While Plan K provides less coverage than other Medicare Supplement Plans, it does have one potentially appealing feature: an out-of-pocket spending limit.
The out-of-pocket limit is a yearly limit on your out-of-pocket expenses for covered services. In 2023, the annual out-of-pocket maximum for Plan K is $6,940. That is, once you have contributed $6,940 out of your own pocket, the plan will pay 100% of all covered services and items for the rest of the year.
Plan K is one of only two Medicare Supplement Plans with an out-of-pocket maximum. Because Original Medicare has no out-of-pocket limit, this is a strong selling point for this plan.