The Medicare Program has undoubtedly empowered older Americans in a way that they can do more despite their age because of the security and protection its afford them. However, the primary coverage provided by the Original Medicare is enhanced by a Medicare Supplement Insurance Plan, just like the Mutual of Omaha Medicare supplement Plan G.
A Medicare Supplement Insurance plan brings with it a handful of health insurance benefits which are not included in the coverage of Medicare Part A and Part B. It helps pay for the cost of copayments, coinsurance, and deductibles. Aside from that, having a Medicare Supplement Insurance means that a person can keep his doctors and other healthcare providers without worrying whether they accept Medicare assignments or not. He can also consult a specialist without the need for a referral from a primary care doctor.
Aside from those previously mentioned, having a Medigap policy means that benefits are paid right after your coverage starts and will not entail a waiting period for preexisting conditions. A covered individual is assured of lifetime coverage, and the plan is automatically renewed for as long as the monthly premiums are regularly paid for.
Medicare Supplement Plans
Also known as Medigap, Medicare Supplement Insurance plans come in ten different types, each offering a different set of standardized benefits’ package. Each plan, labeled as either Plan A, B, C, D, F, G, K, L, M, and N is distinct from each other regarding the number of benefits offered. They also differ in cost, with those offering the most benefits costing higher than those who have lesser benefits’ offering. The same exact plan may also cost differently depending on the private health insurance provider offering it and the state where they are offering the plan.
Mutual of Omaha is one of the major providers of Medicare Supplement Insurance Plans nationwide. It traces its roots way back in 1909 when it first began its operations in Nebraska. The company started offering Medicare supplement plans in the 1960s and has become a household name for Medicare Supplement Insurance, as well. The company is also known to provide competitive rates for their supplement insurance.
The company, however, does not offer Prescription Drug Coverage, or Medicare Part D, as part of their Medicare Supplement Insurance Plan. This is, actually, not considered a significant drawback since it is also good for a person to shop around and find the right plan and the private insurance company which will cater to his needs. Medicate Part D plans offer different sets of covered prescription drugs, and it may vary depending on the company providing the plan. It is important to remember, though, that getting a Prescription Drug Coverage, as soon as one is eligible for such, is also a must to avoid any penalty when he needs to enroll for such.
A person may already enroll in a Medicare Supplement Insurance plan as soon as he turns 65 years old and has already acquired Medicare Part B coverage. He has six months to do so but needs to satisfy the two conditions before he could be eligible for a Medigap coverage.
Why a Mutual of Omaha Medicare Supplement Plan G?
Among the Medicare Supplement Insurance Plans offered by this health insurance company, the Mutual of Omaha Medicare supplement Plan G is considered by many as the plan providing the best value. Medicare supplement Plan G offers the same package of benefits carried by Plan F. The only difference lies in the fact that Part B deductible is not covered under Mutual of Omaha Medicare supplement Plan G. However, some people prefer Medicare supplement Plan G over Plan F for the reason that there is a more stable rate increases in Medicare supplement Plan G and the difference in the amount of premium between Plan F and Medicare supplement Plan G is more than enough to cover for the Part B deductible, which is set at $183.
Let us take a closer look at the benefits offered by Mutual of Omaha Medicare supplement Plan G:
It covers 100 percent of Part A deductible. This benefit is essential especially if a there is a possibility of a person staying in a hospital. The amount may change every year and may need to be paid for each benefit period.
Medicare supplement Plan G will pay for the whole amount of the Part B coinsurance benefit which is set at 20 percent of the Medicare-approved amount for Part B covered services, such as doctor’s services and outpatient hospital care, and other supplies. There are lesser out-of-pocket costs for covered individuals with this benefit under the Medicare Supplement Insurance plan.
Mutual of Omaha Medicare supplement Plan G will also cover for an additional 365 days of hospital stay after all Medicare hospital benefits have been used up, and for the cost of three pints of blood per calendar year.
Those who prefer Medicare supplement Plan G is keen on the fact that it covers the Part B excess charge. An excess charge is an amount paid to doctors who do not accept Medicare assignments and are allowed under the Federal Law to charge an additional 15 percent over the Medicare-approved amount.
Lastly, Medicare supplement Plan G will take care of the 80 percent of the foreign travel healthcare costs of up to a maximum lifetime benefit of $50,000, in case a covered person may need such as he goes out of the United States. This particular benefit works well with those who are frequently on the go and needs to be assured that they will receive proper healthcare, wherever they may be, without worrying over the expenses it will incur.
A person with a Mutual of Omaha Medicare supplement Plan G and who needs to stay in a Skilled Nursing Facility for more than 20 days after a hospital stay will receive coverage of up to $164.50 under the plan. Medicare only pays for the first 20 days. Medicare supplement Plan G benefits will kick in as soon as the 20-day Medicare coverage has been exhausted.
Medigap Medicare supplement Plan G will also cover for the remaining 20 percent of the cost of home health care and another healthcare service a person will need for the treatment of his illness or injury.