Medigap Plan G is one of the best plans to adopt when looking for a supplement plan aside from original Medicare Part A and Part B. This is because Plan G offers a wide range of benefits and provides comprehensive coverage for healthcare expenses.
In this piece, we provide a detailed explanation on the benefits of Medigap Plan G and why you should prioritize it as your supplement plan. Before going deeper, what is Medigap Plan G?
Medigap Plan G is one of the ten standardized Medicare Supplement Insurance plans available in most states in the United States. Also known as Medicare Supplement Plan G, it provides comprehensive coverage to fill the gaps in Original Medicare coverage.
Medigap Plan G covers most of the costs that Original Medicare does not cover, including Part A and Part B coinsurance, hospice care coinsurance, and Part A deductible.
It equally covers the skilled nursing facility care coinsurance, Part B excess charges, and 80% of foreign travel emergency costs.
More importantly, Medigap Plan G provides greater coverage than the more popular Plan F, which has been discontinued for new enrollees.
While Plan F covers the Medicare Part B deductible, Plan G does not, but the monthly premium of Plan G is typically lower, making it a more cost-effective option.
Why Should I Choose Medigap Plan G?
Choosing Medigap Plan G comes with a host of benefits. Here are five reasons why you should choose Medigap Plan G:
- Offers Comprehensive Coverage: Medigap Plan G provides comprehensive coverage for most of the out-of-pocket costs that are not covered by Original Medicare.
These costs often include deductibles, copayments, and coinsurance, which can quickly add up and become a financial burden for seniors on a fixed income. With Plan G, individuals can have peace of mind knowing that they will not have to worry about these costs.
- Skilled Nursing Facility Care Coinsurance: Medigap Plan G provides coverage for skilled nursing facility care coinsurance, which can be essential for seniors who require extended care in a nursing home or rehabilitation facility.
This coverage can be expensive, and having it covered under Plan G can save individuals a significant amount of money.
- Part B Excess Charges: Medigap Plan G covers Part B excess charges, which are fees that doctors can charge above the Medicare-approved amount.
Without this coverage, individuals may be responsible for paying these excess charges out of pocket, which can be costly.
- Foreign Travel Emergency Coverage: Medigap Plan G provides coverage for emergency medical care when traveling outside of the United States. This is especially important for seniors who enjoy traveling or who have family members living abroad.
With Plan G, individuals can travel with confidence knowing that they are covered for any unexpected medical emergencies that may occur while they are abroad.
- Flexibility: Medigap Plan G is a flexible plan that allows individuals to choose their healthcare providers and hospitals.
There are no networks or referrals required, which can be convenient for individuals who want more control over their healthcare decision.
What Are the Conditions for Enrolling in Medigap Plan G?
To enroll in a Medigap Plan G, individuals must meet the following conditions:
- Enrollment in Medicare Part A and Part B (Original Medicare): individuals must be enrolled in original medicare to be eligible to enroll in a Medigap Plan G.
- Open Enrollment Period: The best time to enroll in a Medigap Plan G is during the open enrollment period, which is a six-month period that begins on the first day of the month in which an individual is at least 65 years old and enrolled in Medicare Part B.
- Underwriting: If an individual applies for a Medigap Plan G outside of the open enrollment period, they may be subject to underwriting. Underwriting is a process where the insurance company reviews an individual’s medical history and may charge higher premiums or deny coverage based on pre-existing conditions.
- Premiums: Individuals must pay a monthly premium for both Original Medicare and the Medigap Plan G policy.
CAVEAT: It is instructive to note that Medigap Plan G may not be available in all states, and premiums may vary depending on factors such as age, gender, and location. Also, some states may have different rules for open enrollment periods and underwriting.
Find Out More
Are you finding it difficult to enroll in a Medigap Plan G in your area? Stress yourself no more; MedicareOnVideo is at your beck and call.
We can make inquiries for you. And also help you find and recommend the best supplement plans. For help in enrolling for a Medicare supplement plan, watch the MedicareOnVideo series on “Why I Would Buy Medigap Plan G.”
You can contact us directly at 1-877-855-3484. Willing to know more about the A-Z of Medicare, get our Medicare ebook – Medicare Made CLEAR, which contains relevant content, links, and videos on all Medicare areas of coverage.