Medicare Supplement Insurance Plan G
A report from The Commonwealth Fund found that average seniors only rely upon Original Medicare for about half of their total medical costs. Some benefits have limits, some medical expenses aren’t covered at all, and even for fully covered services, recipients may still be responsible for coinsurance, copays, or deductibles. And this is where Medicare Supplement insurance plan G comes into play.
One increasingly popular way to help keep costs predictable and under control is to purchase Medicare Plan G. In fact, a national health insurance organization found that Plan G ranks second in growing popularity out of all of the Medicare Supplement insurance plans. This may be because Medicare Plan G covers almost everything allowed by the government for standardized Medigap plans, and the one thing it doesn’t cover doesn’t cost very much.
How Medicare Supplement Insurance Plan G Works
To qualify for Plan G, you need to have Part A and B. Hopefully; these charts can quickly demonstrate how Medicare Plan G works together with Part A and B to drastically reduce or even eliminate concerns over out-of-pocket costs.
Medicare Supplement Plan G Benefits with Part A:
- Deductible: Currently the deductible amount is $1,316 per benefit period. Your plan will pay for this.
- Coinsurance: During each benefit period, you could pay $329 a day for your 61st through 90th day in the hospital. For days, 91 and beyond, you’d have to pay $658 a day. After the 91st day, you’ll have only 60 lifetime reserve days. After that, you’ll be responsible for all costs. Medicare Supplement insurance Plan G pays the coinsurance bill and gives you an additional 365 covered days.
- Skilled nursing facility coinsurance: You would have to pay $164.50 for days 21 through 100 in a skilled nursing facility, but G covers that.
- Inpatient blood transfusions: If the hospital charges for blood transfusions, Original Medicare won’t pay for the first three pints, but Medicare Plan G will.
Medicare Supplement Plan G Benefits with Part B:
- Coinsurance: For the most part B services, Original Medicare only covers 80 percent of the bill. This includes things like doctor’s visit, clinical services, and durable medical equipment. Medicare Plan G pays the coinsurance bill.
- Excess charges: Medicare has guidelines that tell doctors and other medical providers how much they are supposed to charge. Medicare Plan G will pay the difference between what doctors charge and what Medicare says that they should. Recent studies have found that physicians commonly charge more than Medicare allows.
You will also get one more benefit that doesn’t neatly fit into the categories above. Plan G will pay 80 percent of your expenses if you need urgent care outside of the country. Original Medicare almost never helps pay for medical services outside of the U.S.
How to Buy the Best Medicare Supplement Insurance Plan G
The most important thing for you to know about all Medicare Supplement plans is that each plan is the same if you buy it from any of the approved Medigap insurance companies. For instance, the base coverage from Plan G will be identical if you purchase it from Mutual of Omaha or Aetna.
You can’t say that one company or another offers the best Medicare Plan G because they are all identical. Even though each of these companies has to give you the same basic plan, they have the freedom to set their premiums. We don’t think that you should only compare Medicare Supplement insurance Plan G rates, but we know that is one very important factor in your decision.
For example, these are some of the best companies:
We tend to look at the biggest and best providers first because they have strong financials and a good history of serving their customers very well. Of course, they’re also usually very competitive and stable when it comes to Medicare Plan G rates.
Samples of Current Medicare Supplement Insurance Plan G Rates
Note: Please understand that these are just samples. They were valid on the day they were pulled but are only for a specific individual in a particular metro area of the state listed. It’s not likely that your own rates will be exactly the same.
Hopefully, these quick reviews of monthly policy quotes for a 65-year-old woman who does not smoke will motivate you to compare rates for yourself:
- Texas: $125
- Pennsylvania: $135
- Florida: $253
You can see that these listed prices for Medigap plans can vary quite a bit by city or state, and they may be very different for you too. In some cases, your age, exact ZIP code, and other factors can make your policy rates go up or down.
Will Medicare Supplement Insurance Plan G Rates Ever Increase?
In a perfect world, we could just look for the cheapest rates, suggest that plan, and keep you happy for the rest of your life. In our experience, insurers may increase rates from time to time. Usually, this is because their costs have increased. In some cases, you may find that the premiums haven’t increased that much, so you are satisfied to just accept your new Medicare Plan G rates because you’re still getting a good value.
Compare Medicare Supplement Plan G Quotes Online Here With Us
Why not take the next step and learn more about available Medicare Plan G offers in your own hometown? You can use our online quote system to instantly view local offers from top providers. If you’d rather speak with a qualified insurance advisor, feel free to use our toll-free number. Our agents can provide you with all of the details and personal reviews of Medicare Supplements for your own situation.