Medigap Plan G

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. Signing up for this plan will lower your out-of-pocket costs greatly compared to what they would be with Original Medicare only. After you pay for the annual deductible, your coverage will be 100% for all the additional medical costs in that year.

Medicare Supplement Insurance

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. If you have the Medicare Supplement plan, Medicare will cover the necessary medical expenses first. In contrast, the Medicare Supplement plan will take care of the remaining out-of-pocket costs. 

What Does Medigap Plan G Cover?

Medicare Supplement Plan G covers almost all of the gaps that are left behind by Original Medicare.

In general, the only cost that this supplement plan doesn’t cover is the Part B deductible. What Medigap Plan G fully covers is:

  • Medicare Part A deductible
  • Skilled nursing facility coinsurance
  • Medicare Part B excess charges
  • First three blood prints
  • Hospice copayments and coinsurance
  • Medicare preventive care Part B coinsurance, and
  • 80% coverage for foreign travel emergencies.

If you experience a foreign travel emergency while covered by Plan G, you will be protected. This plan provides coverage for up to $50,000 in foreign travel health emergency costs.

What Isn’t Covered In Plan G?

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 2023, the Part B deductible is $226, so Plan G will pay everything after the first $226.

When To Get Medicare Supplements?

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. In case your are not sure if a Medicare Supplement plan is for you but feel tempted to enroll in one, you can compare plans and reflect on your financial and health situation and then make a decision.

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To find out if Medigap Plan G is available in your area, contact Texas Medicare Advisors now. We will review your situation and provide you with some quotes for Medigap plans near you. Call 512-900-3008 to begin.

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