Even in this fast-paced world, healthcare remains a top concern for people approaching their 60s. In such a situation, understanding the nuances of Medicare and its supplemental plans becomes increasingly essential to secure a healthy future. These healthcare plans take care of your medical needs at an affordable cost. Out of so many plans, Medicare Plan G emerged as one of the most popular choices among the people due to its coverage, services and benefits.
Medicare Supplement Plan G, often known as Medigap Plan G, is a supplemental insurance policy that provides comprehensive coverage, which is lacking in the original Medicare plan. Its foremost benefit is out of pocket maximum, which ensures a sense of security and relief after a certain amount of expenditure. In this blog, we will discuss what Medicare Plan G is, its pros and cons, coverage and how it provides a shield against unseen medical expenses. Understanding the plan in depth allows you to take an informed decision that provides a confident entry into the golden years of your life.
What does Medicare Plan G cover?
Medicare Plan G is among the 10 Medicare Supplement Policies that provide all the coverage of Plan A and Plan B, along with filling some gaps left by these two original plans. Medicare supplement is basically the optional coverage that can be bought with main plans A and B. They provide some additional coverage besides the main plan. Medicare Plan G is the most cost-effective plan according to its premium, which helps beneficiaries to save money and get the best medical facilities and treatment. It includes outpatient services, lab tests, physical therapy, copayment etc. Besides that, plan G also covers excess charges, which means doctors that do not take the full Medicare-approved sum as full payment can charge you up to 15% extra for treatments or procedures. It mainly covers:
- Part A deductible
- Part A hospital cost, copays and coinsurance
- Part A Hospice Coinsurance
- Part B coinsurance and copayment
- Skilled nursing facility coinsurance
- Foreign travel exchange (up to 80%)
- First 3 pints of blood
- Part B Excess Charges
However, Medicare Plan G does not cover Medicare Part B deductibles.
How much Medicare Plan G cost?
The cost of Medicare Plan G basically depends on your gender, your age and the place you live. The price of the policy can be determined in 3 ways.
Attained Age – In this, the premium depends on your current age, and it keeps on increasing with an increase in age. It has the potential to reach the highest due to inflation.
Issue Age – The premium is based on your entry age at the time of purchasing the Medigap policy. The premium is likely to increase due to inflation or other factors.
Community-Rated – In this, people with the same plan in the same area pay the same premium regardless of their age.
In most areas, Medicare plan G starts somewhere between $120-$140 per month, whereas in some areas, it may cost above or below this range.
Pros and Cons of Medicare Plan G
Now that you have understood the basics and coverage provided by plan G check out some of the pros and cons of Medicare plan g, which will help you to make an informed decision.
Pros
- Medicare Plan G covers all the benefits and coverage of plans A and B except Plan B deductibles. It also fills the gaps present in the original Medicare plan.
- Medicare Plan G allows people to save a huge amount of money due to its out-of-pocket costs after a specific limit.
- If you have enrolled in Medicare Plan G, the need for the referral to visit a specialist from a primary care physician is eliminated.
- There are no co-pays or deductibles for Medicare-covered services under Medicare Plan G.
- A Medigap Plan G policy is acceptable and valid wherever you go in the United States and its territories.
- For new enrollees, plan G is the most convenient, affordable and beneficial plan that provides complete comprehensive coverage.
- You get the right to visit any doctor or hospital that accepts Medicare.
- Medigap policies are guaranteed renewable, which means that the insurance carrier cannot terminate your policy as long as you pay your premium.
- Medicare plan G covers all impatient and outpatient expenses.
Cons
- In contrast to Plan F, Plan G does not provide first-dollar coverage because it does not cover the Part B deductible.
- Medicare Plan G is costly compared to some other supplement plans due to upfront premium payments.
- If you buy Plan G as your first policy as soon as you qualify, your carrier jacks up your rate, which means you may not be able to buy a policy with a low premium later on.
- Some extras are not included in Plan G policies. You will need to purchase supplemental insurance to receive prescription drug coverage and routine eye, hearing and dental care, cosmetic surgery, acupuncture etc.
- Medicare is not accepted by all the doctors and hospitals. Some even don’t accept new patients with Medicare.
- Medicare Plan G does not cover prescription drugs; therefore, you have to take separate Medicare plan D to get that coverage.
- According to some reviews, Plan G is not required for a healthy person over the long run. Many find Plan N a better alternative for such people.
Who can enroll in Medicare Plan G?
People who qualify for the original Medicare plan are also eligible for Medicare plan G. However, an American citizen should be a legal resident for at least 5 years and should have worked for 10 or more years to get a Part A premium. The basic requirement to enroll is turning 65 or having special security disability benefits. You are automatically accepted for Medicare plan g if you apply 6 months after Part B acceptance.
Conclusion
Medicare Plan G stands out as the best and most comprehensive choice for people who want premium-level coverage along with their original plan. This supplement plan provides additional coverage that is lacking in the original Medicare plan. Its comprehensive set of benefits, including coverage for Part A and Part B, coinsurance, inpatient and outpatient fees, excess charges, and more, make it a popular option for those looking to cut costs out-of-pocket healthcare spending. Purchasing Medicare plan g provides health security and reduces the chances of financial burden. Purchasing Medicare plans provide peace of mind and reduce stress about health conditions.
