Medicare Plan G: The Ultimate Guide
There are currently more than 44 million beneficiaries who are enrolled in the United States’ Medicare program. By the year 2030, that number is expanded to reach a whopping 79 million.
Are you getting ready to enroll in Medicare? Are you currently enrolled and thinking about investing in supplemental insurance?
Supplemental plans provide you with additional medical insurance coverage, and one of the most popular supplemental plans is Medicare Plan G. Read on to learn more about it so you can decide if it’s the right option for you.
What Is Medicare Plan G?
Medicare Plan G is one of 10 plan types that fall under the umbrella of Medicare Supplement insurance (also known as Medigap insurance). Like other Medigap plans, this plan is provided by a private insurance company. It supplements the leftover costs that Medicare Part A (hospital insurance) and Part B (medical insurance) don’t cover.
What Does It Cover?
Medicare Plan G covers all of the leftover payments that Medicare Part A doesn’t take care of. This includes all of your deductible, coinsurance, and copayments related to any hospital stays you might have.
It also covers 100 percent of your Medicare Part B copayments, coinsurance, and other excess charges. The only thing that it doesn’t cover with regard to Medicare Part B is your deductible.
In 2020, the Medicare Part B deductible is $198, and you’ll have to pay that out of pocket. You’ll also have to pay out of pocket for these additional services:
- 20 percent of the Medicare-approved cost of all Medicare Part B services (even after you’ve met your Part B deductible)
- Excess charges that Part B does not cover
- Prescription drugs (unless you have Medicare Part D)
- Dental work
- Vision services
- Hearing aids
- Long-term care, including assisted living
Medicare Plan G does not cover long-term care, but it does cover 100 percent of your coinsurance at nursing facilities and hospice care facilities. It also covers 100 percent of blood work costs (for the first three pints of blood), 100 percent of coinsurance for skilled nursing care, and 80 percent of emergency medical costs while you’re traveling abroad.
Who Should Consider This Plan?
Medicare Plan G is very similar to Plan F. The only difference is that you have to pay the Medicare Part B deductible before the plan kicks in.
If you have been thinking about purchasing Medicare Plan F but are put off by the high cost, Plan G is a good alternative. It’s almost identical, and it’s much more affordable. This is why, when they’re looking to get insurance and have had Medicare Plan G explained to them, many people opt for Plan G instead of Plan F.
Is Medicare Plan G Right for You?
Now that you know more about Medicare Plan G and what it can offer you when it comes to coverage for medical treatment, what do you think? Does it seem like a good option for you?
Keep this information in mind as you weigh your choices and consider different Medicare plans. If you have more questions bout health insurance, be sure to check out some of the other resources on our site as well. The Get Healthy section is full of helpful articles.