With so many different plans, Medicare can be a bit like alphabet soup. When you stop to look at the plans, however, you’ll find that some offer excellent health care coverage. Below is a guide to one of Medicare’s most comprehensive plans, Medicare Supplement Plan G.
All Americans 65 and over are eligible for health coverage under Medicare. In addition, individuals with certain disabilities who are under the age of 65 can receive Medicare, as can anyone with End-Stage Renal Disease.
Those who are eligible to enroll in the traditional Medicare program can also enroll in a Medicare Supplement Plan, also called a Medigap plan. Medicare Supplement policies are designed to cover expenses that you would otherwise pay out-of-pocket under basic Medicare.
These plans have the alphabetical labels A-N, and each have differing levels of health care coverage. Medicare Supplement Plan G is one of the most inclusive of these plans, covering nearly all the expenses that Medigap Plan F covers, which is the most comprehensive plan available today from Medicare.
All Medicare Supplement Plans cover Part A coinsurance and an additional 365 days of hospital stay beyond that of traditional Medicare. This is where the similarities between the plans end, however.
Plan G pays for all Part B coinsurance and co-pays. Other plans, such as K, L and N require the payment of full or partial co-pays. Plan G also pays for the first 3 pints of blood per year, Part A hospice and nursing home coinsurance and co-pays, the Part A deductible, and foreign travel emergencies. Other Medicare Supplement Plans pay for none or only part of these expenses.
Medicare Part G is also one of the few plans that covers Medicare Part B excess charges. Excess charges occur when your doctor charges more than traditional Medicare covers. For example, if Medicare only pays $100 per doctor’s visit, under basic Medicare, you would be responsible for any additional charges that you incur. Under traditional Medicare, doctors are allowed to charge a full 15 percent above what Medicare covers.
The only main difference between Plan F and Plan G, is that if you have Plan G you must pay the annual Part B deductible (for doctor’s services) out of pocket before Medicare or the plan will pay anything. After this deductible is met, Plan G pays 100% of the gaps in Medicare. The benefit to this is that Plan G has lower premiums than Plan F, allowing you to always save money if you take on the obligation of meeting your own deductible out-of-pocket.
If you’re looking for comprehensive health care coverage under Medicare, you should take a serious look at Medicare Supplement Plan G. It covers numerous expenses that you would pay out-of-pocket under other supplement plans, giving you peace of mind as well as substantial savings.