What Is Medigap Plan K? What You Need to Know
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Medigap Plan K is a Medicare Supplement Insurance plan that covers certain out-of-pocket expenses associated with Medicare Part A and Part B coverage. Plan K may have lower premiums than most other Medigap plan types, but it pays for only a portion of covered services.
How it works
Medicare Part A and Part B members can buy a Medigap plan to help pay for costs beyond their Original Medicare coverage, including copays, deductibles and coinsurance.
There are 10 standardized Medigap plans available in most states (except Massachusetts, Minnesota and Wisconsin, which use different standards). The plans differ in terms of coverage for services, out-of-pocket limits and premium costs.
Unlike most Medigap plans, Plan K only pays for 50% of the cost of most services it covers. So if you were billed $100 as a Part B coinsurance, for example, Plan K would pay for $50 and you would pay for the remaining $50.
However, Plan K is also one of only two Medigap plans with an out-of-pocket limit: in 2024, after you pay $7,060 out of pocket, the plan pays 100% of its covered services for the rest of the year.
Medicare will have big changes in 2025. Compare Medigap plans
What Medigap Plan K covers
Medigap Plan K covers the following, according to Medicare.gov:
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
Part A deductible (50%).
Part A hospice care coinsurance or copayment (50%).
Part B coinsurance or copayment (50%).
Skilled nursing facility care coinsurance (50%).
Blood transfusion (first three pints) (50%).
Annual out-of-pocket limit of $7,060 in 2024.
What Medigap Plan K doesn’t cover
Here are the benefits Medigap Plan K doesn’t cover that are included in some other plans:
Medicare Part B excess charges (if a provider is permitted to charge more than Medicare’s approved amount and does so).
Emergency care during travel outside the U.S.
Additionally, all Medigap plans, including Plan K, sold to new Medicare members don’t cover the following:
Part B deductible (since 2020, new Medicare members can’t buy any plan that covers the Part B deductible, although existing members may own older plans that do).
Prescription drugs (that's Medicare Part D).
Long-term care (like non-skilled care you get in a nursing home).
Private-duty nursing.
Shopping for Medigap plans? We have you covered.
MEDICARE SUPPLEMENT, or Medigap, is private health insurance that covers “gaps” in traditional Medicare coverage. Compare options from our Medigap roundup. | |
Best for Medigap plan options | Best for member satisfaction |
Best for premium discounts | Best for extra benefits |
How much does Medigap Plan K cost?
Because it covers less than other Medigap options, Plan K has relatively low premiums. This plan is regulated by the federal government but sold by private health insurance companies, which set prices according to factors including age, location and tobacco use.
In Atlanta, a metro area with average costs for Medigap policies, monthly Medigap Plan K premiums for a 65-year-old female nonsmoker range from $59 to $112.
A $59 Medigap Plan K policy has the same standardized Medicare coverage as one that costs $112. Companies may add on extra perks like discounted gym memberships, but the core Medicare benefits are the same, so go ahead and compare based on price.
Enrolling as soon as possible during your Medigap open enrollment period will get you the best price for Medigap Plan K coverage.
This period happens only once. It starts once you’re 65 and enrolled in Medicare Part B, and lasts for six months. (If you're still working after 65 and covered by a group employer plan that is deemed creditable coverage, your six-month period starts after you’ve ended active employment or no longer have that insurance.)
Medigap policies are cheapest and easiest to get during this open enrollment period because insurance companies aren’t allowed to factor your health or medical history into your price. After the period ends, the prices may go up or you may be denied coverage due to your health status or medical history.
In some states, insurance companies sell Medigap plans to those under 65 who are living with a disability and are eligible for Medicare. You can find more information through your State Health Insurance Assistance Program, or SHIP.
Compare alternative plans
Get details on Medicare Supplement plan options | |
Coverage | Medigap Plan |
Basic benefits | |
Basics plus some extras | |
Highest coverage | |
Lower premiums, but higher copays | |
Lowest premiums — partial coverage | |
No longer for sale to new Medicare members | |
Medicare will have big changes in 2025. Compare Medigap plans
