The Medicare health insurance program operates by sharing the costs of health care. This means that individuals that are part of Medicare must pay for a proportion of their healthcare needs, with the rest paid for by the program. The costs to the individual can be expensive at times and may present challenges for those with limited finances. Medicare supplemental insurance comes in handy here, an example of which, is Medicare Supplement Plan G.
Medicare supplemental insurance, which is also known as Medigap insurance, pays for the elements of healthcare not paid for by the original Medicare plan. The specific details of Medicare Supplement Plan G are explained in more detail below, however, in brief, coverage is provided for things such as deductibles and coinsurance payments.
How Medicare Supplement Plan G Works
To get Medicare supplemental insurance, you must first have Medicare Part A (the inpatient hospital element of Medicare) and Medicare Part B (the outpatient medical insurance element of Medicare).
Private providers supply Medicare supplemental insurance, however the plans, such as Medicare Supplement Plan G, are regulated by the Government. This means the level of coverage is the same whomever the provider is. All that differs is the price and the service.
The best time to get Medigap insurance is during your period of open enrolment, as no medical screening is required. If you keep paying your premiums your provider can never cancel your Medicare supplemental insurance, even if you experience newly onset health problems. Keep in mind that you cannot get a plan if you have a Medicare Advantage Plan.
Medicare Supplement Plan G
There are several different Medigap insurance plans available. They differ by the amount of benefits they offer. Some are very basic and cover certain of the out of pocket expenses applied through coinsurance and co-payment. Medigap insurance Plan G is different though, as it is very comprehensive.
It covers almost everything allowable yet there is one deductible not included. That is the Medicare Part B deductible. This means that the Medicare Supplement Plan G is best suited to those who don’t mind paying this deductible. This will apply to medical expenses such as visits to the doctor, outpatient appointments and x-rays.
The Medigap insurance Plan G covers all other deductibles that are part of the original Medicare plan. It also covers all coinsurance and co-payment elements as well as foreign travel emergencies and skilled nursing facility care when needed. Extra benefits include an extra 365 days of hospital costs after Medicare benefits end as well as the first three pints of blood each year.
- Hospital coinsurance part of Medicare Part A
- 365 additional days of hospital costs after the end of standard Medicare benefits
- Medical expenses coinsurance part of Medicare Part B
- Pays for the first three pints of blood each year
- Hospice care coinsurance part of Medicare Part A
- Care in a skilled nursing facility
- Hospital deductible part of Medicare Part A
- Excess charges part of Medicare Part B
- Foreign travel emergency (Up to plan limits)