If you compare Medicare Supplement (Medigap) insurance Plan G to Medigap Plan F, you will see that they are basically the same. The only difference is that you must pay the deductible for Medicare Part B out-of-pocket.
You will owe 20% of the cost of Part B services that Medicare approves after your out-of-pocket expenses are the same as the Part B deductible amount.
Plan G will cover Part B excess charges while most Medicare Supplement Insurance plans will not.
Read on to learn more about the Plan G basic benefits.
There is one exception that differentiates Medigap Supplement (Medigap) insurance Plan G from Plan F benefits. This exception is that Medigap Plans C and F cover the Part B deductible whereas you must pay out-of-pocket in Medigap Plan G coverage. You will pay 20% of the Part B services Medicare approves once your out-of-pocket expenses meet the Part B deductible amount.
What are the Medigap Plan G benefits?
Below are the benefits that Medicare Supplement insurance Plan G includes:
- Limited foreign travel emergency medical care
- Skilled nursing facility (SNF) care coinsurance coverage
- First 3 pints of blood for a medical procedure
- Part B preventive care coinsurance
- Part B copayment or coinsurance
- Part B excess charges
- Part A deductible
- Part A hospice care copayment or coinsurance
- If you used up all your Original Medicare benefits, then Plan M will cover an extra 365 days of Part A hospital coinsurance and hospital costs
Part B excess charges are not covered by most of the Medicare Supplement insurance plans. These are charges outside of the charge that Medicare approves. For instance, let’s say that the charge that Medicare approves for a doctor’s appointment is $100. However, the physician rejects that charge and instead bills you an extra 10% for the appointment. This means that Medicare will send the physician $80 because they are responsible for 80% of the approved charge. And you will handle the left over $20 and also the remaining $10 for the remaining 10% cost. The out-of-pocket costs that you owe will total at $30. Medicare Supplement insurance Plan G will cover this excess charge.
Medigap Plan G now offers a high deductible option as of January 1, 2020.
How to Compare Medigap Plan G with other Medicare Supplement insurance plans
State and federal laws safeguard the policyholder and all 10 Medigap policies must follow them. It does not matter where you purchase the plan, basic benefit details of each plan must be intact. Medigap policies of the same letter should only have one general difference — cost. Different rates of cost can vary from different insurance companies.