Medigap Plan L covers the basic benefits that all Medicare Supplement plans are required to offer, but some costs covers at 75% instead of fully.
Medicare supplement Plan L covers 100% of the costs of Medicare Part A coinsurance and hospital costs up to one year after Medicare benefits are exhausted.
It covers the Part B coinsurance for preventive services, the foreign travel emergency coverage, and the Part A coinsurance at 100%. Plan L does not cover the Part B deductible or the Part B excess charges.
Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
75% of the Part B coinsurance/copayment
75% of the first 3 pints of blood
75% of the Part A hospice coinsurance/copayment
75% of the skilled nursing facility care coinsurance
75% of the Part A deductible
$3310 out-of-pocket limit (in 2022), then Medicare supplement pays 100%
Medigap Plan L is available in all federal states and offers you more benefits than stand-alone Original Medicare at a low monthly premium cost. Even though Original Medicare covers most costs, Medicare Supplement Plan L can help you cover other remaining costs like coinsurance, deductibles, and copayments.
Since this plan covers 75% of the Original Medicare costs, you’ll need to pay for 25% of the remaining charges. Also, you will need to pay in full for those expenses that Medigap plan L does not cover.
Plan L is one of two Medicare supplement plans that offers a maximum out-of-pocket(MOOP) limit. In 2023, this limit amount to $3,470, but this typically increases each year.
After the maximum has been met, Plan L will pay for 100% of covered services for the remainder of the year.
Individual premiums will vary based on which state the individual is seeking coverage in, which carrier they are purchasing from, and also individual factors like gender, age, tobacco use, and a few other details.
The average cost for Plan L ranges from $80-$180 per month. In general, Plan L premiums are higher in states who have a higher cost of living.
For more information about asset based long term care, reach out to Texas Medicare Advisors today.
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– A NON-GOVERNMENT ENTITY –
Texas Medicare Advisors 512-265-0252
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