Medigap Plan G
Medicare Plan G is a very popular Medigap plan! It is probably the second most popular plan, second only to Medigap Plan F. The Medigap Plan G is not as well know and the Medigap Plan F, so let’s discuss what it is, its coverage and why it might be a good fit for you.
Medicare Plan G and Plan F are very similar. Plan G offers great values and benefits if you are willing to pay a small annual deductible. After the deductible, Plan G will cover all of the gaps in your Medicare coverage. Plan G will cover your Part A hospital deductible, copays and coinsurance and the 20% that Part B does not cover.
Plan G also covers your Part A Hospice coinsurance and copays, skilled nursing coinsurance, foreign travel emergency (some plans have limits) and blood product. It also covers things like doctors visits and copays, lab work, durable medical equipment and imaging services. Medicare will pay their part first, then Plan G will pay the remainder after you pay the annual deductible. Plan G supplements also offer up to $50,000 in foreign benefits for emergencies while travelling out of country. Basically, Plan G covers everything that Plan F covers, with the exception of the Medicare Part B Deductible. You can read more about the Medicare Part B deductible in our article: https://www.justmedigap.com/medicare-part-b/.
Why is Plan G so Popular
The Medigap Plan G is gaining popularity for many reasons. The first reason is that it has great coverage. Hospital stays are covered and it will pay your $1340 deductible you would normally owe for any hospital stay in 2018. Out of hospital services and needs the Plan G coverage will pay for all services after you have met your $183 deductible (2018 deductible). After you pay your deductible the supplement plan will pay your 20% coinsurance costs through your Part B coverage.
The second reason is that Plan G is very affordable in comparison to the premiums of many Plan F supplements. If you factor in your low deductible of $183, many people save money annually by having a Medigap Plan G instead of a Medigap Plan F. Any savings between the two plans is just extra money in your budget. Since premiums are different based on both carriers and states, it is best to research coverage options and prices to compare. We are happy to help you assess your personal situation and see what options may work best for your health needs and budget. You could be saving hundreds annually by accepting a small deductible.
Can I Save Money $$$
The cost saving premiums are a great reason to consider purchasing a Medicare Supplement Plan G, but there are other reasons to contemplate. Medigap Plan G has been a long term saving strategy for people. In the past Plan G has had a much lower rate increase than other plans available. Previous years has shown as small as a 3% annual rate increase, which is significantly less than the typical increase the Medigap Plan F has seen in recent years.
Another option to consider is that if you are switching from a Medigap Plan F and your Medigap Plan F has already paid the $183 Part B deductible to Medicare for the 2018 plan year, you will not be responsible to pay that deductible this year. You will essentially be skipping the deductible portion of Plan G until next year.
As you can see, Medicare Plan G might be a great fit for you! Think you are ready to switch? Give is a call and we can compare your personal information and check the rates of the top rated Plan G supplement companies to find a great fit for you and your budget. We would love to help you discover how to save money and get the most benefits for your unique situation.