| What You Need to Know About Medicare Supplement Plan G

Medicare Supplement Plans

MEDIGAP PLAN G: 8 THINGS YOU NEED TO KNOW

Medigap Plan G — officially known as Medicare Supplement Plan G — is one of 10 Medicare Supplement plans that you can choose from when you reach age 65. Like the other plans, Medigap Plan G fills in some of the gaps left behind by Original Medicare healthcare coverage.

Medigap-Plan-G-can-reduce-your-healthcare-costs

Medigap Plan G — officially known as Medicare Supplement Plan G — is one of 10 Medicare Supplement plans that you can choose from when you reach age 65. Like the other plans, Medigap Plan G fills in some of the gaps left behind by Original Medicare healthcare coverage.

It’s important to compare all Medigap plans so you know which one will work best for you. The following are eight things you need to know about Medicare Supplement Plan G.

1. MEDICARE SUPPLEMENT PLAN G IS THE SECOND MOST POPULAR PLAN

Enjoy-one-of-the-most-popular-Medicare-Supplement-plans

Of all the Medicare Supplement plans, Medigap Plan F remains the most popular. It offers the most comprehensive coverage, but it’s also the most expensive plan available. If you’re concerned about how much Medigap plans cost, you might consider Plan G as an alternative.

It’s the second most popular Medicare supplemental insurance plan thanks to its highly comprehensive coverage. The only difference between it and Plan F is that it doesn’t cover your Original Medicare Part B deductible.

There’s no need to worry about your Original Medicare Part A deductible or your Original Medicare Part B coinsurance or copayment. Medigap Plan G takes care of both. Like the other Medigap plans available, it also offers an extra 365 days of hospitalization coverage on top of Original Medicare Part A.

2. MEDIGAP PLANS C AND F WILL GO AWAY IN 2020

More people are considering Medigap Plan G now that Medicare is eliminating Medigap Plans C and F. Both of those plans cover the Part B deductible, and after 2020, Medicare will not allow any plan to cover that expense.

If you’ve been planning on applying for Medigap Plans C or F, but you won’t turn 65 until 2020 or after, consider Medigap Plan G instead.

3. MEDIGAP PLAN G COVERS PART B EXCESS CHARGES

When you visit the doctor, he or she can charge you in excess of what Original Medicare will pay. You become responsible for these excess charges.

Some physicians limit their rates to Original Medicare’s limits, while others do not. If you have Medigap Plan G, you won’t have to worry about it because the plan will pay those excess charges.

If you’re concerned about out-of-pocket costs, you might have good reason to choose Plan G over other Medicare Supplement insurance options. Excess charges can add up if you choose providers who don’t stick to Original Medicare’s rates.

4. YOU’LL PAY LESS FOR PLAN G THAN FOR PLAN F

If you compare the premiums between Medigap Plans F and G, you’ll see a significant difference.

Medicare-Plans-F-and-G-Cost-Comparison-Chart

 In the chart above, you’ll notice that the annual savings range from just over $46 to more than $491, depending on where you live. That amounts to a monthly savings of between $19.16 and $56.23.

As of 2018, you’ll pay an Original Medicare Part B deductible of $183. That’s applied annually to your healthcare coverage. As you can see in the examples, most areas offer savings that exceed $183.

That’s why comparison shopping becomes so important. Use Ensurem’s Medigap Quoter tool to find quotes for Plans G and F in your geographical area, then compare the premiums against the Original Medicare Part B deductible. If you’ll save money with Plan G, it might be the right choice.

5. YOU CAN FEEL MORE SECURE WHEN YOU TRAVEL ABROAD

One of the most attractive features of Medigap Plan G applies specifically to people who love to travel. If you plan to go abroad during your retirement, you can feel more secure knowing that Medigap Plan G will pay up to $50,000 in healthcare-related costs when you’re out of the country.

Medigap Plan G also covers other expenses. For instance, Original Medicare only picks up the tab after the first three pints of blood, but Medigap Plan G will pay for those first three pints. It takes care of nursing facility coinsurance, hospice care insurance or copayment, and more.

6. RATE INCREASES HAPPEN SLOWLY WITH MEDIGAP PLAN G

Each year, insurance companies can increase their premiums for Medicare Supplement plans. The amount of the rate increase can affect your budget and your ability to manage healthcare expenses.

Medigap Plan G tends to incur much lower rate increases every year over Medigap Plan F. In addition to saving money initially, you can also save money overtime because you won’t have to pay as much due to inflation and other factors.

7. PLAN G IS STANDARDIZED

You don’t have to worry about comparing Plan G against Plan G among insurance companies. Every company that offers Medigap Plan G must provide the same coverage levels, which means that you’ll have the same out-of-pocket expenses as you would with another insurer.

The only difference is in three states: Massachusetts, Minnesota, and Wisconsin. These states also have standardized plans, but they’re organized in different ways.

Regardless of where you live, however, your premium can be very different based on the insurance company you use. This is true of Medigap Plan G just like the other nine plans. When you’re conducting your comparison shopping, make sure you’re only comparing Plan G to Plan G.

CONCLUSION

Medigap Plan G is one of the most popular and cost-effective Medigap plans. You can decide which insurance company you wish apply with, and you can also compare Medicare Supplement alternatives. Everyone has unique needs and desires when it comes to healthcare, so take your time with this decision.

If you’re ready to start shopping for Medicare Supplement quotes, use Ensurem’s Medigap Quoter. You’ll see premium pricing from insurance companies who operate in your area and offer the plan you want.

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