If you are using Medicare already, you know the maze of letters to understand it can be overwhelming. Yet, you need a firm understanding of all the letters that make up Medicare to make certain you have the best coverage available for you.
You probably know that while Medicare gives you some good coverage, there are some gaps you need to worry about. You might be looking to find a Medicare supplemental plan to fill those gaps. Have you heard about Medicare supplement Plan G?
While Plan F has been the most popular, there are some good reasons to consider Plan G. Read on to learn what you need to know about Medicare Plan G.
Medicare Parts A and B
Let’s start with your coverage under Medicare. When you become eligible for Medicare, you enroll in Medicare Parts A and B.
Part A coverage provides you with hospitalization coverage. There is, however, a deductible each time you are admitted to the hospital. This deductible for 2021 is $1,484. This deductible is where the Medigap plans, like Plan G, become important.
While in the hospital nearly all of the services and care you receive will be covered for the first 60 days you are admitted.
Medicare Part covers your other medical care. This includes things like:
- Doctor visits
- Lab tests
- Diagnostic screenings
- Medical equipment
- Ambulance transportation
- Outpatient services
The premium for 2021 is $148.50 for Medicare Part B.
Coverage Under Medicare Plan G
Once you start to look at Medigap plans, it’s important to know what additional coverage they provide and at what cost. Medicare Plan G covers:
- Medicare Part A deductible
- Part A coinsurance and hospital cost up to an additional 365 days
- Part A hospice care coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charge
- Skilled nursing facility care coinsurance
- Up to three pints of blood for medical procedures each year
If you travel often, Plan G also covers 80% of your coverage for international travel.
What’s Not Covered Under Medicare Plan G?
While the coverage under Plan G is pretty comprehensive, it doesn’t cover everything.
Plan G does not cover the deductible in Part B which is set at $203 for 2021. It also doesn’t cover:
- Dental care
- Eyecare, including glasses
- Hearing aids
- Long-term care
- Private-duty nursing
Plan G also will not cover prescription drugs. For prescription drug coverage, you want to enroll in Plan D coverage.
Standardized Plan G Options
The good news about these complicated letters of Medicare is that once you understand what they cover, they are the same, no matter the provider. Medicare requires coverage to be standardized. This means that no matter the insurance company you sign up with, you will get the same coverage.
Having said that, it’s important to shop around for the best rates, as this is not standardized. More on costs later.
Medicare Plan G vs. Plan F
Plan F has been the most popular of Medigap plans. How are Plan F and Plan G different? Plan F will cover that yearly deductible under Plan B which is that $203 for 2021. Otherwise, the coverage between the two plans is nearly identical.
So, why choose Plan G? Often its costs are less than Plan F, even after paying that yearly deductible from Plan B.
If you are new to Medicare, you are no longer eligible for Plan F coverage.
How Will My Medicare Plan G Coverage Work for Me?
You must first be enrolled in Medicare Plan A and B. You pay for the deductible monthly for your Plan B coverage.
You also enroll in Plan G through the provider of your choice. Remember, what you get under the coverage is standardized, so it’s a matter of finding the best quote.
When you get medical care, the provider will bill Medicare. Medicare will pay its approved amounts. Then, if there are additional costs, the Plan G Medigap coverage kicks in to cover additional costs.
Medicare Plan G Costs
How much does Medicare Supplement plan G cost? Cost varies based on several factors. This is why it’s important for you to shop around to see costs comparatively from different providers.
Costs will vary based on where you live. Often plans vary based on your age and your gender. If you are a smoker, you can plan to pay more for coverage.
Look for Plan G providers in your zip code and do some comparison shopping. Don’t be afraid to ask for discounts for being a nonsmoker or being married. Ask your insurer if there are other discounts that you might be eligible for.
Who Is Eligible for Medicare Plan G Coverage?
Are you wondering if you are eligible for Medicare Plan G coverage? You can get Plan G coverage if:
- You are at least 65 years of age
- You are enrolled in Medicare Plans A and B
- You don’t already have a Medicare Advantage plan
You also need to live in an area where Plan G coverage is offered. Coverage availability varies by zip code.
You are not eligible for Plan G coverage if you get Medicare Plan A and B coverage through a disability and are not yet 65.
When Can You Get Plan G Coverage?
Technically, you can sign up for Plan G coverage any time you become eligible for it. Yet, it is often best to sign up for coverage during the open enrollment period. This is the time during the 6-month window of when you turn 65 years of age.
If you don’t sign up during this open enrollment window, it can become trickier to get this coverage. Insurance companies can be more particular about who they cover. They can also look more closely at your medical history and background. This might mean you will have to pay more than you would if you signed up during the open enrollment period.
Understanding Medicare Supplement Plan G
Medicare supplement Plan G will provide quality coverage for additional costs you may incur on Medicare. Do your research and shop around for the best costs for you.
Learning about Medicare and its coverage can be complicated and confusing. Yet, understanding what gets covered and what it costs is important.
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