Medicare Plan G coverage is by far the best medical insurance people on Medicare can get. Medicare Plan G offers 100% coverage after you pay one small deductible each year.
It’s the most comprehensive Medigap plan available that pays almost all of your medical bills throughout the year.
The best Medicare supplement plans currently are:
- Medicare Plan G
- Medicare Plan N
- High-deductible Plan G
In addition to the above, there are ten separate Medigap Plans which are also known as supplement plans.
The current plan letters are M, N, L, K, F, G, D, B, A, and C.
This may seem like alphabet soup, however, this system actually helps the enrollees understand what kind of coverage they will get.
Medicare Supplement Plan G
It’s because Medicare takes care of the fact that each Medigap Plan alphabet offers the exact same benefits across the country. However, Wisconsin, Minnesota, and Massachusetts bring the exceptions to this.
The plans are standardized by the government, meaning regardless of the plan letter, each company must offer the same benefits. So, if you buy Plan G in Georgia, it’ll cover the exact same things as a Plan G in Virginia.
What is Medicare Plan G?
Plan G is the 2nd most well-known supplement plan after Medigap F, though that’s changing now that Plan F is no longer available to people new to Medicare.
This is because Plan G covers you for the majority of gaps in any Supplement plan, with just one small out-of-pocket cost.
While each Medigap plan is the same regardless of which company you buy it from, they all have different rates for the same coverage.
That’s how we can help! For FREE we help thousands of people each year find the lowest premiums for their Medicare Plan G policies.
Here's what coverage Plan G offers:
- Hospital charges for up to 365 days after the coverage from Medicare finishes
- Coinsurance for Part A
- Deductible for part A which is $1484 for 2021.
- Copayment or hospice care for Part A
- Copayment for Part B
- 3 pints of blood for transfusion
- Excess charges for Part B
- Coinsurance for skilled nursing
- Foreign emergency travel
There’s only one thing that Plan G doesn’t offer coverage for, and Plan F does. It’s the deductible for Part B.
However, Medigap F is not accessible to the individuals who qualified for Medicare plans after the 1st of Jan 2020.
Therefore, for the people who have recently become eligible for Medicare, Plan G is the best coverage option.
In 2021 this deductible amount was $203, and it will go up slightly in 2022. Once you meet this once-per-year deductible, Plan G will pay 100% of the costs that Medicare Part A and B do not cover.
Once you pay for the deductible for Part, the Plan G will offer coverage for:
- Lab work
- Chronic disease medical supplies
- Doctor visits
- Ambulance transport
Medicare Plan G Cost
The premium that you’ll pay for Plan G usually depends on your gender, location, and your age when you sign up for the plan.
Although the average premium per month for a Plan G is around $125 per month, this varies around the country. Many companies also offer large household discounts.
The easiest way to view exact rates for you in your area is to just complete the quick form to the right. There you’ll see quotes for Plan G from the top carriers.
What are Part B excess charges?
Medicare usually decides what will be charged for which service. But sometimes, the providers and doctors bill more than what Medicare recommends. And this is what we call excess charges.
It usually happens when some doctors don’t accept the amount approved by Medicare as full payment for the service availed.
Also, the federal law allows them to charge as much as 15% over the price set by Medicare. However, these charges vary from state to state.
Let’s say Medicare has decided $100 for a doctor’s appointment.
Now, let’s suppose that the doctor does not accept the price set by Medicare and asks for additional charges, let’s say 15%, which means $15. Now, Part B only pays 80% of the rate set by Medicare which is $80 in this case.
So, this means you’ll have to pay the rest from your pocket, which is 20% or $20 plus the extra or excess charges of $15, which makes a total of $35.
Apart from the coverage offered by Plan F, Medicare Plan G coverage is one that covers both the excess charge of $15 and $20 for coinsurance as per the example.
How can you save good money with Plan G?
- Let’s suppose you have a Plan G with a premium of around $120 per month, which is around $1,440 for a year.
- In case you need surgery, you’ll get full coverage for the surgery coinsurance and copays for which Part A offers no coverage.
- In case you’re admitted to a hospital and need inpatient care, a deductible amount of $1,484 is to be paid for all benefit periods that come in 2021 before you can enjoy benefits from Part A.
- Medicare Plan G pays this deductible for you
- In case you do not require inpatient hospitalization, you can save a lot of money with this plan if you suffer from a chronic health condition.
For instance, consider that you’re suffering from diabetes. Now over the year, you’ll be needing various lab tests, doctor visits, medical supplies like test strips, etc. Part B offers coverage for all these services.
- If you don’t have Plan G, the annual cost for the above healthcare would be just the deductible for Part B along with coinsurance and copays needed for diabetes care and supply.
- Once you make a payment for the annual deductible, you can expect 100% coverage for the above costs that are incurred.
What is not covered by Plan G
As you may already know, there’s no coverage for the deductible of Part B with Plan G. In addition to that, no supplement plan, not even Plan G offers coverage for regular dental care.
However, plan G will offer coverage for coinsurance on almost every medication that is covered by Medicare Part B. These medications usually include the drugs administered by the doctor, infusion center, chemo office, etc.
But it won’t offer coverage for any retail prescriptions, that are usually covered by the Part D plans.
Is Plan G good for you?
If you think Medicare Plan G coverage is right for you then give us a call today. We’ll walk you through the easy, electronic application process which only takes a few minutes.
We’ll also find you the lowest premiums with the best company now, and for years to come.