If you recently became eligible for Medicare, you may have heard of several different types of supplemental plans that are available to you. One such plan is Plan G. Here is everything you need to know about Medicare Supplement Plan G, which is known as a “standardized” plan because all policies provide identical benefits.
What Does Medicare Supplement Plan G Cover?
Plan G essentially helps pay for all health benefits that Original Medicare (which includes Parts A and B) covers with the exception of one: the outpatient deductible. Therefore, it covers hospital expenses such as hospice care and blood transfusions. Plan G also covers ambulance services, lab work, doctor visits, and x-rays and provides a maximum of $50,000 in emergency benefits related to foreign travel.
Why Is Plan G So Popular?
There are a few reasons why so many people choose Medicare Supplement Plan G. First, it covers any basic medical services except for the yearly Part B deductible, which amounted to just $203 for 2021. After your out-of-pocket payments attain this amount, you are required to pay 20% of the total cost of the services covered under Medicare Part B.
Additionally, Plan G covers excess charges for Part B and Part A hospital costs and coinsurance up to one year following the expiration of Original Medicare benefits. More specifically, Plan G pays for the high daily copays you may face for hospital stays longer than 2 months (60 days). Plan G is often compared to Plans F and N but is more expensive than Plan N due to the fact that it offers more benefits.
Plan G also pays for coinsurance on Part B prescriptions, which are normally administered to treat autoimmune disorders or for chemotherapy. However, outpatient (over-the-counter) medications are not covered under Plan G (only in Medicare Part D plans). Plan G also doesn’t cover any dental services, vision care, hearing aids, or private-duty nursing.
One of the primary reasons why Plan G is a better option than Medicare Plan F is that insurers don’t offer Plan F to new Medicare recipients anymore. As of the passage of the Medicare Access and CHIP Reauthorization Act of 2015, insurance providers are prohibited from selling Plan F to individuals who qualified for Medicare any day after (or on) Jan. 1, 2020.
Which States Don’t Sell Medicare Supplement Plan G?
There are 3 states where Medicare Supplement Plan G is not provided by any insurer: Wisconsin, Minnesota, and Massachusetts. If you reside in any of these states, you can only choose from the other Medicare Supplement plans. As with any other type of insurance plan, be sure to always carefully evaluate your healthcare needs before choosing coverage. Keep in mind that premiums, copays, and deductibles often vary from one insurer to the next.
If you would like to receive the Medicare Supplement Plan G, contact Insured American today. Our professionals will reach out to you and help guide you through becoming insured as soon as possible.