Medicare Plan G is a comprehensive healthcare insurance plan that covers almost all the costs that Original Medicare does not cover. It is offered by private insurers to people under 65 who are enrolled in both Part B and Part A of the Medicare program. The federal government standardizes the benefits that each Medicare Plan G policy offers, but it is up to you to decide whether the benefits are worth the expense.
The most basic Medicare Plan G policy includes coverage for Medicare Part A and Part B copays and deductibles, as well as Medicare Part D prescription drug coverage. However, some providers also offer extra benefits, such as vision coverage and emergency care. Some policies even cover foreign travel. There are also different premiums and deductibles for each plan. You should consult an independent health insurance agent to determine the best plan for your needs.
The federal government also mandates that all Medicare Supplement Plans, including Plan G, offer the same coverage. Typically, the more benefits that are included with your policy, the more you will pay in monthly premiums. Although the cost may be higher, it can be well worth it for some individuals. For others, however, the additional coverage isn’t needed.
Medicare Plan G is available during the Open Enrollment Period. This period lasts six months, starting when a Medicare beneficiary turns 65 and enrolls in Part B of the program. If you do not sign up during this period, you will be unable to sign up for a Medigap policy. During the Annual Enrollment Period in the fall, you can switch back to Original Medicare if you have a Medicare Advantage plan. Similarly, during the Open Enrollment Period, you can choose to sign up for any plan that is offered in your state.
Medicare Supplement Plan G can be found with a number of private companies in your area. To find a company that Medicare Plan G offers this plan, you can visit their website or search for them in your local phone book. Once you have chosen a plan, you will need to complete an application. When you do, you will have to give your social security number and Medicare card. Creating an account will allow you to save the details of your application. In some cases, you may be asked to answer medical questions, but you can choose to skip the hassle.
One of the biggest advantages of Plan G is that you can see any doctor, regardless of where they are located. If you need to see a doctor abroad, your plan will likely cover 20% of the cost, and the deductible for international travel may be less than for domestic travel. Depending on your state, the annual deductible for Plan G may be as low as $1,600, or as high as $2,370.
You can apply for a Medicare Plan G online, or at your local health insurance provider. You may have to pay a higher premium than you would for Plan F, though. Your premiums will depend on your age and health, as well as your geographic location.