It is vital that every individual has a Medicare supplement plan, also known as the Medigap plan, along with the primary Medicare plan, as it helps cover the out-of-the-pocket expense that is not covered by the Original Medicare, i.e., Part A and Part Today. Medicare Plan G supplement happens to be one of the most sought-after Medicare supplement plans, and why won’t it be? It covers an impressing number of things that a person would want in a supplement plan and happens to be the second most comprehensive supplement plan after Plan F.
You must want to know that this plan is, however, not available in Massachusetts, Minnesota, and Wisconsin, as these states have their own standard Medicare supplement benefit plans.
If you are new to the world of Medicare and are still confused about which Medicare Supplement plan you should buy for yourself and your family, keep reading to find out why you should give a serious thought to buying Medigap Plan G 2018.
Medicare Supplement Plan G coverage
Medigap Plan G 2018 covers everything that is covered by Plan F, excluding the Part B Deductible. Here’s what Plan G typically covers:
• Medicare Part A coinsurance and hospital costs
• Medicare Part B coinsurance or copayment
• Part A hospice care coinsurance or copayment
• Medicare Part A deductible
• Medicare Part B excess charges
• Skilled nursing facility care coinsurance
• Up to 3 pints of blood
• Foreign travel emergency (up to plan limits)
Medicare Supplement Plan G standardization
One must keep in mind that irrespective of whom the Medicare Supplement Plan G is bought from, the individual will be offered the same plan, all thanks to the standardization of the Medicare Supplement Plan G since 1991. The benefit of knowing about the standardizations mentioned is that it becomes easy to choose an insurance company that offers Medicare supplement Plan G. All you need to do is conduct a comparative research of the price rates of the Plan G offered by different insurance companies and choose the one that offers the best rates.
So, here are a few things that the standardization has brought along:
• Standard coverage
The best thing about buying Medicare Supplement Plan G is that when you are checking out different insurance companies’ rates, you don’t have to sweat it out worrying that the company that has a lower rate price will offer you fewer benefits than the one that has a higher price quote. The truth is that all the Medicare Supplement Plan G offer identical benefits, irrespective of whom you buy it from.
• The same doctors’ network
Medicare supplement insurance companies don’t have their separate network of doctors. They are connected to the same network of doctors, which is the nationwide Medicare network of doctors. So, irrespective of which insurance firm you choose, you will have access to the same network of doctors.
• Automated claim processing
The claim paying process of Medicare supplement plans is standardized and as automated as it can get. When you get treatment from your doctor that is covered by your insurance, they will send your claim to Medicare. Medicare will pay the doctor their share of the bill and then, through their clearinghouse, they will notify the Medicare supplement company of the remaining amount that is due. Upon receiving the amount from the Medicare, the Medicare supplement company has no choice but to pay the doctor. Since this entire process is automated, it is hassle-free to get your Medicare supplement plan claim processed.
Medicare Supplement Plan G pricing
One of the main reasons many people are opting for Medicare Supplement Plan G today is that it is a cheaper alternative to Medicare Supplement Plan F, as it offers everything that Plan F offers, except for the Part B Deductible. However, note that Plan G is one of the higher-priced plans as compared to other plans like C, D, K, and so on. A smart thing to do is to buy a low-premium Plan G and then buy a separate Part B deductible, which costs about $183. In this way, you will be getting the benefits of the best medical supplement Plan, i.e., Plan F, at a much cheaper rate.
Choosing a supplement insurance plan is a big financial and health decision, so make sure that you don’t take this decision in haste. Make sure that you conduct a thorough research before you choose a Medicare Supplement Plan G. The truth is that although the plan is standardized, insurance companies charge their own monthly premium, so you need to compare and find the best rates. At any point, if you feel indecisive, you can take the help of professional agents who will guide you to decide which insurance plan will work the best for you.
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