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Is a Medicare Supplement Insurance Plan G the Right Option for Me?
Medicare Supplement Insurance plans, also called Medigap, work alongside Medicare Parts A and B (Original Medicare). Medicare Supplement Plan G (also called Medigap Plan G) offers the highest level of coverage among the eight standardized Medicare Supplement Insurance plans available for purchase in most states. (Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans). As a result, Medicare Supplement Plan G is one of the most popular options for those looking to fill in the coverage gaps in Original Medicare.
Medigap Plan G is a robust plan with excellent coverage. With Plan G, you can expect to pay for very few, if any, out-of-pocket Original Medicare expenses—a big plus. Your only out-of-pocket expense is the low Part B deductible of $203 in 2021.
What Does Medicare Supplement Plan G Cover?
Hospital Expenses: 100% Part A hospital expenses – all coinsurance and deductible expenses, up to 365 days after Original Medicare benefits are exhausted.
Medical Expenses: Pays 100% of the Original Medicare Part B coinsurance or copayment (20% of Medicare-approved).
Transfusions: Pays for the first three pints of blood you receive in a medical procedure.
Hospice Care: 100% covered – Pays Original Medicare Part A coinsurance or copayment.
Skilled Nursing: Pays facility care coinsurance.
Excess Charges: Covers Original Medicare Part B excess charges.
(Doctors are allowed to charge up to 15% more than what Medicare charges and they can pass that additional cost to the patient! Most Medigap plans do not cover excess charges.)
Foreign Travel Medical Emergencies: Covers travel-abroad medical emergencies (80% of approved costs up to plan limits).
Part B Deductible
Medigap Plan G does not cover prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Another option is a Medicare Advantage plan, which typically covers prescription drugs and may also include other benefits, such as dental, gym memberships, vision and hearing coverage.
What Does Medicare Supplement Insurance Plan G Cost?
Monthly premiums are set by the private insurance companies who offer Medicare Supplement Insurance plans and are based on age, health status, gender and various other factors. Depending on these factors including location, insurance companies may charge different premiums for the same Medicare Supplement Plan G. That’s why it is in your best interest to shop around to ensure you are paying the lowest amount possible for your Medigap coverage. Companies may not cancel your coverage unless you don’t pay the plan premium, you weren’t truthful on the application, or the Medigap insurance company becomes bankrupt or insolvent.
Two Easy Ways to Get Expert Advice and Make a Smart Choice
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Save yourself time and the hassle of navigating the Medicare maze. In just minutes, we’ll compare all the options available for you. Don’t wait to ensure you’re getting all the benefits available in your area. Get started today.
Meet a Medicare Supplement Plan G User
Theresa is age 66. A homemaker, she is married to Stan who runs a successful accounting business. Sam encouraged Theresa to look for the “gold standard” when she chose her Medicare Supplement Insurance Plan. One that would fill in most or all of the gaps that Theresa’s Original Medicare doesn’t cover.
Theresa looked at both Plan G and Plan F because she’d heard they were both comprehensive in their coverage. She did the math and decided that the lower premiums of Plan G were more attractive, even though she’d be paying responsible for paying the Original Medicare Part B deductible if she needed to be hospitalized at some point in the coming year.
But Theresa is in good health and felt the monthly savings outweighed that possibility.
For these reasons, Theresa chose Medicare Supplement Plan G.
Need help navigating the Medicare Supplement Insurance Plan alphabet? To ensure you’re getting all the benefits you deserve, complete the online form to request a callback or call now and speak to a SelectQuote Medicare Plan expert.