Medigap Plan G is a type of Medicare Supplement Insurance, also known as Medigap, designed to fill the gaps in coverage left by Original Medicare (Part A and Part B). Medicare Supplement plans are offered by private insurance companies and can help pay for certain out-of-pocket costs that Original Medicare doesn’t cover, such as deductibles, coinsurance, and copayments.
Overview Of What Medigap Plan G Typically Covers:
1. Part A Hospital Coinsurance and Costs
Plan G covers the Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are exhausted.
2. Part A Hospice Care Coinsurance or Copayment
It covers the coinsurance or copayment for hospice care under Medicare Part A.
3. Part A Deductible
Plan G covers the Medicare Part A deductible, which is the amount you have to pay before Medicare begins to cover your hospital expenses.
4. Part B Coinsurance or Copayment
It covers the 20% coinsurance or copayment for Medicare Part B services after you meet the annual deductible.
5. Part B Excess Charges
Plan G also covers Medicare Part B excess charges. An excess charge is a 15% fee that some doctors may bill beneficiaries beyond what Medicare covers. Excess charges may apply if you use providers who don’t accept Medicare assignment.
6. Skilled Nursing Facility Coinsurance
Medigap Plan G covers the coinsurance for skilled nursing facility care.
7. First Three Pints of Blood
Plan G covers the cost of the first three pints of blood you might need for a medical procedure.
8. Foreign Travel Emergency Coverage
Plan G also offers coverage for foreign travel emergency care, covering 80% of eligible emergency care costs during the first 60 days of your trip.
It’s important to note that Medigap plan G does not cover prescription drugs. If you need prescription drug coverage, you’ll need to enroll in a separate Medicare Part D prescription drug plan.
Medigap Plan G is a popular choice among Medicare beneficiaries because it offers comprehensive coverage, and the only out-of-pocket cost you generally need to pay is the Medicare Part B deductible. However, it’s essential to compare plans and premiums from different insurance companies to find the one that best suits your needs and budget. Additionally, eligibility for Medigap plans may vary by state, so it’s important to check the specific rules in your area. Talk to a licensed insurance agent today to get information on your options.
