“G” Medicare Supplement Plan G (also known as Medigap Plan G) provides the second most comprehensive coverage of the Medicare supplement plans available. Because it fills in almost all of the gaps that Medicare leaves, Medicare Supplement Plan G is one of the most popular plan and is available in almost every state. Though, not every insurance company sells a plan G.
Medigap Plan G will cover any medical expenses billed to the consumer, as long as they are for Medicare approved services, with the only exception being the Medicare Part B yearly deductible. So, when it is time to start comparing Medicare plans, a Medicare Supplement Plan G is a great place to start.
Is Medicare supplement Plan G right for you?
Medicare Supplement Plan G rate comparison
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Below are six gaps left by Medicare. Five of them are covered by the Medicare Supplement Plan G. When you have a Plan G, the out-of-pocket expenses for these gaps are completely covered with the exception of the Medicare Part B yearly deductible. The only cost left for you, aside from the monthly premiums paid to the insurance company will be the yearly Part B deductible and once that has been paid the plan covers the rest.
1. Basic benefits:
- Part B co-insurance (Generally 20% of all outpatient expenses)
- Coverage for deductible on blood use
- Hospital co-insurance
- 365 additional days of hospital coverage
2. Co-insurance for skilled nursing
3. Deductible for Medicare Part A
4. (Not Covered by Plan G) deductible for Medicare Part B
5. Any Medicare Part B excess charges (which left uncovered can make bill 15% more!)
6. Foreign travel emergency coverage
Example of how Medicare Supplement Plan G works
Thomas applies for a Medicare Supplement Plan G and is approved. Several months later Thomas starts having severe knee pain. After ignoring the pain for several months, as men unfortunately sometime do, the pain get so bad the Thomas finally decides to see his doctor. Through the examination process Thomas learns that he is a candidate for a total knee replacement. He has the knee surgery at his local hospital and stays in the hospital a couple of days. After his hospital stay Thomas also has several visits with his doctor following up on the surgery and to help with recovery. The total cost for Thomas’s surgery, hospital stay, and follow-up care is $55,000.
The medical bill is paid by Medicare first which pays off a good portion. Then remaining portion (around $11,000) is sent to Thomas’s Medicare Supplement Plan G insurance provider. The insurance company pays off the entire bill with the exception of the Medicare part B deductible. But, Thomas had already paid the Medicare Part B deductible off out of pocket over the course of his earlier doctor visits. This means that Thomas has nothing to do but get well. The only expenses Thomas has had are the monthly premiums he pays for the Medicare Supplement Plan G, the yearly Medicare Part B deductible, and any premiums or co-payments for Medicare Part D drug coverage.
Thomas is very happy that he purchased a Medicare Supplement Plan G. Even though he had to pay the Medicare Part B yearly deductible out of pocket he still saved $72 off the cost of the Medicare Supplement Plan F and he feels secure knowing that his Medigap plan is guaranteed renewable as well.
Comparing Medicare supplement plans
With Medicare Supplement Plan G you get the most complete Medigap coverage available with the only exception being the yearly Medicare Part B deductible. This plan does cover excess charges which are those charges that can be in excess of 15% above the Medicare-approved amount. The only other plan that covers excess charges is the more comprehensive Medicare Supplement Plan F. But, after paying the yearly Medicare Part B deductible, plan G provides the exact same amount of coverage and can sometimes be less expensive than Plan F. Because Plan F and Plan G are so similar it is worth taking a look at both plans. Some people have found that after paying the Part B deductible out of pocket they still saved a $100 or $200 per year.
When comparing Medicare supplement plans understand that all plans are standardized by the government. This means that AARP Medicare supplement plan G, Aflac Medicare supplement plan G, and American Continental Medicare supplement plan G by law must all provide the same amount of coverage. This makes comparing the same plans a lot easier so request quotes today. And don’t worry about a bunch of agents calling you. This website is owned by Centaur Medicare Solutions LLC. and unlike many websites will not give your information out to multiple insurance companies and agents. Click here to have a licensed agent agent email you Medicare supplement quotes for the insurance companies selling in your area.