Medicare supplement plan G & F are the only supplemental plans that will cover for medical and related expenses referred to as Medicare Part B “excess charges.” The excess charges are the difference between what you are charged by your health care provider or physician and what Medicare will pay for. Basically, Plan G will protect you against excessive out-of-pocket expenses arising from treatments in excess of what is approved by Medicare.
All the options with supplement plans can be found by visiting https://www.medisupps.com/
Coverage and Benefits
There are some basic Medicare coverage and benefits provided by Plan G which can broken down in the following ways. The basic coverages include:
- 100% of excess charges incurred under Part B
- emergency medical help when traveling abroad
- care in a skilled nursing facility
- hospitalization deductible (Part A)
Along with these coverages, Medicare Plan G also provides you with benefits for the following:
- First 3 pints of blood per year
- Part A co-insurance for hospitalization including an additional 365 days of coverage as soon as Medicare benefits have ended
- Part A co-insurance for hospice services
- Part B medical co-insurance and hospital out-patient co-payments
Where coverage of the bigger expenses is a concern, Plan G is the popular choice for taking care of what isn’t covered by Medicare. These expenses could be substantial and may cause financial difficulty for individuals who do not possess supplemental coverage. Here is a classic example of what you could face as an inpatient and you do not have Plan G coverage.
To begin with, any stay in the hospital will incur a deductible in excess of $1,000. Co-insurance payments are very expensive for stays of 60 days or longer. It should be noted that there is no coverage at all once you exceed 150 days in the hospital. Charges not covered by Medicare include doctor’s services, laboratory tests, and procedures carried out on an out-patient basis. You will even have to pay out-of-pocket for your first three pints of blood.
Finding Medicare Supplement insurance Plan G
Just like other Medicare Supplement insurance plans, there are standardized basic benefits across each letter category. So basic benefits of Plan G are exactly the same, regardless of which insurance company you purchase the policy from. However, bear in mind that availability and cost will vary by location and insurance company; hence it is important to shop around to find the Medigap plan that will give you the best value.
One easy way to research plan options is to search for a plan finder tool to help you locate Medigap plans within your service area and compare the plan benefits. All you need do is enter your zip code into the tool to see how the basic benefits of Plan G differ from the other Medicare Supplement insurance plans.
It is definitely in your best interest that you take the time to review your coverage. There are a number of healthcare insurance providers today, who offer Plan G coverage. If you do not have extra coverage to handle the expenses highlighted above, consider getting some coverage – you may need it later.