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Medigap plan L

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    Medigap plan L

    By Ed Crowe | Latest news | 0 comment | 8 January, 2013 | 0

    Medigap plans also called Medicare supplement plans are secondary to Medicare insurance plans offered by private insurance companies.  The plans are standardized in most states and range from plan A to N.

    Traditionally, plan J (now a retired plan) and plan F have been the most popular as they both cover 100% of secondary costs not covered by Medicare.  Plan F can be costly with an premium ranging from $170 a month to $250 a month depending on the state you live in.

    There are lower cost alternatives that are worthy of consideration.  The plan L supplement has only been around for a few years and is not well know but it should not be ignored.  Plan L premium is about 1/3 the cost of plan F.  (Around $120 a month) ($114.25 in CT)  It covers 75% of the costs not covered by Medicare and has a total out of pocket limit of $2,400 per year.   A 25% cost share may seem like a big risk at first glace but it is more than reasonable if you consider how Medicare bills costs.

    Plan L covers 75% of what Medicare does not cover.  For part B of medicare, it will cover 75% of the 20% Medicare does not cover.  This leaves the insured with a 5% cost share.  Further, the 20% cost share is based on what Medicare allows the provider to charge. It is not based off the regular rate.

    Under Medicare Part A, the hospital deductible is $1140 which Plan L covers 75% of.  This leaves only $285.00 for the insured to pay.   Part A covers at 100% for the first 60 days of hospitalization after the deductible is met so there is little risk of owning any more than $285.00

    My personal experience with clients using plan L has been overwhelmingly positive.  Clients that do not use many medical services for the year experience huge savings over plan F and those that utilize a lot of services rarely spend more than than the premium savings vs. a plan F.

    Plan L is a solid choice for those that want to take the time to understand why it will save them money.

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