Final answer:
Medigap Plans K and L are supplemental insurance plans that help cover costs not covered by Medicare. Plan K covers 50% of Medicare-approved amounts with an out-of-pocket limit, while Plan L covers 75% of Medicare-approved amounts with an out-of-pocket limit.
Step-by-step explanation:
Medigap Plans K and L are supplemental insurance plans that help cover some of the costs not covered by Medicare. These plans are designed to fill in the gaps left by Medicare and help individuals pay for expenses such as deductibles, copayments, and coinsurance.
Medigap Plan K covers 50% of Medicare-approved amounts for certain services and has an out-of-pocket limit, meaning once that limit is reached, the plan will cover 100% of Medicare-approved amounts for the remainder of the year.
Medigap Plan L covers 75% of Medicare-approved amounts for certain services and also has an out-of-pocket limit. Once the limit is reached, the plan will cover 100% of Medicare-approved amounts for the rest of the year.