When you enter the Medicare world, you suddenly see comments about all these parts and plans with letters in front of them like Part A or Plan G. You’ll hear things like, “Part B covers this!” and “Plan G pays everything for me.” Even with all the different parts and plans you hear about, Plan G often gets mentioned when discussing Medicare coverage.
To understand why this plan is discussed so much, we need to break down what it is and everything it covers. For more information about what Plan G pays for, visit boomerbenefits.com/medicare-supplement-g-two-ways-to-save/.
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What is Plan G, and how does it work?
Plan G is a Medigap plan, also referred to as a Medicare Supplement. These plans provide secondary coverage to Medicare to help with some out-of-pocket costs you are left with after Medicare pays.
You must enroll in Medicare Parts A and B to have this supplement plan. Once you have those two, you qualify for a Medigap plan. These plans follow Medicare, so when you enroll in a Plan G, you can use Medicare’s network of healthcare providers. Your doctors must accept your Plan G if they accept Medicare, and you can go to any doctor in the U.S. as long as they accept Medicare.
Plan G is known for its comprehensive coverage. The only portion of Medicare it does not cover is the annual Part B deductible ($233 in 2022). Not having to worry about receiving various bills in the mail has made the G plan very popular among Medicare beneficiaries.
What does Plan G cover?
One of the best things about Medicare Supplements is their coverage is quite simple to understand. Plan G covers everything that Original Medicare covers. Whatever services and treatments Medicare approves and deems as medically necessary, Plan G follows suit. Once you satisfy that Part B deductible, this Medigap plan picks up the remaining bill after Medicare Part B pays its 80%.
Plan G also covers your Part A deductible ($1556 in 2022) and all of Medicare’s copayments and coinsurance.
What is not covered by Plan G?
As stated before, Plan G does not cover the Part B deductible. Once you satisfy the annual deductible for the year, Plan G will begin covering the rest of your Medicare-approved services for the year.
Since Medigap plans cover everything Original Medicare does, the same applies to what Medicare doesn’t cover. Because Original Medicare does not cover prescriptions or dental, vision, and hearing services, neither would your Plan G. To receive those types of benefits, you must enroll in a Part D prescription plan and a standalone dental, vision, and hearing plan.
How much does this plan cost?
The monthly premiums will vary from person to person. Multiple factors go into your plan rates, such as location, gender, age, tobacco use, and the insurance carrier you purchase a plan through.
The coverage you receive under a Plan G is standardized, so the most critical factors you want to consider are the insurance carrier you select and whether you have the most cost-effective rate that works for you.
Something to consider
The 20% you are left with from Medicare Part B can lead to some hefty bills. Plan G picking up the remaining cost can provide peace of mind. If you are someone who does not want to worry about being in network or having various copays and coinsurance, you should consider a Plan G as your supplemental coverage. Knowing you are covered for Medicare-approved services once the Part B deductible has been met can help relieve some of the stress that comes with the billing part of medical care.