Medicare Plan G offers great value for beneficiaries who are willing to pay a small annual deductible. As you can see below, Plan G covers almost everything that F does, except for the Part B deductible:
Medigap Plan G: A Small Deductible = Big Savings
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 $166 in 2016. If you shop rates at Boomer Benefits, we can often find a supplement Plan G that saves quite a bit over Plan F. That’s over $200/year you can keep in your pocket!
Second, it has great coverage. For hospital stays, it covers all your hospital expenses. Most importantly, it pays the $1288 deductible that you would normally owe for any hospital stay.
For outpatient care, Medigap G covers all but the first $166 in expenses, which is the Part B deductible. You will pay that the first time you have outpatient care for that year. After that, Medicare Plan G covers all the remaining expenses. Medicare will pay 80% of your outpatient costs and your supplement will pay the other 20%.
If you are just starting your research into Medicare supplements, you might also read what Medicare covers, before you choose which supplemental coverage is right for you.
If Medicare Supplement G is considerably cheaper than Plan F in your area, then it makes sense to purchase it. You will pay the Part B deductible once per calendar year, but the annual savings in premiums can offset that by several hundred dollars.
Medicare Plan G Scenario:
Frank is a diabetic who has Medicare Supplement Plan G. He sees his primary care doctor once per year, but visits his endocrinologist several times a year to renew his prescriptions. In January, he goes to his first doctor visit for the year. The specialist bills Medicare, which pays 80% share of the bill except for the $166 outpatient deductible, which is billed to Frank.
His Medicare supplement Plan G pays the rest. Frank’s coverage even provides his lancets, test strips and a new glucose meter at no charge to him. 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 Part A & B services. His only copays will be for his medications under his separate Part D prescription drug card.
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. It is also a long-term rate saver. What’s more – if you are switching from a Plan F that has already paid your Part B deductible for the current calendar year, you won’t be subject to that deductible until next year. Hurray!
Gotta get Plan G? Get in touch with us today: our licensed agents can explain how this policy often keeps premiums lower over the long term. We can also check Plan G rates for over 25 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!