Medicare Supplement Insurance Plan G
Are you looking for help paying for some of the out-of-pocket costs that Original Medicare doesn’t cover? Medicare Supplement Insurance (Medigap) works alongside Original Medicare (Part A and Part B) to cover some of your coinsurance, copayment, and deductible expenses.
Of all the plan types, Medigap Plan G offers one of the most comprehensive set of basic benefits.
Medicare Supplement Plan G Benefits
Medicare Supplement Insurance Plan G offers extensive coverage — including 8 of the 9 available Medigap benefits.
Plan G basic benefits include:
- Medicare Part A hospital coinsurance and hospital costs (up to 365 days after Original Medicare benefits are used up)
- Medicare Part B coinsurance or copayment (20% of Medicare approved charges)
- First three pints of blood
- Medicare Part A hospice care coinsurance or copayment
- Medicare Part A deductible
- Medicare Part B excess charges
- Skilled nursing facility (SNF) care coinsurance coverage
- Foreign travel emergency coverage (80%, up to plan limits)
Medigap Plan F vs. Medigap Plan G
When it comes to covered benefits, Medigap Plan G is very similar to Medigap Plan F. The main difference is that Medigap Plan G does not include coverage for the Medicare Part B deductible.
To see how Medigap Plan G benefits compare to those of Medigap Plan F and other Medigap plans, refer to the chart below.
Medicare Part B Deductible
Medicare Part B covers a range of medical services (both preventative and diagnostic). However, before your coverage kicks in, you must satisfy your Medicare Part B deductible. In 2017, the Medicare Part B deductible is $183 per year. Beneficiaries with Medigap Plan G have to pay this cost out of pocket, but in exchange, Medigap Plan G premium rates are almost always lower than the more comprehensive Medigap Plan F.
What Will the 2020 Medigap Change Mean For Medigap Plan G?
As a result of Section 401 of the Medicare Access and CHIP Reauthorization Act (MACRA), supplement plans that cover the Medicare Part B deductible will be phased out Jan. 1, 2020. People who already have these types of policies will be exempt, but if you become eligible for Medicare following the 2020 change, Medigap Plan C and Medigap Plan F will no longer be options.
With the elimination of Medigap Plan F and Plan C, newly eligible beneficiaries looking for comprehensive supplemental insurance will most likely be referred to Medigap Plan G and Medigap Plan D.
Enrolling in Medicare Supplement Insurance
To find out more about Medicare Supplement Insurance plan benefits, speak with a licensed agent. We’ll help you assess your personal health needs and budget, and determine whether Medicare Supplement Insurance Plan G is the best Medigap plan for you.
Speak with an agent at 1-888-264-0148
Modern Healthcare: http://www.modernhealthcare.com/article/20160625/MAGAZINE/306259966