K and the Medicare supplement plan L.

 

Medicare supplement plan K

This Medicare supplement plan will cover for 50% of your health care bills. However, not all benefits are included. These are the benefits, which Medicare supplement plan K will cover up to a 50%:

  • Expenses for Medicare Part B co-insurance and co-payment
  • Expenses for Medicare part A co-insurance and co-payment due to hospice care
  • Expenses for so-insurance due to skilled nursing facility
  • Expenses for the Medicare part A deductible

There is one expense Medicare supplement plan K covers to a 100%, which is the expenses for Medicare part A co-insurance. The Medicare supplement plan K has a limit, to make sure that the out-of-pocket costs don´t become too high. If you´ve paid an amount of 5,240$ for the year, Medicare supplement plan K will start covering all the benefits that were covered up to 50%, to a full amount of 100%.

 

Medicare supplement plan L

This Medicare supplement plan will cover for 75% of your health care bills. Similarly, to plan K, not all benefits are included, but here are the ones that are:

  • Expenses for Medicare part B co-insurance and co-payment
  • Expenses for the first three pints of blood
  • Expenses for Medicare part A co-insurance and co-payment due to hospice care
  • Expenses for Medicare co-insurance for skilled nursing facility
  • Expenses for Medicare part A deductibles

One expense that is covered up to 100% is the expense for Medicare part A, just as it is covered by the supplement plan K. The difference to supplement plan K is, apart from the fact that is covers 75%, is that its annual limit is lower. With supplement plan L, 100% coverage starts once you´ve reached an out-of-pocket limit of $2,620.

Enrollment of Medicare supplement plan K and L

Medicare supplement plan K has a number of 1% members enrolled, in comparison to the other available Medicare supplement plans. This makes this Medicare supplement plan a not so popular one. The Medicare supplement plan L has even fewer members, with a number of 0,5% of enrolled members. Although, since these measurements were taken, both enrollment plans have been starting to grow in popularity.

If you´re able to set aside the amount required for the annual limit, choosing one of these plans might be the right financial move for you- giving you a peace of mind, allowing to control your expenses. Don´t forget to compare prices, as the premium rate for Medicare supplement plans may be different from company to company.