Medigap Plan L – What does it cover?
For many people, Medigap Plan L will not provide the comprehensive coverage they’re looking for. The good news is that Medicare Supplement Plan L will provide full coverage for your Medicare Part A hospital costs and coinsurance.
Unfortunately, it only partial coverage for a variety of other benefits. Let’s first look to see what Plan L covers:
What Medicare Supplement Plan L Will NOT Cover
With Medicare Supplement Plan L, you won’t be covered for foreign travel emergencies, your Medicare Part B deductible, or your Part B excess charges. Plan L also doesn’t cover 100% of some of your other benefits. In fact it only covers 75% for the following:
|Medicare Supplement Benefits||Plan L covers?|
|Medicare Part A coinsurance & hospital costs (up to additional 365 days after medicare benefits are used||YES|
|Medicare Part B coinsurance or copayment||75%|
|Blood (first 3 pints)||75%|
|Part A hospice care coinsurance or copayment||75%|
|Skilled nursing facility care coinsurance||75%|
|Part A deductible||75%|
|Part B deductible||NO|
|Part B excess charges||NO|
|Foreign travel emergency (up to plan limits)||NO|
Medicare Supplement Plan L has lower premiums with shared costs
Medigap Plan L is one of the cost-sharing Medigap policies available to you. It has slightly lower premiums when compared to a popular plan like Plan G.
When you enroll in Medicare Supplement Plan L, the Medigap insurance company pays 75% of your medical expenses that are approved by Medicare on most benefits. You have to pay the remaining 25%. You must also pay your Medicare Part B deductible as well as any excess charges. Is Plan L a good deal?
If you have any costly health care issues, that 25% can add up quickly. You’ll need to evaluate the cost savings of Plan L compared to the benefits of some of the more comprehensive Medigap plans. Most times people see that the savings aren’t big enough and the risk is too great.
Plan L Case Study
In our example case study, we have John Doe who has a few medical procedures. Let’s see how Medicare Supplement Plan L works based on a common scenario.
John had to undergo an outpatient surgical visit. His Plan L pays 75% and John pays the remaining 25% of Medicare’s allowed amount.
If the Medicare-approved amount for John’s surgery is $10,000:
- Plan L pays $7,500
- John pays $2,500
Once John reaches the annual Out-of-Pocket Limit and the yearly Part B deductible for Medigap Plan L, then it pays 100% of covered services for the rest of the year.
It’s easy to compare Standardized Medigap Plans
Medicare supplement plans were standardized in 1991; which means that all Medicare Supplement plans with the same plan letter provides identical coverage and benefits. All Medigap insurance companies are required to provide the same benefits.
In other words, Plan L from Mutual of Omaha is identical to Plan L from Cigna. The price is the only difference between the two companies.
Get Quotes for Medicare Supplements
You have many options for Medicare supplements, including Plan L. To find out which Medicare Supplements meets your needs and budget, contact REMEDIGAP for a free quote today. We use over a dozen Medicare insurance companies to make sure you get affordable coverage.