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What Do Supplements Cover?

There are nine different types of costs a Medicare Supplement plan can cover. Only Plan F covers all of these, and it’s strictly available for individuals who turned 65 before January 1, 2020.

Plan C is another Medicare Supplement plan that is only available for those who turned 65 prior to January 1, 2020.

Medicare Supplements cover such Part A-related costs as:

• Hospital coinsurance and other costs up to a full year after Medicare benefits have been exhausted (All plans)

• Skilled nursing facility coinsurance (All plans except for Plans A and B)

• Hospice coinsurance or copayment (All plans)

• First three pints of blood (All plans)

• Deductible (All plans except for Plan A)

• 80% costs incurred from a foreign travel emergency (All plans except for Plans A, B, K, and L)

It can cover Part B costs like:

• Coinsurance or copayment (All plans)

• Excess Charges (Plans F and G only)

• Deductible (C and F only)

What Makes Plan K, L, and M Different?

Most cover 100% of the remaining costs of what they pay for. However, Plan K, L, and M have costs that they cover a large percentage of, but not at 100%.

Plan K covers 50% of the following costs:

• Part B coinsurance or copayment

• First three pints of blood

• Part A hospice coinsurance or copayment

• Skilled nursing facility care

• Part A deductible

Plan L covers 75%: of:

• Part B coinsurance or copayment

• First three pints of blood

• Part A hospice coinsurance or copayment

• Skilled nursing facility care

• Part A deductible

Plan M covers 50% of the Part A deductible.

Plan K and L are also unique because they have maximum out-of-pocket costs, where once you pay a certain amount, their respective coverages become 100%.

• Plan K’s 2021 out-of-pocket maximum is $6,220

• Plan L’s 2021 out-of-pocket maximum is $3,110

When Can I Join?

Medicare Supplement plans have the narrowest enrollment time window. You have six months after you’re enrolled in Medicare Part A and B to join. You may be unable to join if you wait beyond the six months. You can only join as an individual - if you have a spouse or other dependents, they will have to join a Medicare Supplement plan on their own.

This policy has a guaranteed renewal, so once you have it, it can be yours for as long as you’d like.

We Can Help Make Your Out-of-Pocket Costs Lower!

At Cashmore Financial Group, helping you with your expenses is more than a profession for us. It’s a passion. Every day, we help people just like you get the best policy possible, and we’re glad to do it. To learn more about Medicare Supplement plans and how they can help lower your out-of-pocket costs, reach out to us today!

How can we help you?