Medicare Supplement Plan G
Choosing a Medicare Supplement plan can be confusing at the beginning because there are ten available, each offering different ranges of coverage to suit your healthcare needs and budget. Original Medicare is an excellent federal healthcare program, but by itself it leaves plenty of areas not covered.
This is the reason why Medicare Supplements and Medicare Advantage plans were created—to fill the “gaps” that the original program could not include due to logistic and federal budget constraints. It is, thus, up to the would-be retiree to decide which type of supplement program to purchase to make sure that all current and future healthcare requirements are met.
The cost of healthcare when you’re already retired is expensive, especially because you are no longer receiving regular income. Most people decide to stop working or are asked to retire when they turn 65, and then proceed to living off the money they saved from the previous years or from funding benefits from earlier investments. Because cash flow is no longer regular for most, the task of choosing the right healthcare program is crucial.
Healthcare costs continue to increase by the year and new types of conditions and illnesses are cropping up. Instead of seniors enjoying their retirement funds for things that make them happy and relaxed, they end up spending their savings on health-related issues. The role of Medicare and Medicare Supplements is to make this phase as easy to endure as possible by making the costs low and predictable. Medigap is intended to fill in an individual’s healthcare needs without drying up the bank.
Why Choose Medigap Plan G?
Of the ten Medicare Supplements available, Medicare Plan G is one of the most popular—mainly because it is one of the most comprehensive. It covers all of the benefits possible for Medigap plans, as mandated by the government, except for the Part B deductible. Here is a summary of what you can avail with a Medicare Supplement Plan G.
100% Coverage
– Part A coinsurance and hospital expenses (up to 365 days after Medicare benefits are exhausted)
– Part B coinsurance or copayment
– Blood (first 3 pints)
– Part A hospice care coinsurance or copayment
– Skilled nursing facility care coinsurance
– Part A deductible ($1,364 in 2019)
– Part B excess charges
80% Coverage
– Foreign travel emergency expenses
Plan G: Part B Excess Charges
One of the highlights of a Plan G Medicare Supplement is that it covers Part B excess charges, which is not covered by most other Medigap plans. Excess charges refer to the maximum amount that the doctor or hospital can charge on top of the usual fee, which is 15%. Without Part B excess charges coverage, you will be required to pay for those fees out-of-pocket. But if you have Plan G, those fees are covered and you won’t need to pay anything yourself.
Plan G: Foreign Travel
Plan G covers 80% of foreign travel emergency expenses. This means that if something were to happen while you are out of the country, this policy will take care of up to 80% of medical fees after you a meet an annual deductible of $250.
How Plan G Medicare Supplement Works
You may apply for a Plan G Medicare Supplement from any insurance company of your choice at your location. Note that not all insurance providers offer Plan G as they are allowed to be selective in their options. Thus, do check with your preferred company first if this is something that they are selling. Applying for a Plan G Medigap plan takes only minutes if you meet all the basic requirements for Medicare coverage.
The requirements for Medicare are that you must be 65 years old and already have Part A and Part B. Medicare Supplements will not function without these. You may sign up for both Original Medicare and a Medigap plan at the same time, or you may delay purchasing a Medicare Supplement for a little later. Note that you can only have one Medigap plan at a time, so that means if you have already bought a Plan G Medicare Supplement, you cannot apply for another one.
Enrolling in a Plan G Medicare Supplement Plan
When you have decided that Plan G is the right policy for you, decide which insurance provider you will use, as their rates, locations, and ease of service features can differ. Note that while the federal government requires that all insurance agencies provide the same set of benefits for Medigap plans, they are allowed to charge higher for add-on features and other conveniences.
The best time to enroll for a Plan G policy is during your Open Enrollment Period, which is the six-month window that starts on the first day of the month that you turn 65 years old. During this time, you may sign up for any policy of your choice without the burden and stress of medical underwriting. You are guaranteed to be approved for whatever plan you purchase regardless of your past or current health status. Insurance providers will also be required to sell you the policy at their standard rates and cannot charge higher for whatever reason.
If you miss the Open Enrollment window, you run the risk of either being slapped with higher fees (if you have a health condition) or be denied a policy. That said, it is important to take note of your schedule to prevent any hassle.
If you are still unsure if a Part G Medigap plan is for you, it’s best to talk to a qualified advisor so all your options are laid out before you make a final decision. Our team of Medicare Supplement experts can help guide you through the decision-making process based on your past, current and predicted health status, as well as your financial capacity.
