Medigap Plan G: The most comprehensive Medigap plan that’s out there!
Plan G eliminates 98% (excluding $233 Part B deductible and 20% of Foreign travel exchange )of how much Original Medicare enrollees pay for out of pocket for health care. This means that Plan G pays 100% of the coinsurance for hospitalization (Medicare Part A). If you are seriously ill and stay in the hospital for longer than 60 days and less than 90 days, Plan G covers Medicare Part A- coinsurance daily rate of $389 (2022 approved rate) for each benefit period.
For each Medicare “hospital reserve day” you use, Plan G will cover $778 (in the year 2022) per day as a part of the Medicare Part A coinsurance. “Hospital reserve days” are 60 nonrenewable approved hospital days that Medicare provides, usable only once in a lifetime. After these Medicare hospital expenditures are exhausted, Plan G will cover 100 percent of eligible hospital costs.
Medicare Part B -Medical care
Once you meet your $233 yearly Medicare Part B deductible, your Plan G will cover coinsurance for Medicare-approved medical care services that equate to 20% of the approved amount.
Plan G provides the most comprehensive coverage than any other supplemental plans on the market – including Plans A, B, D, K, L, M, and N.
Plan G is best for those who want predictable average monthly premiums, such as $125-$175 per month, which is typical for this plan, and never worry about out-of-pocket costs, copays, and coinsurance.
What does Plan G cover?
Plan G covers the Medicare Part A deductible. It also covers the coinsurance for Parts A and B, as well as 80% of medical costs incurred during foreign travel and three pints of blood.
Plan G does not cover Medicare Part B deductible ($233). Moreover, it has $0 copays and $0 coinsurance.
Plan G also covers Medicare Part B excess charges. These are charges that providers can charge above Medicare costs if they do not accept Medicare-approved rates. It’s important to note that Plan G has no out-of-pocket limits.
How much does Plan G cost?
Plan G’s monthly premium can average between $125 and $175. In some states, it can be over $200, but in other states, it can be as low as $60. Of course, rates are determined by location, nicotine usage, age, gender, and in some situations, current health status.
Remember that the Medicare Supplement Plan G monthly premium is an additional cost compared to the Medicare Part A and Part B costs. Most enrollees have Medicare Part A for free, and Part B currently costs $170.10 per month.
Plan G does not have copays for medical services, physician visits, or hospital emergency room visits. Plan G is the closest to complete peace of mind in the Medicare Supplement Insurance Industry.
Recommendations
Remember, your actual costs for Medicare Supplement plans can vary by age, location, and other health factors. Always request a personalized quote from your trusted insurance agent to determine how much you’ll pay.
Don’t forget that coverage for Plan G is standardized, and enrollee gets the same medical benefits with all Plan G providers nationwide. However, providers have different rates; award-winning customer service & claims processing, annual rate increases, and add-on benefits.
For most situations, Plan G and Plan N are the best options to provide comprehensive coverage and peace of mind. These plans cover most individuals’ needs and help cover excess medical costs that Original Medicare does not cover. Plan G now covers cost-sharing for all Part A Medicare-eligible hospice care and respite care costs.
4 Million Seniors can’t be wrong. They recommend Medigap Plan G if you can afford the monthly premium of $125-$175 and never worry about referrals, out-of-network costs, and skyrocketing out-of-pocket medical costs.
Contact Us
You can contact us to learn more about Plan G and Plan N, get a free quote, and compare your options. Please call us at 603-696-4394 or 1-833-META-T65 for a free comparison of your Medigap options. Thank you for reading.
References:
- www.ahip.org/research.
- https://www.ahip.org/resources/the-state-of-medicare-supplement-coverage-trends-in-enrollment-and-demographics
- www.weissmedigap.com
