Interested in understanding the advantages of Aetna Medigap Plan G? We can help! This article will provide you detailed facts about Aetna, the benefits of Plan G, and determining what Medigap Plan is the best for you. Prefer to talk to a real person?
Who is Aetna?
Aetna Inc. (NYSE:AET) is a health insurance company that includes 22.1 million medical members, 12.7 million dental members, 13.1 million pharmacy benefit management services members, 1,200,000 health-care professionals, over 690,000 primary care doctors and specialists, and over 5,700 hospitals. Since November 28, 2018, the company has been a subsidiary of CVS Health. Given these figures, you can see that Aetna is one of the major players in Medigap market.
How Does Aetna Medigap Plan G Compare?
Aetna is one of several health insurance companies that offer Medicare Medigap or supplemental insurance plans. As a reminder, Medicare pays for much of your healthcare costs, but Medicare won’t cover all your costs. That’s where a Medicare supplemental insurance plan, i.e., a “Medigap policy”, can help your budget. Medigap plans are insurance plans sold by private insurance companies like Aetna to cover the costs that are not covered in either Medicare Part A or Medicare Part B. IMPORTANTLY, every company offers identical benefits within each plan letter but the cost of each plan can be different. For example, Plan G from Mutual of Omaha, is identical to Plan G from Aetna, Cigna, or United Healthcare. However, while the benefits of these plans are the same across health insurance company, the premiums can be different and that’s where we can help! You can find quotes online using our FREE quote engine, or better yet, call us! We can walk you through the details.
So, What Does Plan G Cover?
Medicare Supplemental Plan G is our most popular plan. In Plan G, you pay the Annual Part B deductible each year. In 2019 this deductible is $185. Once that is met, Plan G pays 100% of the costs in Medicare Part A and B. Does this include coinsurance on all Medicare approved expenses? Yes! Plan G covers the 20% coinsurance on all Medicare approved expenses. Again, remember that it’s important to recognize that while the benefits of Medigap plans are the same across plan letter, the cost of the same plan from different companies can be different. In other words, Aetna Medigap plan G will offer the same benefits as e.g., Cigna’s Medigap plan G. Generally, the only difference between Medigap plans sold by different insurance companies is the cost. Below are the benefits Covered by Aetna Medigap Plan G – these are also the benefits for health insurance companies offering Plan G as well.
As can be seen by the chart, Plan G does offer international coverage for emergency health care, if your healthcare emergency outside the United States (US) begins during the first 60 days after leaving the US and Medicare doesn’t otherwise cover the care. Your only cost for international coverage is a $250 annual deductible and 20% of the Medicare-approved amount some medically necessary services. There is also a lifetime benefit maximum of $50,000, which means that your international medical care cannot cost more than $50,000 from the date you start Medicare, regardless of the healthcare company offering the policy.
What Doesn’t Plan G Cover?
No Medigap plan covers dental. And neither does Medicare. Additionally, Plan G does not cover outpatient medications from the pharmacy. Outpatient medications are covered through Part D plans. However, Plan G will cover Part B medications, which typically includes drugs that are administered in a clinical setting, like injections you receive in the doctor’s office for chemotherapy or autoimmune diseases. The only other item that Plan G does not cover when you incur expenses with in the US, is the Part B deductible, which was $185 in 2019.,
Is Plan G better than Plan F?
Medicare Supplement Plan G is our most popular plan. Plan G is identical to Plan F except the patient (beneficiary) must pay the Annual Part B deductible themselves each year. In 2019 this deductible is $185. Once that is met, Plan G pays 100% of the gaps in Medicare part A and B. This includes the 20% coinsurance on all Medicare approved expenses. While plan F does cover more expenses than Plan G, it comes at a cost. Plan F’s premium is usually much higher than Plan G. And, Plan F is being discontinued on January 1st 2020. Those who have it may keep the plan, however those eligible for Medicare A and B on January 1st, 2020 and beyond will not be able to enroll in a Plan F.
Who has a Medigap plan?
The American Health Insurance Plans (AHIP) analyzed demographics of seniors who have Medigap plans. 34% of seniors in 2016 who had original Medicare (Part A & B, not Medicare Advantage) had a Medigap plan also. Interestingly, 61% of seniors in 2015 who had Medigap insurance were women, but this can vary by state. Who is buying Medigap plans? Younger beneficiaries! 48% of seniors 65-74 years of age have a Medigap plan, compared to 25% for 75-84% and 10% of 85 years and older. Also, the share of seniors with a Medigap plan in 2015 varied widely by state: from 3% in Hawaii to 51% in Kansas. This means not every senior is aware of the benefits of Medigap insurance. You can find quotes online using our FREE quote engine, or better yet, call us! 888-891-0229. We can walk you through the details!
Are There Other Medigap Plans I Should Consider?
We can walk you through the benefits of other plans, so feel free to reach out and talk to a real person at 888-891-0229. Generally, seniors interested in plan G should also look at Plan N. Medicare Supplement Plan N is a great plan too! Similar to Plan G, with Plan N you must also meet the annual Part B deductible which was $185 in 2019. After that deductible is met, you “might” have a co-pay of up to $20 per doctor’s visit. How your visit is coded by your doctor’s billing department determines your copay – if at all – and how much that copay is, but it can never be more than $20 per visit.