Medicare Supplement Plan G
Medicare Supplement Plan G offers comprehensive coverage and attractive premium rates.
There are ten Medicare supplement plans (Medigap) lettered A-N. Each plan covers a different set of financial gaps in your Original Medicare benefits. Medigap plan G covers all but one of these gaps. This plan ensures that you pay as little as possible out-of-pocket for your medical care. Below we take a closer look at this police.
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The Need For Medicare Supplements
Though Medicare provides excellent health insurance benefits, it leaves you exposed to high out-of-pocket costs. Looming within Medicare are multiple deductibles, coinsurance, and co-pays. In other words, without a supplement policy, you’ll pay something out-of-pocket for all your Medicare-covered services.
There are four parts of Medicare:
- Medicare Part A – Hospital insurance
- Medicare Part B – Doctors insurance
- Medicare Part C – Medicare Advantage
- Medicare Part D – Prescription drug coverage
Medigap is not part of Original Medicare. Instead, these are private insurance plans that work alongside Medicare to provide better coverage. Over 80% of all Medicare beneficiaries own some form of supplemental insurance.
All individuals eligible for Medicare can enroll in Supplemental insurance during one of the Medicare Enrollment Periods. However, you must currently be enrolled in both Medicare Part A and Medicare Part B.
What Does Medicare Supplement Plan G Cover?
As shown in the comparison chart below, Medigap Plan G covers all but one financial gap in your Medicare benefits.
- Part A coinsurance -Original Medicare covers up to 60 days for inpatient care in a hospital. After that, you’ll pay a steep daily coinsurance. Medigap Plan G extends your coverage to 100 days.
- Part A deductible – in 2020, the standard deductible is $1,364. Plan G covers this in full.
- Part B coinsurance – Medicare pays 80% of your out-patient care, and you pay the remaining 20%. There is no out-of-pocket maximum, which makes this the most significant gap in Medicare. All supplement plans cover this gap.
- Blood – First three pints
- Skilled nursing care – Original Medicare benefits only cover 20 days in a nursing facility in full. After that, you will pay a daily coinsurance upwards of $200 per day! Plan G protects you from this costly coinsurance.
- Foreign Travel Exchange – Plan G pays 80% towards out-of-country medical care after a small deductible.
- Part B Excess Charges – Medicare can charge you up to 15% more than what is covered by Medicare. These are known as Excess Charges. Supplement Plan G is one of the few plans that cover this gap.
What Medigap Plan G Doesn’t Cover
Medicare Supplement plan G covers all but one financial gap within Medicare.
Part B deductible – the standard Part B deductible in 2020 is $185. If you enroll in Plan G, this deductible is your only out-of-pocket costs for your Medicare benefits.
* Out-of-pocket Limits – only two Medigap policies set out-of-pocket limits, Medigap Plan K and Medigap Plan L. However, because Plan G covers all but one financial gap, there’s no need to set an out-of-pocket limit. The maximum you’ll pay out-of-pocket is $185.
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How Does Medicare Supplement Plan G Compare
See how Medicare supplement plan G compares to the other Supplement Plans.
Who is Medicare Supplement Plan G for?
Medicare Supplement Plan G is for any individual who would like to exchange their Medicare deductibles, copays, and coinsurance for a set monthly premium. Doing so eliminates all out-of-pocket Medicare costs after you pay the Part B annual deductible.
This plan will best benefit individuals with chronic health conditions. For it will save them money every time they use their Medicare benefits.
Is Medigap Plan G is Better than Plan F?
In our opinion, yes. Medigap Plan F premiums are more expensive, and yet they only protect you from the $185 Part B deductible. The reduced premiums of Medigap plan G often save you more than $185 annually. Therefore, Plan G is the most cost-effective plan for comprehensive coverage.
Plan F is the most popular Medicare Supplement Plan and has been for many years. However, beginning in 20202, Plan F is no longer available to individuals new to Medicare. Only individuals previously enrolled in Plan F can continue forward with that policy. As a result, Medigap Plan G is the most comprehensive plan available.
Shopping Medigap Insurance Carriers
It’s essential to keep in mind that you buy Medigap policies through private insurance companies, not Medicare. These private carriers choose which plans to offer and at what price. Therefore, it’s critical to take the time to shop and compare Medicare supplement companies before making a purchase. Failing to do so will likely result in overpaying for your coverage.
Our independent agency does the shopping process for you! We’ll help you shop and compare policies and companies side by side to find your best option.
Working with Our Independent Agency
Our independent agents are experts in all things Medicare. We’re here to answer all your questions and help you explore all your Medicare options.
Many individuals begin by seeking Medicare supplemental insurance and find their way to Medicare Advantage. We can help you explore both and determine the best way to customize your Medicare benefits.
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