Do you know what the second most purchased Medigap plan to supplement Original Medicare is? It’s Medicare Plan G, a supplement that helps to pay most of the out-of-pocket deductibles, coinsurance and copayments that Original Medicare doesn’t cover. Its a favourite of many baby boomers today because of its lower pricing than a Medicare Plan F. Everyone has heard of Plan F, but what is Medigap Plan G? What does Medigap Plan G cover?
Plan G coverage is a lot like Medicare Plan F. It provides great value to beneficiaries who are willing to pay a small (annual) deductible. After that, Medicare Plan G gives full coverage for all of the gaps in Original Medicare. For example with Original Medicare you are responsible for paying a hospital deductible if you become an inpatient along with copays and coinsurance. Medicare Supplement Plan G pays all of those charges. It even covers the 20% that Part B does not cover.The example below shows how a Medicare supplemental Plan G covers basically everything that Medicare Plan F does, except it doesn’t cover the Part B deductible.
Original Medicare pays for many, but not all, health care services and supplies. Medicare Supplement Insurance policies, sold by private companies, can help pay your share of some of the medical costs that Original Medicare does not cover, like deductibles, copayments, and coinsurance. Medigap Insurance policies are also called Medicare Supplement Insurance policies.
Some Medicare supplemental policies also give coverage for services that Original Medicare doesn’t cover, like medical care as you travel outside of the United States. If you already have Original Medicare and you decidet to buy a Medicare Supplement policy, the government will pay its share of any Medicare-approved amount for your health care costs.
Then, without question your Medicare Supplement policy pays its share. You have simply have to pay the monthly premiums when due the policy.
Keep in mind that Medicare supplemental insurance policy is different from a Medicare Advantage Plan (like an HMO or PPO) because those types of plans are ways to get your Medicare benefits, while a Medigap policy only provides supplemental coverage to your Original Medicare benefits. In fact is illegal for an insurance carrier to sell a Medicare supplement policy to anyone who’s still enrolled in a Part C Medicare Advantage Plan. If you have a Medicare supplement but decide to switch to a Medicare Advantage Plan for the first time, you have the right to change your mind and go back to your Medicare Supplement. You’ll have special rights called “guaranteed issue” under federal law to buy a Medicare Supplement policy if you decide return to Original Medicare within 12 months after you enrolled in the Medicare Advantage Plan.
A key to understanding what a medicare supplement plan g covers is to understand that it simply supplements the coverage of original medicare. So whatever Original Medicare pays, you can be fully confident that your Plan G will “supplement” or pay the deductibles, copays and coinsurance that Medicare leaves behind.
So, for example if Original Medicare pays any portion of your inpatient hospital costs, such as blood transfusions, skilled nursing, and hospice care then your Plan G supplement will pay its share. When Original Medicare pays any part of your outpatient medical services such as doctor visits, lab work, diabetes supplies, durable medical equipment, xrays, ambulance, surgeries etc…your Plan G supplement will without any question pay its share as well.
Medigap Plan G pays first, then your Medicare Plan G pays the rest after you pay whatever the annual deductible is for the current year.
In addition, Medigap Plan G supplements your coverage by providing up to $50,000 in foreign travel emergency benefits.
Lindsay saved nearly $300/year by choosing a Medigap Plan G instead of a Plan F.
Medicare Supplement Plan G, also known as Medigap Plan G, is an increasingly popular supplement for many reasons.
First of all, Medicare Plan G covers all of the gaps in Medicare except for the annual Part B deductible. This deductible is set each year by the Centers for Medicare and Medicaid and is subject to change. Currently, the medicare part b deductible 2018 is only $183. If you let us shop for the lowest medicare supplemental insurance rates for you we can find the lowest priced Plan G that will provide the greatest savings over Plan F, substantially more than $183. In other words, it’s worth it to let us shop for you.
Second, Plan G has great coverage. For instance, if you become an inpatient in the hospital, it covers all your hospital expenses. Most importantly, it pays the $1340 deductible that you would usually have to pay on your own for any hospital stay in 2018.
For outpatient care, Medigap G covers all but the first $183 in expenses, which is the Part B deductible. You’ll only pay the deductible the first time you have outpatient care for that year. Other than that, Medicare Plan G covers all the rest of your healthcare expenses. When Medicare pays the 80% of your outpatient costs and your supplement is required to pay the other 20%.
If you are just now starting to learn about Medicare supplement insurance plans, you may also want to learn what Original Medicare covers before you decided which supplement coverage is best for you.
If Medicare Supplement G is considerably cheaper than Plan F in your area, then it makes sense to purchase it. True, you’ll need to pay the Part B deductible once each year, but afterwards, the annual savings in premiums can more than offset the cost of the Medicare Part B deductible by several hundred dollars.
Would you like know which companies offer the best Medicare Plan G rates. Read our some of our Medicare Coverage Helpline Reviews here or signup for our free medicare guide “What Is Medicare” and a medicare specialist will reach out to you to answer any additional questions about rates in your specific zip code.
Keep more money in your own pocket with Medicare Supplement Plan G.
Lindsay is diabetic and has Medigap Plan G for which she pays regular monthly premiums. She sees her primary care physician once per year but visits her endocrinologist at least monthly to renew her prescriptions that are covered by her Part D prescription drug plan. In January, she goes to the doctor for her first visit of the year. The specialist billing department files a claim with Original Medicare, which pays 80% share of the bill except for the medicare part b deductible 2018 amount of $183, which is billed to Lindsay.
Now because Lindsay has a Medicare Supplement Plan G, after the medicare part deductible 2018 charge of $183 is paid, her insurance pays everything else. Her coverage even provides test strips, lancets and a new glucose meter all at no cost. Original Medicare and her supplement Plan G coordinate benefits together to pay 100% of the costs for her diabetes supplies.
The good news is for the rest of the year, Lindsay will owe not have to worry about paying any deductibles, copays or coinsurance, she’ll pay absolutely nothing out of pocket for covered Part A & B services. Her Medicare Plan G coverage takes care of the rest. Her only copays will be for when she goes to the local pharmacy to pick up medications which are covered under her separate Part D prescription drug plan that she purchased.
This means she doesn’t have to worry about any more doctor copays. She won’t have to pay for lab-work or radiology. If she needs a surgery, Medicare will pay for 80% of the charges and her Supplement Plan G will cover the other 20%. Plan G is just a really super supplement insurance plan to have as you can see from this example.
If you like lower monthly then certainly Plan G should be a supplement that you should consider buying. Getting lower premiums is hugely important, but there is another reason why Medigap Plan G has become one of the most popular plans in the market today. Its because Medicare Supplement Plan G is also a long-term rate saver. Medigap Plan G shows a lower rate increase trend from year to year than Medicare Plan F.
In recent years, we’ve seen Medicare Plan G sometimes have an increase of 3.5% or less with some private insurers. This is a lot less than the rate increases that are common year to year on Medicare Plan F.
Additionally, if you are thinking of switching from a Medicare Plan F that has already paid your Part B deductible for the current calendar year, you won’t have to pay it twice, it’s an annual deductible paid to the government, once it’s paid any point in the year you are good to go until next year.
Medicare Supplement G Is Popular For Good Reason!
Do you want to get a Medicare Plan G? Get in touch with us today: our licensed medicare specialist can explain how the policy often keeps premiums lower over the long term. We can also check all the Plan G rates for over 30 carriers for you to see which offers the cheapest rates for Medicare Plan G in your zip code. Also keep in mind that if you enrol with us, you’ll never pay a broker fee, you’ll have great customer service, your own medicare specialist that cares for you and wants to get you the best healthcare coverage for you.
Contact Us today to request a Medicare Coverage rate analysis for Medicare Supplement G policies in your zipcode. We’d love the opportunity to serve your insurance needs and show you the potentials savings you can achieve by this coverage to your Original Medicare!
medicare plan G rates
Post- note: Because Medicare terminology uses the words Parts and Plans, you will sometimes hear people refer to Part G, or Medicare Part G plans. Sometimes people will ask our medicare specialist: “What is Medicare Part G?” or “What does Part G cover?”
Most insurance agents will know what you’re referring to when you ask about Part G, but Plan G is the actual correct terminology. Would you like an easy way to remember how to use the right terms? Just remember that only Original Medicare itself has Parts and there are only four (4) parts which are A, B, C and D. So there really is no such a thing as a Medicare Part G! All of the Supplement insurances, on the other hand, are called Plans. So instead of saying Medicare Part G you should say Plan G, and you’ll be using the correct terms. Hope that helps !