What is Medicare Supplement Plan G? With so many supplemental Medicare plans, understanding the ins and outs of each can be a challenge. Many people are familiar with plans A, B, and C, but don’t know as much about other supplemental plans like Plan G.
This is one of the most popular supplement plans for boomers, offering great coverage for those who can afford the small deductible each year. Plan F and G are nearly identical, except that Plan G doesn’t cover the Medicare Part B Deductible.
Medicare Supplement Plan G
While it may not cover the deductible for your Part B Medicare insurance, Plan G offers a lot of great benefits in coverage, including:
- Medicare Part A Hospital and Coinsurance Expenses
- Medicare Part B Copayments or Coinsurance
- Blood (Up to the first 3 pints)
- Part A Coinsurance for Hospice Care
- Coinsurance for Skilled Nursing Facilities
- Medicare Part A Deductible
- Medicare Part B Excess Charges
- Foreign Travel Emergencies
For people who want to avoid the high expense of copayments and excess charges, investing in Plan G instead is a great option. It costs less for the annual deductible, in most cases, than it does for all of the expenses that it covers if you were to pay out-of-pocket. Essentially, this plan fills in all the gaps of Medicare coverage, except the Part B deductible.
The Benefits of Choosing this Plan
The first benefit is that the deductible for Part B is actually less than the premiums for Plan F in most cases, which means that you can actually save more money, even with paying for your deductible out of pocket. If you shop around and compare rates, you will almost always find a plan that has significant savings over the 2017 Part B deductible of $183. This deductible does fluctuate from year to year, but it isn’t significant enough to change your mind about Plan G.
Another benefit of this plan is that the coverage is vast and hits all the right places. Hospital stays generally incur a deductible that is around $1300. WIth Plan G, that’s covered. It also covers all of your outpatient care expenses beyond the previously mentioned $183 deductible. Medicare is responsible for 80% of these expenses, while the supplemental Plan G will cover the remaining 20% for you.
Is Plan G for You?
Everyone loves lower premiums, of course, but what else should you consider before choosing Medicare supplement plan G? First of all, this plan is a way to save money on your insurance rates and medical costs over the long term.
Plus, if you are switching to this plan from a Plan F supplement, your deductible has already been paid for the year so you won’t be required to pay it until the next calendar year. You will often find better coverage for the cost and a lot of other perks to Plan G.
There really are no drawbacks, beyond the Part B deductible you will now be responsible for. However, if you consider the fact that Medicare supplement plan premiums typically cost more than that deductible, you really have nothing to lose.
Medicare Supplement Plan G is one of the best Medicare supplement plans available. Additionally, Part A hospital coinsurance and costs are covered for up to 365 days after the original benefits have been applied. That means that if you have hospital bills or costs from earlier in the calendar year, you can get Plan G now and have them paid for in full, no matter how high the costs might be.
Ultimately, choosing the right supplement plans for Medicare is up to you. Every person has different needs, and you have to consider yours when purchasing supplemental insurance.
However, Plan G does offer comprehensive benefits, great coverage, and plenty of options for people who want more out of their Medicare coverage. To learn more about this plan or get quotes for your own coverage, feel free to contact us today.