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Michael T Braden March 23, 2023 MEDICARE SUPPLEMENTS & MEDIGAP
EVERYTHING YOU NEED TO KNOW ABOUT MEDICARE SUPPLEMENT PLAN G
IS MEDIGAP PLAN G THE SAME AS MEDICARE SUPPLEMENT PLAN G?
Yes, Medigap Plan G and Medicare Supplement Plan G are one and the same. Back when Medicare Supplement Plans were first introduced, they were marketed as a "way to fill in the gaps left over from Original Medicare" so that is how they began being referred to as Medigap Plans.
Currently and since 2020, Medicare Supplement Plan G has been the most popular and the most purchased Medicare Supplement plan purchased, and it is not even close. You see, back on January 1, 2020, Medicare Supplement Plan F was the most popular plan, however, it is no longer available for anyone who was not 65 before 1/1/2020. Since then, Plan G has taken over. As of 2022 estimates are that Nationwide Plan F had 53.2% of the Medicare Supplement Market, followed by Plan G with 37.9% and Plan N has 7.8%, and the other remaining 8 plans split 2.1%. And since the change in Plan F availability nearly 70% of all Medicare Supplement policies sold are for Pla G and over 25% are Plan N.
WHAT EXACTLY IS MEDIGAP PLAN G & IS IT THE SAME AS MEDICARE SUPPLEMENT PLAN G?
Medicare Plan G Is Considered By Healthcare Professionals To Be The GOLD STANDARD in Medicare Coverage. When Paired With Original Medicare, You Can receive Services From ANY Hospital and ANY Doctor in the US.
Yes, Medigap Plan G and Medicare Supplement Plan G are one and the same. Back when Medicare Supplement Plans were first introduced, they were marketed as a "way to fill in the gaps left over from Original Medicare" so that is how they began being referred to as Medigap Plans.
Currently and since 2020, Medicare Supplement Plan G has been the most popular and the most purchased Medicare Supplement plan purchased, and it is not even close. You see, back on January 1, 2020 Medicare Supplement Plan F was the most popular plan, however, it is no longer available for anyone who was not 65 before 1/1/2020. Since then, Plan G has taken over. And as of 2022 estimates are that Nationwide Plan F had 53.2% of the Medicare Supplement Market, followed by Plan G with 37.9% Plan N has 7.8%, and the other remaining 8 plans split 2.1%. And since the change in Plan F availability nearly 70% of all Medicare Supplement policies sold are for Plan G and over 25% are Plan N.
The only difference (Besides Price) between Plan F and Plan G is Plan F pays your Annual Part B Deductible ($226 in 2023) for you. And if you have Plan G you pay for this yourselves. Medicare Plan G coverage is very similar to Plan F, which is no longer available for people new to Medicare on or after January 1, 2020.
PLAN G IS THE MOST COMPREHENSIVE MEDICARE OPTION AVAILABLE TODAY!
Plan G offers great value for Medicare beneficiaries willing to pay a small annual deductible. After that, Plan G provides full coverage for all of the gaps in Medicare. It pays for your Medicare Part A hospital deductible ($1,600.00), co-pays, and co-insurance. It also covers the 20% that Medicare Part B doesn’t cover. Doctors and other healthcare providers must accept a Medigap Plan G if they accept Original Medicare. Plan G policies can be used across the U.S. since they do not have network limitations, and the premium costs can be very reasonable for the coverage you receive.
Medicare Supplement Plan G covers your percentage of any medical benefit that Original Medicare covers, except for the outpatient deductible. So, it helps to pay for inpatient hospital costs, such as the first three pints of blood, skilled nursing facility care, and hospice care. It also covers outpatient medical services such as doctor visits, lab work, diabetes supplies, cancer treatment, durable medical equipment, x-rays, ambulances, surgeries, and much more. This means Plan G covers the coverage gaps with Original Medicare and all Plan G products must provide you with the exact same coverage. Medicare pays first, then Plan G pays the remaining amount after you pay the once-annual deductible. In addition, Plan G Medicare Supplements offer up to $50,000 in foreign travel emergency benefits (up to plan limits).
SMALL DEDUCTIBLE = BIG SAVINGS WITH PLAN G
Medicare Plan G, also called Medigap Plan G, is an increasingly popular Supplement for several reasons. First, Plan G covers each of the gaps in Medicare except for the annual Part B deductible. This deductible is only $226 in 2023. In fact, if you have a Plan F that has been in place for years, we can probably help you with premiums by looking at Plan G. When we help you shop rates at Boomer Benefits, we can often find a Supplement Plan G that saves quite a bit in premiums over Plan F, usually substantially more than the $226 deductible that you’ll pay out. You pocket the difference. Second, it has great coverage. For hospital stays, it covers all your hospital expenses. Most importantly, it pays the hospital deductible, which is over $1,600 in 2023. It also covers the expensive daily co-pays that you might encounter for a hospital stay that runs longer than 60 days. It provides an additional 365 days in the hospital after your Medicare benefits run out, and it covers your skilled nursing facility co-insurance, too.
Medigap G covers all but the first $226 in expenses for outpatient care, which is the Part B annual deductible. You will pay that the first time you have outpatient care for that year. After that, Supplement G covers all the remaining charges. Medicare will pay 80% of your outpatient costs, including emergency care, and your Supplement will pay the other 20% for medical procedures. Once Medicare covers a service, the Medigap Plan G policy must pay the remaining balance. Medigap Plan G does not cover the Part B deductible or any service that Medicare does not cover. For example, Medicare does not cover routine dental, vision, or hearing; therefore, Plan G won’t cover those services. If you are just starting your research into Medicare Supplements, you might also read what Medicare covers before choosing which supplemental coverage is right for you.
Medicare Supplement G is more expensive than Plan N, simply because it covers more. It is our experience that clients are not only thrilled at everything they get from Plan G, usually costs more than Plan N because it covers more. People seem to like the security and peace of mind that a comprehensive policy like Plan G offers. It is difficult to put a price tag to equal peace of mind, but, with Medicare Supplement Plan G, everyone is thrilled with it.
PREDICTABILITY, CALM, CONFIDENCE, KNOWLEDGE, AND NO STRESS IS WHAT PLAN G IS ALL ABOUT!
Most people do not like surprises, and they especially do not like surprise medical bills in retirement and with Plan G you know you will never pay more than your Annual Part B deductible.
I like to use the example that your Plan G Premium is your Maximum Out-Of-Pocket-Expense, because once you pay your monthly premium for Medicare Supplement Plan G,, you will never pay anything more than the Annual Part B Deductible which was only $226 in 2023. therefore, are willing to pay the higher premium cost. Want to know which insurance companies offer the best Medicare Plan G policies?
Why You Should Consider Medicare Supplement Plan G Lower premiums are a great start, but there is another reason why Medicare Plan G has become a consumer favorite. This is because Medigap Plan G is also a long-term rate saver. Medicare Supplemental Plan G has a lower rate increase trend from year to year than Plan F. In recent years, we’ve seen Medicare Plan G sometimes have an increase of 3% or less with some carriers. This is considerably lower than the rate increases from year to year on Plan F.
different ways to apply for a Medigap Plan G policy. A majority of enrollees will use the Medigap Open Enrollment period to apply for a policy. When you enroll during this window, you will not have to answer health questions on the application and the insurer cannot deny you coverage. It is a six-month window from your Part B effective date. Those who qualify for Medicare before 65 due to disability will have an additional Open Enrollment window when they turn 65. However, you may need to answer health questions, and your approval is not guaranteed when you are outside that window. So, you could be denied based on certain health conditions.
WHAT PLAN G COVERS
Medicare Supplement Plan G covers your percentage of any medical benefit that Original Medicare covers, except for the outpatient deductible. So, it helps to pay for inpatient hospital costs, such as the first three pints of blood, skilled nursing facility care, and hospice care. It also covers outpatient medical services such as doctor visits, lab work, diabetes supplies, cancer treatment, durable medical equipment, x-rays, ambulances, surgeries, and much more. This means Plan G covers the coverage gaps with Original Medicare and all Plan G products must provide you with the exact same coverage.
Medicare pays first, and then Plan G pays the remaining amount after you pay the once-annual deductible. In addition, Plan G Medicare Supplements offer up to $50,000 in foreign travel emergency benefits (up to plan limits).
IF YOU ARE IN A HURRY AND HAVE DECIDED PLAN G IS FOR YOU?
Please contact us at Braden Medicare today. Our licensed agents can explain how this policy often keeps premiums lower over the long term and will meet your needs. We can also check Plan G rates for over 26 health insurance companies for you to see who offers the lowest rates for Plan G options in your area.
CLOSING ARGUMENTS
Plan G tends to be the most cost-effective Medigap plan as the only out-of-pocket cost is the Part B deductible. Overall Plan N costs less with lower premiums. But, it is best for people who visit the doctor 5 times or less annually.
As long as Medicare pays for a service, Plan G will cover the remaining costs once the deductible is met.
If you don’t enroll in Plan G during your Medigap Open Enrollment window, you may need to answer health questions depending on where you live.