Here’s What Plan G Supplements Cover & What They Don’t
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Medicare Plan G covers out-of-pocket expenses left by Original Medicare (Part A and Part B), besides the Medicare Part B deductible.
The monthly premium range is between $110 – $253 and it will vary by location.
This means the Part B 20% coinsurance and copays, out-of-pocket expenses if you only had Original Medicare, would be picked up by your Medicare Part G Supplement.
In addition, the Part A deductible which covers hospital stays is also paid out by Medigap Plan G. That cost is $1,408 in 2020 and will increase slightly each year.
Another perk that Medicare Plan G provides is a $50,000 lifetime limit of foreign travel emergency coverage.
Part B Deductible. The Part B deductible is still an out-of-pocket expense. This is $198 in 2020 and it increases slightly every year.
Prescription Drug Coverage. These are no longer covered under Medicare Supplements. Now, there are standalone Prescription Drug Plans, including Medicare Part D. But, it is crucial to understand the rules so you can avoid the Part D penalty when looking to add this to your Medicare coverage. Call us anytime, for free, at (888) 352-6672 if you would like some help with understanding the rules.
Basically, they cover the big stuff like hospital visits (after your deductible is met) and medical insurance (you still pay 20% coinsurance). Medicare beneficiaries tend to find themselves with additional increasing out-of-pocket expenses. Handling those unplanned expenses on a fixed budget creates a hardship.
Enter Medigap plans, also referred to as Medicare Supplements. These plans are distributed through individual carriers. Their purpose is to fill in the difference of what Original Medicare does not cover.
If comparing straight benefits, the answer is ‘Yes’. Plan F includes everything Plan G does, and it covers the $198 Part B deductible that Part G fails to cover. However, the cost to cover that extra $198 can vary by location. Thus, it is vital to compare the cost of Plan F and Plan G. If the variance of Plan F is higher than the Part B deductible ($198 for 2020), then Plan G is a better choice.
Navigating Medicare benefits and costs can be complicated. Often, Medicare beneficiaries begin with a single plan and never change even though the plan benefits or costs have altered. Sometimes the beneficiary’s needs or budget have transformed. Our team can match you with a licensed independent broker in your area that specializes in Medicare.
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.