If you're looking at medicare supplemental plans, you may have taken a look at some of the plans. Each plan has its own advantages and disadvantages. If you're uncertain which medigap plan is right for you, you need to know the different types of plans.
Plan K has its own perks, but it also has a few drawbacks to consider. These are some of the people who should consider medigap Plan K.
You Only Need Basic Service
Plan K only covers half of most outpatient services, meaning that you'll have to pay out of pocket for the other half. However, if you're mainly concerned with having coverage for hospitalization costs, this may be a good option for you as it covers 100% of inpatient services after you've met your deductible.
You Don't Use Many Outpatient Services
Even if you do use some outpatient services, as long as you don't go overboard, you may be able to get by with Plan K. If you only visit the doctor for an annual checkup and the occasional cold, you probably won't rack up a lot of expenses that Plan K doesn't cover. This is especially true if you have a plan that covers preventive care, so you don't need to go to the doctor as often.
You're Willing to Pay More Out of Pocket
If you're comfortable paying more out of pocket for your medical expenses, Plan K may be a good option. As long as you're not using a lot of outpatient services, you may be able to keep your costs down by only paying for what you need.
You Have Other Coverage
If you have other coverage, such as through an employer, you may not need all the bells and whistles that come with a more comprehensive medigap plan. Plan K may be a good option if you have other coverage that can pick up the slack.
You're on a Budget
Plan K has a lower premium than some of the other medigap plans, so if you're on a budget, this may be a good option for you. Just keep in mind that you may have to pay more out of pocket for your medical expenses.
Check Out All the Options Before You Decide
There's no one-size-fits-all answer when it comes to medigap plans. You need to consider your own needs and budget to decide which plan is right for you. Plan K may be a good option for some people, but it's not right for everyone.
If you still have questions, a medicare enrollment center can help you decide which insurance plan will help cover all the gaps.