Medicare Part G plans offer incredible coverage and benefits. It’s one of the more affordable supplement policies for Medicare beneficiaries.
Medicare Part G – More Affordable Policy Option
Below we’ll review what Medicare Part G is, what it covers, out of pocket costs, and answers to some frequently asked questions from our clients regarding this letter plan.
The correct term is Plan G, but many new to Medicare refer to the Plans as Parts. Plan G is the second most favored plan, next to Plan F. The only thing Plan G doesn’t cover is the Part B deductible.
The Part B deductible in 2020 is $197. Cost is the biggest difference; many seniors discover they save more when after enrolling in Plan G instead of Plan F.
By purchasing Plan G, beneficiaries can get full coverage, filling in the gaps that Medicare doesn’t cover. This includes the 20% not covered under Part A, Part B, copays, coinsurance, and your hospital deductible.
Medicare Part G Outline of Coverage
What Medicare Part G Covers
Medicare Part G plans will help pay for medical benefits that Original Medicare doesn’t cover. Once you pay the annual deductible, your supplement insurance plan will cover the remaining out of pocket costs.
Part G helps cover:
- skilled nursing care
- hospice care
- lab work
- durable medical equipment
- $50,000 for foreign travel emergency costs
- and much more
Medigap Part G Savings
There are many reasons Plan G is the second most popular plan.
One of them being it covers all your hospital expenses. This includes the hospital deductible, which is $1,364 for 2019.
Another reason is that it covers the remaining 20% that Part B doesn’t cover, once you pay the deductible.
A lot of times, our clients find that Plan G costs significantly less than Plan F in their area.
This is due to the annual savings in premiums. This savings is usually more than the yearly outpatient deductible, which is $185 for 2019.
Medicare Part G has Lower Rate Increases
Another reason this plan is a favorite among beneficiaries is that it has a very low rate increase from year to year. In other words, it’s a long term rate saver.
Recently, carriers that offer Plan G only showed a slight rate increase of 3% or lower. Compared to Plan F, this is significantly low.
Also, if you’re currently enrolled in Plan F and already paid your Part B deductible for the current year, you won’t have to pay that deductible until the following calendar year if you switch to Plan G.
Example of Plan G Coverage
Julie has high blood pressure and Part G. She sees her primary care provider annually and visits her cardiologist several times a year for a prescription renewal.
In January, she goes to her first doctors’ appointment. The cardiologist bills Medicare, which covers 80% of the bill except for the first $185 Part B outpatient deductible, which is sent to Julie.
Part G will pay the rest of Julie’s Medicare expenses for the year. Julie can receive routine blood work, urinalysis, or even an EKG done with no cost to her.
Medicare and Part G will provide her with coverage of 100% on covered services.
Plan G will cover everything for Julie for the rest of the year. The only copays she needs to think about will be for her prescriptions, which are billed under Part D.
This means Julie doesn’t worry about an ER visit or hospital stay. She is fully covered by Medicare and her Part G. Julie has peace of mind pertaining to her healthcare.
Medicare Part G Frequently Asked Questions
Is Medicare Part G going away?
No, Plan G is not considered a first-dollar coverage plan. You can continue to sign up for this plan after 2020. First-dollar coverage plans, such as Plan F, will be eliminated. Then, in 2020, Medicare Supplement High Deductible Plan G is going to make a debut.
Is Plan G Guaranteed Issue?
As of now, Plan G is not a plan you can choose under Guaranteed Issue rules. However, that will change come 2020. After 2020, Plan G and Plan D will be GI plans.
If you feel you can pass the health questions outside of your Open Enrollment Period, then go ahead and apply if this is the plan you want. If by chance you’re declined, you can still use your GI window to enroll in one of the letter plans that do accept GI outside your OEP.
Does Medigap Plan G cover prescription drugs?
Any coinsurance leftover from drugs administered by your doctor that fall under Part B, Plan G will cover. For those who need additional insurance coverage for outpatient prescriptions, you’ll need to enroll in Part D.
Purchasing a stand-alone prescription drug policy gives you the coverage you need. Additionally, many of these plans have affordable premiums.
What does Medicare Part G pay for?
All coinsurance and copays that fall under Medicare, as well as your hospital deductible.
What is the Deductible for Medicare Part G?
The deductible for Medicare Part G is the annual Part B deductible, which is $185.
Compare Carriers & Rates Online for Medicare Part G
We can compare Part G side by side with 30+ carriers in your area to see which carrier offers the lowest rates.
Our services are 100% free and there’s never an obligation to sign up. Call today and get your questions answered to find out if you can benefit from one of these supplemental insurance plans.
Another great benefit of signing up for a Medigap policy through us you get unlimited access to our Client Care Team. They’re here to provide you with continued support. This includes assistance with claims, appeals, rate shopping, Part D coverage, and much more.
If you would like to get started now and compare rates with the top carriers in your state, please complete our online rates for here!