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.
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 the Medigap market.
Aetna Medigap Plan G
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 companies, 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.
Medicare Supplement Plan G
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 letters, 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.
Also, Aetna Medigap 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 for 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 include 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 in the US, is the Part B deductible, which is $198 in 2020.
Is Medicare Plan G better than Plan F?
Plan G is identical to Plan F except for the patient (beneficiary) who must pay the Annual Part B deductible themselves each year.
In 2021 this deductible is $203. Once that is met, Plan G pays 100% of the gaps in Medicare parts 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 not offered to those enrolled in Medicare on January 1st, 2020 or later.
Anyone enrolled in Medicare prior to that date may keep their Plan F, but it’s far too expensive!
Who has a Medigap plan?
The American Health Insurance Plans (AHIP) analyzed demographics of seniors who have Medigap plans.
Roughly 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?
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 $198 in 2020. 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.
As well on Plan N if you visit the emergency room and you’re not admitted, you’ll have a $50 co-pay. And Plan N does not cover Part B excess charges, however, these are quite rare.
Accendo Medicare Supplement
Aetna is a fantastic company that also offers household discounts if two people are applying. In the Aetna family of companies is also a new division called Accendo Medicare supplement.
Accendo has the best household discount in the industry at 14%, and you simply have to live with someone. Any age!
Call us today to learn about all the plans and companies in your area, and to get the best rates. Apply and start coverage today!