Medicare Supplement’s most popular coverage option, Plan F, is no longer available to new Medicare beneficiaries. As a result, many people are choosing to enroll in Plan G coverage instead.
Medicare Supplement Plan G is a popular plan type, and for good reason. The extensive coverage of Plan G means that participants will have fewer unexpected costs when they need medical care. For those who don’t want to worry about surprise bills, Plan G is a great option.
Plan G is a good replacement for Plan F
Unfortunately, new enrollees seeking Medicare Supplement Insurance can no longer enroll in Plan F due to legislation changes. Any Medicare Supplement Insurance plans that cover the Part B deductible were phased out. Because of this change, those who became eligible for Medicare on or after January 1, 2020 are not able to sign up for Plan F. However, those who were already enrolled in Plan F have been grandfathered into the plan.
Plan F was popular because of the level of coverage it offered, allowing beneficiaries to spend less money out-of-pocket for medical expenses. Luckily, Plan G provides almost the same level of coverage as Plan F, making it a good replacement for those looking for comprehensive coverage.
Plan G is one of the best value plans out there
Here is what you need to know about Plan G.
First, Plan G is generally considered to offer the best value for clients. It requires planholders to pay a small annual deductible, but after that, it covers all the gaps in Medicare coverage. (However, Plan G’s monthly premium does not cover the outpatient deductible.)
In terms of hospital care coverage, Plan G will cover your share of costs that Medicare does not. This can be extremely beneficial, considering inpatient hospitalization costs can grow quickly. With Plan G, you can have peace of mind knowing your out-of-pocket costs will be minimal.
The coverage is almost as extensive as Plan F
Even for outpatient care, Plan G offers quite a bit of coverage. While the Part B deductible is not covered by the plan, we know the cost for this deductible is $203 as of January 1, 2021. Once you pay that deductible, you’ll have great coverage for out-of-pocket expenses for the remainder of the year.
For those over 65 who want a lower-cost Medicare Supplement plan, Plan G also offers a higher deductible option. You will still get the broad coverage of Plan G, just with a higher out-of-pocket cost. This option saves you a considerable amount on your monthly premium.
In addition, Plan G covers your Medicare Part B excess charges, which most Medicare Supplement plans do not cover. These costs can add up quickly and eat into your budget. If you (like many Medicare beneficiaries) are living on a fixed income, you’ll definitely want to consider enrolling in Plan G.
Medicare Supplement Plan G’s additional coverage
In summary, Plan G covers:
- Part A hospital coinsurance and hospital costs
- Part A hospice care copayment or coinsurance
- Part A deductible
- Part B preventive care coinsurance
- Part B coinsurance or copayment
It is important to note that while all carriers will offer the same coverage, not all plans have the same price.
For example, some Plan G insurance carriers may offer discounts that make their plan more cost-effective than another. In addition, each carrier offers different levels of customer service, with some even offering extensive, around-the-clock concierge support. Offerings also vary by state, so your location may heavily affect your price.
At United Medicare Advisors, we help our clients compare a wide selection of plans and carriers side-by-side. We work with over 20 national Medicare Supplement Insurance carriers to allow you to identify, compare, and enroll in plans in a single call.
Plan G helps you breathe easier about finances
Even though the popular Plan F is no longer around, you still have options for a similar level of coverage with Plan G. Plan G is about peace of mind — you don’t have to worry about costs of specialists and hospitalizations draining your budget.
Ready to enroll or interested in learning more? In one phone call, our Licensed Insurance Agents will answer your questions and identify Medicare Supplement plans that will help cover your out-of-pocket expenses. Give us a call at (855) 665-9200 or visit our Plan Comparison tool to get started.
