Every year millions of uninsured Americans breathe a sigh of relief when they become old enough to qualify for Medicare. However, many soon find that medical issues often result in more expenses than Medicare covers. With that in mind, the Government allows insurance companies to sell medigap policies which pay for many of the charges not covered by original Medicare. Medicare Supplement Plan G is one of the most popular medigap options.
What Exactly Is Medicare Supplement Plan G?
There are essentially two types of Medicare supplements designed to supplement original Medicare benefits. Some, like Medicare Supplement Plan G, are medigap plans. They are supplements which are provided by private insurers and designed to pay for expenses not covered in original Medicare. They are not the same as Medicare advantage plans, which are sometimes called “Part C”. Advantage plans are provided by Medicare approved companies and allow customers to get their hospital and medical insurance from the policies from them instead of original Medicare. They are not designed to close the gap between Medicare and medical expenses, although they can help client control medical costs.
Medigap Plans Are All Standardized
Unlike most advantage plans, medigap supplements require customers to pay a monthly premium that can vary from one provider to another. However, in all other ways their coverage is standardized. No matter which insurance company provides a supplement, it will offer the same benefits and clients will choose from the same network of doctors. Each policy also uses the same claims-paying process. As a result, the only thing that customers need to compare when shopping for a policy is the rate.
A Medigap Supplement Offers a Range of Benefits
Most customers are willing to pay for medigap policies because they offer important benefits. In fact, the only benefit not provided is the Part B premium that every Medicare recipient is charged. Currently it is $183 per year. A Medicare Supplement Plan G covers Medicare Part A & B coinsurance costs as well as charges for blood and hospice co-insurance expenses. It pay for skilled nursing facilities, foreign travel emergencies and Part A & B deductibles as well as excess charges.
The Medicare program provides millions of Americans with essential health care but does not cover all expenses. As a result, many Medicare recipients buy medigap supplements that pay for expenses not covered by original Medicare.