Medicare Supplement Plan G – What does it cover? Plan G is a great option if you’re looking for a plan that has comprehensive benefits and low out of pocket costs.
All Medicare Supplement Insurance Plans are Standardized by the government. This means that the plan benefits are exactly the same from company to company.
Benefits Of Plan G
Plan G covers 100% of the Medicare Part A and Part B co-pays and coinsurance, those gaps and holes that Medicare doesn’t cover. Plan G covers Skilled Nursing and rehab facility stays and also Hospice care.
You also won’t have to worry about any balance billing, known as excess charges. In the event a provider doesn’t accept Medicare Assignment, or Medicare as payment in full, your Plan G will cover this.
Another benefit of Plan G includes Foreign Travel Emergency coverage for travelling outside of the United States. Since Medicare has limited coverage for health care that you get outside the U.S., this extra benefit helps with out of pocket costs.
Out Of Pocket Costs With Plan G
The only out of pocket you’ll have with Plan G for medical costs is your monthly plan premium plus the annual Part B deductible of Medicare. This amount can change every year, and it usually will go up a few dollars each year.
The Part B deductible applies toward your medical costs starting January 1st every year. You’ll get a bill up to the amount of the deductible on your first Doctor or provider visit.
The Medicare Part B deductible re-sets every January. Once you meet the deductible, then your Supplement plan G will cover any other medical costs approved by Medicare for the remainder of the year.
How The Plan Works
So to paint a picture for you, if you had a Plan G Supplement and your first visit to the doctor was in say March. You would get a bill for up to the Part B deductible amount, whatever it happens to be for that year.
If the bill doesn’t reach the deductible limit, then the remaining deductible balance is applied toward your next visit.
If two months later you are hospitalized and your deductible has been met already for the year, then you won’t get a bill for the hospitalization. Your supplement will pick up what Medicare doesn’t cover.
There are also no co-pays with Plan G. So if you go to the doctor a lot then this plan should work well for you.
Medicare Supplement Plan F vs Plan G
If you have a Plan F, then in most cases a Plan G will save you money. Even though Plan F covers the Part B deductible, it’s usually at a much higher cost each month for Plan F premiums. The insurance company charges you much more to pay that deductible for you.
The rate increases on plan F are also historically higher than Plan G. So Plan G is a better value than plan F.
There’s another plan that may save you even more than the plan G and that’s Plan N. We talk about plan N in another video, so be sure to watch that one.
Medicare Supplement Plan G Eligibility
The government has made some recent changes to the Medicare Supplement plan eligibility.
The changes affect beneficiaries that are newly eligible for Medicare on or after January 1 st 2020. They won’t have the option to choose Medicare supplement Plan F or plan C.
Plan F and Plan C cover the Part B deductible. Medicare Supplement plans with part B deductible coverage can no longer be sold to newly eligible Medicare Beneficiaries.
If you were eligible for Medicare prior to January 1st 2020, then you have the option to enroll in plan F, plan C, or Plan G. There may be specific qualifying conditions to meet for any of these plans.
I hope this has helped you understand the benefits of Medicare Supplement Plan G.
If you have questions on any of the plans, then give us a call at (800) 783-5901 or email us at Info@usamedicareplan.com, our service is 100% FREE and we’re happy to help you.
