The Medicare Plan G, which is a component of Medicare Supplement Insurance, assists in covering extra expenses that are not covered by Original Medicare.
Plan A, B, C, D, E, and F are the ten Medicare Supplement Insurance plans offered by the federal government. Plan A is the most affordable plan. Medigap insurance supplements Medicare Part A and Part B, which are together referred to as Original Medicare.
Medigap insurance pays for expenditures such as coinsurance, copayments, and deductibles that are not covered by Original Medicare, and it is available via private insurance companies. Medigap insurance is a kind of insurance that acts as a supplement to other types of insurance.
What It Is And How It Works
Medicare Supplement Plan G (also known as Medigap Plan G) is a health insurance policy that helps pay for medical expenditures after Medicare pays its authorized amount. If you want Medigap coverage, you must pay a separate monthly payment. Medigap is privately insured but is standardized throughout all states except Massachusetts, Minnesota, and Wisconsin.
Medigap Plan G provides coverage for the following:
- Part A is non-refundable.
- The coinsurance and hospital expenses associated with Part A are covered for up to 365 days after Medicare benefits have been exhausted.
- Coinsurance or copayment for hospice treatment under Part A.
- Coinsurance or copayment for Medicare Part B.
- Care at a skilled nursing facility coinsurance is required.
- Transfusion of blood (first three pints).
When traveling outside of the United States, you are entitled to emergency medical treatment for the first 60 days.
The following are not covered by Medigap Plan G:
- Deductible under Part B.
- Long-term care is available.
- Nursing on a private-duty basis.
- Dental care is important.
- Care for one’s vision.
Medication on prescription (offered only on plans bought before January 1, 2006). A Medicare Part D plan (Medicare prescription drug coverage) may be available to you.
Medigap Plan G Premiums Are Rather Expensive
Because Medicare Plan G coverage is private and controlled by the state, the price fluctuates depending on characteristics such as age, region, and cigarette usage. According to one example California ZIP code (92589), monthly plan rates for a nonsmoking 65-year-old male will vary from $120 to $284 per month in 2021.
Some states also offer a high-deductible Plan G, which has a deductible of $2,370 in 2021 ($2,490 in 2022) and a deductible of $2,490 in 2022. Month-to-month insurance prices for a 65-year-old nonsmoker in ZIP code 92589 vary from $30 to $68.
The optimal time to purchase a Medigap Plan G coverage is during the six-month Medigap Open Enrollment Period, which begins the first month after you enroll in Medicare Part B and ends after you reach the age of 65 or older. Medigap coverage can only cover one person at a time, regardless of whether or not the individual is married.
When it comes to Medicare benefits, there are plenty of choices and kinds of coverage to choose from. According to Medicare.org, a non-profit organization that provides healthcare information, of the 64 million individuals in the United States who get regular Medicare benefits, 81 percent have some type of Medicare supplement insurance.