Medicare Supplement Plan G fills the gaps of Medicare, and helps pay your out-of-pocket expenses like hospital deductibles and physician bills that Medicare doesn’t pay for in full.
Let’s be honest, trying to sign up for Medicare is confusing to say the least. When you begin Medicare, you can get additional coverage through one of ten different supplement, or Medigap plans. We’ll walk you through the benefits of Medigap insurance and discuss the specifics of Medicare Supplement Plan G coverage.
Who Can Get a Medicare Supplement Plan?
You are eligible to enroll in a Medigap plan if:
• You are enrolled in Original Medicare
• You are not covered by Medicaid (in most cases)
• You live in any US state except Massachusetts, Minnesota, or Wisconsin
What Do Medigap Plans Cover?
There are ten types of Medicare supplement plans (A, B, C, D, F, G, K, L, M, & N) and they either provide full, partial, or no coverage in each of the following benefit categories:
• Part A deductible (fixed amount paid by patient before inpatient benefits begin)
• Part A coinsurance (patient portion for inpatient hospital stays)
• Part B deductible (fixed amount paid by patient before outpatient benefits begin)
• Part B copay & coinsurance (patient portion for doctor’s visit and outpatient services)
• Part B preventative care coinsurance (patient portion for wellness and disease screening)
• Skilled Nursing Facility coinsurance (patient portion for admission to SNF or qualifying hospital)
• Part B excess charges (patient costs beyond what Medicare pays if using a non-Medicare doctor)
• Blood products
• Emergency care when traveling abroad
These policies are sold by private insurance companies but Medicare dictates what services they cover. All plans are standardized which means for example, a Medicare Supplement Plan G policy from Aetna will have the exact same coverage as a Medicare Supplement Plan G policy from United Healthcare, but the two companies set their own premium prices.
What is Medicare Supplement Plan G?
You might have already heard that Medicare Supplement Plan F is the best Medicare supplement and offers the highest coverage for each of the categories above, but the premiums are also the most expensive, and it will no longer be offered to new beneficiaries in 2020. The benefits of Medicare Supplement Plan G are virtually identical to Plan F, except that the Part B deductible isn’t covered. For 2021, the Part B deductible is $203. So in exchange for paying that small out-of-pocket cost yourself each year, you can purchase the more affordable Plan G supplement insurance that will:
• Pay 100% of your Part A deductible ($1,484 for 2021).
• Cover 100% of your Part A coinsurance up to one year beyond what Medicare pays.
• Reimburse all Part B coinsurances for outpatient, preventative, hospice, and skilled nursing care
• Pay the excess charges that non-Medicare providers are permitted to bill for (may not exceed 15% of Medicare’s standard fee)
• Fully cover the first three pints of blood, if needed.
• Give you peace of mind by compensating emergency department services when traveling outside the United States.
We understand that navigating the different Medicare options can be complicated and confusing. Still not sure which coverage will work best for you? Our knowledgeable representatives are available to assist you in finding the right supplement plan for your medical and financial needs. Contact us today for more information about Medigap coverage types, insurance premium costs, and detailed enrollment information.
If you’re fortunate enough to know just what you’re looking for and you’d like help finding the best insurance company for your Plan G Medicare supplement, request a quote now from one of our licensed agents.