Medigap Plan L Supplement Insurance

Medigap Plan L is one of eight Medicare Supplement insurance plans available for newly eligible Medicare enrollees. It helps cover your out-of-pocket costs with Original Medicare – both Medicare Part A and Part B.

Most Medigap plans pay 100% of the costs they cover. But Medigap Plan L will pay 75% of covered costs once you meet your Part B deductible — $226 for 2023.

Because Medigap Plan L provides less coverage, it can cost less. It would be best to compare Medigap plans to see which is best for your health and financial situation.

Medigap Plan L doesn’t cover all out-of-pocket costs related to Original Medicare. There are some expenses you’ll still be responsible for even if you reach your plan’s out-of-pocket limit.

If you want prescription drug coverage, you can add a Medicare Part D prescription drug plan to Original Medicare.

Most Medicare Advantage plans also include a Medicare Part D plan. Medicare Advantage plans may also cover dental, hearing and vision care. You cannot have both a Medicare Advantage plan and a Medigap plan at the same time.

Both Medicare Part D plans and Medicare Advantage plans are sold through private insurers.

Medigap Plan L, like all other Medigap plans, is also sold through private insurers.

You will pay a monthly premium for Medigap Plan L in addition to the premiums you pay for Original Medicare and any Medicare Part D plan you may have. These monthly premium costs do not apply toward your yearly out-of-pocket limit for Plan L.

Rates and plan availability may vary depending on the insurance company selling Medigap policies and where you live.

The biggest difference between Medigap Plan K and Plan L is that Plan L pays a higher percentage of covered costs and has a lower out-of-pocket limit than Plan K. Both plans are similar in that they are the only two Medigap plans that do not pay 100% of covered out-of-pocket expenses.

Medigap Plan L offers a little more protection and typically has a higher monthly premium than Medigap Plan K. It is probably best suited for someone who only has minor health problems and lives in a state that doesn’t allow excess charges.