Medicare Plan G offers great value for beneficiaries who are willing to absorb a small annual deductible in return for lower monthly premiums. As you can see in the chart below, Plan G covers almost everything that F does, except for the Part B deductible:
Medigap Plan G: A Small Deductible = Big Savings
Medicare Supplement Plan G, also called Medigap Plan G, is an increasingly popular supplement for several reasons. Though traditionally Plan F has been the most commonly requested supplement, the Medigap G policy may be right for you.
First, the Medigap G covers each of the gaps in Medicare except for the once-annual Part B deductible. In 2014, this deductible is only $147, and if you shop rates at Boomer Benefits, we can often find a supplement Plan G that might save you $360 or more in premiums over the available Plan F policies. That’s over $200/year you can keep in your pocket!
Let’s look at an example of how Medigap G covers you. For hospital stays, it covers all your hospital expenses. Most importantly, it pays the $1216 deductible that you would normally owe for any hospital stay.
For outpatient care, Medigap G covers all but the first $147 in expenses, because that is the 2014 deductible. So upon your first outpatient service of the year – you will pay $147. After that, it covers all the remaining expenses just like Medigap F does. Medicare will pay 80% of your outpatient costs and your supplement will pay the other 20%. If you are just starting your research and need basic information what Medicare covers, use the link to visit our Basics page before returning to this page to read about supplement options.
If Medicare Supplement G is much less expensive in your zip code than F, then it makes sense to purchase it. Although you will pay the Part B deductible, the annual savings in premiums can offset that by a couple hundred dollars.
Plan G Scenario:
Frank is a diabetic who has a Medicare Supplement Plan G. He sees his primary care doctor once per year but visits his endocrinologist several times a year to check his sugar levels and renew his prescriptions for insulin and test supplies. In January he has his first annual visit to his specialist. The specialist bills Medicare, which pays it’s 80% share of the bill except for the $147 outpatient deductible, which is billed to Frank.
His Medicare supplement Plan G pays the rest. Frank also places an order for his lancets, test strips and a new glucose meter with a durable medical equipment provider. Medicare and his supplement work together to pay 100% of the costs for these diabetes supplies.
For the rest of the year, Frank will owe absolutely nothing out of pocket for covered services, with the exception of whatever copays he owes for his insulin through his Part D prescription drug card.
Why you should consider Medicare Supplement Plan G
There is another reason Medicare Plan G has become a consumer favorite, and it’s one that has been a welcome surprise. To learn how this particular policy is a long-term rate saver and not just a lower starting point, get in touch with us today for help. Our licensed agents at Boomer Benefits can explain how this policy saves money over the long term, and also check rates for over 20 carriers for you.
Contact Boomer Benefits now to request a rate analysis for Plan G policies in your area. We’d love to show the potentials savings that this supplement can put back into your pocket. Get quotes for Plan G today!