What Medicare Supplement Plans Should I Carry?

Every Medicare-eligible senior has a unique situation and set of requirements. When you’re deciding which insurance plans and Medicare supplemental plans to offer, you want to be as comprehensive as possible. There are quite a few Medicare supplement plans available, but each one has different features and benefits.

Plans C, D, F and G are the most popular and generally cover most of the services Medicare-eligible seniors are looking for. But not every client is the same, and you should be ready if one of your seniors is looking for something different. 

What are Medicare supplement plans K, L, M and N?

So before you lock in your offerings, take a moment to consider Medicare supplement plans K, L, M and N. These alternative supplemental plans offer many benefits that will round out your service. And you never know! Plan K, L, M or N could be exactly what your clients need. Here’s what makes them unique.

1. Plan K

This plan is a good option if the senior you’re working with thinks they may have out-of-pocket hospital costs or if they often exceed their Medicare Parts A and B deductibles. Plan K also appeals to new Medicare clients used to their employer’s health insurance covering their coinsurance.

Plan K covers

• 100% of Medicare Part A coinsurance,
• 100% of hospital costs,
• 50% of Medigap benefits of Part A,
• 50% of Part B coinsurance,
• 50% of nursing care facility charges, and
• 50% of bloodwork.

Remember, Plan K doesn’t cover foreign travel costs, so it’s a good fit for seniors who aren’t planning on traveling too frequently.

2. Plan L

Medicare supplement Plan L is similar to Plan K, except this plan has even more coverage. Like Plan K, Plan L doesn’t cover costs of emergencies during foreign travel or the deductible and excess charges of Medicare Part B.

Plan L covers

• 100% of Part A coinsurance,
• 100% of hospital costs,
• 75% of Medigap benefits of Part A,
• 75% of Part B coinsurance, 
• 75% of nursing care facility costs, and
• 75% of bloodwork.

3. Plan M

This plan is even more comprehensive than Plans K and L.

Plan M covers

• 100% of Part A coinsurance, 
• 100% of hospital costs,
• 100% of Part B coinsurance,
• 100% of nursing care facility coinsurance, 
• 100% of hospice care coinsurance, and
• 80% of foreign travel emergency costs.

4. Plan N

Plan N offers excellent coverage for non-routine care. For this reason, Plan N may be a good fit for clients who don’t see their doctor often. 

Plan N covers

• 100% of Medigap benefits of Part A,
• 100% of Part B coinsurance,
• 100% of nursing facility care,
• 100% of bloodwork, and
• 80% of emergency foreign travel costs.

With Medicare supplement Plan N, seniors pay the Part B deductible and all copays and premiums. However, the premiums are 25% less expensive than Plan F’s premiums.

Should I carry these Medicare supplement plans?

Since Medicare supplement Plans K and L do not cover excess charges, these plans can be desirable for seniors living in states where billing Medicare beneficiaries extra charges is illegal.

As of 2022, these states are

• Connecticut,
• Massachusetts,
• Minnesota,
• New York,
• Ohio,
• Pennsylvania,
• Rhode Island and
• Vermont.

If your client lives in one of these states, consider offering the above supplement plans to them. The benefit is that they won’t have to pay the excess charges not covered by these supplement plans, so they can fully enjoy the other benefits these plans offer.

As a Medicare agent, your goal is to find the perfect Medicare plan for each and every one of your clients. For some, these Medicare supplement plans might be just what the doctor ordered. Contact us today to learn more!

 

image credit: shutterstock/FabrikaSimf