Health remains to be the most important aspect of living. When you have good health, taking care of other life areas is not that hard. Unfortunately, just because you are healthy today does not mean you will be in the next few years. Whereas we all hope to be in top shape all through, getting sick is part of life and is sometimes inevitable. It is also hard to predict the future, hence the need for a reliable healthcare plan.
Health insurance is one of the best things you can choose to have. It allows you to put something away for those days when you need medical treatment the most. The monthly investment assures you of the best medical attention, even with serious ailments that would have otherwise demanded a lot of financial input from you and your loved one.
With the best interests of its citizens at heart, the federal government developed the Medicare program. This health insurance program is designed to cater to the medical needs of US citizens and residents. By enrolling, most of your medical conditions are taken care of without demanding too much out-of-pocket cost. The Medicare supplement plan G is among the many plans under Medicare and is designed to care for seniors aged 65 and above.
How it works
Plan G is a standardized insurance plan available to beneficiaries of Original Medicare. It is the most comprehensive you will find, except for Plan F. But because Plan F is unavailable to new beneficiaries, Plan G remains the most popular. This supplement insurance plan pays after Medicare has paid what it owes depending on the treatment, greatly reducing out-of-pocket costs associated with Part A and B.
Under Plan G, you will be required to pay a monthly premium to enjoy the benefits. The premium may increase year after year depending on inflation or your age. The benefits of the Plan G supplement are standard everywhere, but the premiums can vary from one insurance company to another. It helps to compare the offers in your locality so you can choose a company whose rates appeal the most to you.
Medicare supplement plan G is designed to fill the gaps Original Medicare leaves. You must have Part A to qualify for the Plan G benefits. After Original Medicare pays for the services received, Plan G will cater for the remaining costs. The fact is that Original Medicare does not offer full coverage hence the need for an additional plan to enjoy even greater medical coverage. For example, when you are hospitalized, Part A deductible is charged per benefit period. Plan G supplement covers the expense and additional 365 days of hospital costs after Medicare benefits deplete. Also, if you visit a doctor, Medicare will pay 80% of the approved charges, and then Plan G covers the remainder. The same goes for foreign emergency travel which Medicare does not cover but supplement Plan G does.
What it covers
This supplement covers most out-of-pocket costs left by Original Medicare. But even though it pays fully for most, it does not pay for Medicare Part B deductibles. Currently, this deductible is $226, and it will be your responsibility. Plan F covers the Part B deductible, which is why most people will start by comparing the two before deciding which way to go. The one thing that makes Plan G win over Plan F is its lower premiums. The truth is that even after paying the deductible, the Plan is still cost-effective. Plan F also losses to Plan G because it no longer accommodates new beneficiaries; anyone applying later than 2020 cannot apply for Plan F. And which is the other better option? Medicare Supplement Plan G is.
When you enroll for supplement Plan G, you get to enjoy
- Part A coinsurance and hospital costs cover
- Cover for first three pints of blood transfusion
- Medicare copayment and coinsurance of Part B
- Coinsurance for skilled nursing care
- Coverage for excess charges for Part B
- Part A deductible
- 80% cover for foreign travel emergencies
With this kind of cover, you will not worry about getting the best medical attention, whatever the ailment. For seniors, medical insurance offers peace of mind, not just for them but also for their loved ones.
Does the insurance company matter?
What you should know about Medicare supplement plans is that they are all standardized. This means that the benefits remain the same regardless of the insurance company you choose to work with. The Plan G benefits are standardized, so you don’t have to worry about missing out on some of the benefits. However, you can still go through Medicare Supplement Plan G reviews to compare insurance companies in terms of the monthly premiums they offer.
The insurance companies also don’t own doctor networks, so worry that doctors in one company are better than in another is eliminated. The Plan is a supplement to the primary coverage, and where you go for treatment will not affect the Plan in any way. The claim-paying process under this supplement is also standardized; it is highly automated and will not favor one beneficiary over another. As soon as Medicare approves a claim, it will pay the amount due and notify your provider of its portion. This equalizes all companies in the claims-paying processes.
What common areas are not covered under Plan G?
When going for a health insurance plan, the least you can do is found out what it covers and what it does not cover. Depending on your health needs, this will work great in directing you to the best policy. As comprehensive as Medicare Supplement Plan G is, it does not cover all medical conditions. Some of the common medical situations it does not cover include:
- Long-term care, especially non-skilled nursing care
- Dental and vision services
- Private nurse duties
- Hearing aids
If these are services you consider crucial, you will need to make other insurance plans or go for an additional plan to keep you well covered. With so many supplement plans under Medicare, your chances of finding one that matches your medical needs are high. You should familiarize yourself with the plans and compare insurance companies to get the most appropriate offer.