Medicare Supplement Plan G is a health insurance policy that helps cover the gaps in Original Medicare. If you’re considering signing up for this plan, there are some important things you should know about it as we approach 2023. In this article, we’ll discuss everything from what Plan G covers to how much it costs and more.
What is Medicare Supplement Plan G?
Medicare Supplement Plan G is a supplemental insurance plan that covers the gaps left by Original Medicare Parts A and B. This includes coverage for co-payments, deductibles, foreign travel emergency care, and more. It also provides coverage for excess charges under Part B, which means if a provider charges higher than the accepted rate for services or supplies covered by Part B, your insurer will pay the difference.
Medicare Supplement Plan G is a type of supplemental insurance policy that helps cover some of the expenses that Original Medicare does not cover. It covers all out-of-pocket expenses except for the Part B deductible, which is $203 in 2021. After you meet your deductible, Plan G will pay 100% of your covered medical costs for the rest of the year. This includes hospital stays, doctor visits, lab tests, and more.
What Does It Cover?
Medicare Supplement Plan G covers almost all of the gaps in traditional Medicare Parts A and B, including hospitalization expenses such as coinsurance and deductibles; doctor visits; lab tests; x-rays; ambulance services; skilled nursing facility coinsurance; co-insurance payments for home health care; hospice care coinsurance or copayment; and blood transfusions. In addition to these basic services, Plan G also covers excess charges under Part B (up to 15%), foreign travel emergency care (up to 80% of reasonable charges), and other miscellaneous expenses not covered by original Medicare.
How Much Does it Cost?
The cost of a plan depends on where you live and what type of policy you choose (ensuring it meets your individual needs). However, on average you can expect to pay around $150-$200 per month for a comprehensive policy with full coverage under Plan G. Premiums can vary significantly depending on where you live and your age. You may also qualify for discounts if you’re part of an employer group or other organization that offers them.
If you’re looking for an affordable way to supplement your Original Medicare coverage without sacrificing quality of care, then Medicare Supplement Plan G may be right for you. With comprehensive coverage at a reasonable price point and access to discounts when available, this is one option worth exploring further in 2023! Be sure to research different plans carefully before making any decisions so that you can find the best fit for your budget and needs.