Medigap offers 10 standardized plans available in most states, each covering different out-of-pocket expenses. Other states, such as Massachusetts, Wisconsin, and Minnesota, have their own standardized plans.
Medicare Supplement Plan L offers less coverage compared to other Medigap policies. However, Plan L has an out-of-pocket cap spending, which may provide a practical and convenient choice for some beneficiaries.
Medicare Supplement Plan L covers 100% of the following benefits:
• Medicare Part A coinsurance
• Hospital costs up to one year after Original Medicare benefits are exhausted
Medigap Plan L covers 75% of the costs of:
• Medicare Part A hospice care coinsurance or copayment
• Medicare Part A deductible
• First three pints of blood used in a medical procedure
• Medicare Part B coinsurance or copayment
• Skilled Nursing Facility care coinsurance
Medicare Supplement plan L includes an out out-of-pocket limit. That is once you spend $2,780 (in 2019) out-of-pocket cost in your Original Medicare and have also paid your Medicare Part B deductible ($185 in 2019), Plan L will then cover 100% of the Medicare costs that are needed to be covered for the remainder of the calendar year.
Depending on the plan that you choose, you may have to pay for deductibles and other payables before you receive the benefits. Get your quotes now and let a licensed insurance agent provide you with the detailed coverage and costs.
When to enroll?
You can enroll in a Medigap Plan L anytime, but the only best time to do so is during your open enrollment period. Your open enrollment period begins the moment you are 65 and are enrolled in Medicare Part B. It is the best time to enroll in a Medigap because, during this time, because insurers can’t reject your application because of any medical conditions that you already have.
If you miss your open enrollment period, you can still apply to Medicare Plan L but you may be asked some medical questions or undergo a medical underwriting. There is also a possibility that insurance companies will deny your application or charge you with a higher premium due to pre-existing conditions.
On the other hand, there are circumstances when you can enjoy guaranteed issue rights.
How much does Medigap Plan L cost?
Medigap Plan L is among the ten standardized plans of Medigap. That means the benefits that Plan L provides is the same no matter where you get it. The difference is the cost. Plan L premium may vary from one company to another. The cost will also depend on various factors such as the age you enroll in the plan and the rating system used by the insurer to determine your premium.
In 2018, the average monthly premium of this plan is $236.
Where to buy Plan L Medicare Supplement?
Not all of the insurance companies offer this type of Medigap plan. Availability of this plan may also vary depending on the state or location where you live. If you are interested in Medigap plan L, it is best to work with a licensed insurance agent to help you find the right provider in your area. Working with an expert in Medicare insurance products will also help you avoid wasting of time and effort.
You can also send us a request for Medigap quotes to find which of the top insurance companies offer this type of Medigap in your area. One of our licensed Medigap agents will contact you to discuss Medigap Plan L and other options with you.
This website is for informational purposes only. Nothing should be used to replace any expert or professional medical advice.