If you are new to Medicare, you may be surprised to know that you can get help paying for your out-of-pocket Medicare expenses. Medicare Supplement Insurance is a product that will cover various costs associated with using your Medicare benefits. Plan G is the second most popular plan currently offered because it offers nearly comprehensive coverage of Medicare’s out-of-pocket portions.
If you are enrolled in Parts A and B of Original Medicare, you are eligible to purchase a Medicare Supplement Insurance policy. These plans help Medicare beneficiaries pay for the costs that remain after Medicare pays their share of health care expenses. Sometimes, you will see Medicare Supplement Insurance referred to as Medigap.
Medicare Supplement Plan G covers almost all of the gaps that are left behind by Original Medicare. It helps pay for hospital costs, skilled nursing facility care, and hospice care. It also covers outpatient medical services, like doctor visits and diagnostic tests. If you experience a foreign travel emergency while covered by Plan G, you will also be protected. This plan provides coverage for up to $50,000 in foreign travel health emergency costs.
Plan G may seem to cover all of the gaps, but it doesn’t pay all of your Original Medicare costs. You will still be responsible for paying your Part B deductible, as well as your Part A and B premiums. In 2021, the Part B deductible is $203, so Plan G will pay everything after the first $203.
Medicare Supplement Insurance isn’t right for everyone, but it can be very cost-effective if you purchase it when you are first eligible. These plans can help you afford the health care you need, and they don’t cost much if you enroll during the Medigap Open Enrollment Period. The Medigap Open Enrollment Period is a 6 month period that begins right when you first turn 65 and are enrolled in Original Medicare.
During this time, you cannot be denied Medigap coverage, and providers are obligated to provide you with the best possible rate for your plan of choice. This guaranteed issue right is important because if you miss it, you may be unable to purchase a Medigap at an affordable rate due to your health condition.
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