Medicare Supplement Plan G

What is a Medicare Supplement Plan G?

Medicare Supplemental Insurance, also known as Medigap, is a form of health insurance provided by independent insurance agencies in order to make up for the gaps that are left in traditional Medicare. These gaps take the form of a copay, coinsurance, deductibles, and other hidden fees that are not covered by Medicare Parts A and B.

A Medicare Supplement Plan is an added coverage that goes on top of Parts A and B, rather than replacing them. You can’t get it if you have a Medicare Advantage Plan (Part C). Furthermore, it is paid for separately from other Medicare parts.

This post will go into detail about one of the many Medigap options available to you: Medicare Supplement Plan G.

Plan G Benefits

All Medigap plans are universal regardless of provider. So Plan G benefits are the same at one agency as they are at another. Plan G covers almost all of the benefits available to Medigap recipients. Here is a quick overview of them.

Medicare Part A Deductible. Part A has a pretty hefty deductible that you might have to pay multiple times a year. Plan G protects you from these potential thousands of dollars in expenses.

Medicare Part A Coinsurance and Hospital Costs. When you visit the hospital, it uses your Part A benefits. However, you’ll still be responsible for paying a coinsurance. Plan G has you covered on these.

Part A Hospice Care Coinsurance or Copayment. Your Part A also covers stays at hospice care. With Plan G, you won’t need to pay the coinsurance for this.

Skilled Nursing Facility Coinsurance. If you need to stay in a SNF, Plan G will pay for the coinsurance that you would have been responsible for on Traditional Medicare.

Medicare Part B Coinsurance or Copayment. Part B covers your regular medical appointments, but still leaves you with some out of pocket expenses, but not when you have Medigap G.

Part B Excess Charges. In the rare case that your doctor charges more than Medicare assigns, you won’t have to pay the extra fees.

Foreign Travel Emergency. When you are travelling out of the country, Medigap Plan G let’s you take some of your Medicare benefits with you. This lets you travel with peace of mind.

First 3 Pints of Blood. Medigap plan G will pay for up to 3 pints of blood every year.

What’s Not Covered With Plan G

The only benefit that Medicare Supplement Plan G doesn’t include is the Medicare Part B Deductible. This isn’t much of an issue though because the deductible is really not that expensive – less than $200 per year.

Medigap G is one of the best options out there. While the premiums might be high, you’ll almost never have to pay a medical bill. This makes your healthcare expenses incredibly predictable from month to month and year to year. While some people might suggest Plan F, the increase in monthly costs really aren’t worth the minimal increase in benefits. The only difference is that Plan F covers the measly deductible for Medicare Part B.