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Medicare Plan G is one of the most popular Medicare Supplement plans. Many people favor it because it offers strong coverage while being cost effective. Below, we’ll detail everything that you need to know about Plan G.
What Does Medicare Supplement Plan G Cover?
Medicare Supplement Plan G covers most of the out-of-pocket costs that Original Medicare leaves you open to, with one exception. With Plan G, you will need to pay your Medicare Part B deductible. The Part B deductible for 2019 is $185.
In their initial research phase, many people compare Plan G to Plan F, which covers the Part B deductible. However, the premiums for Plan G tend to be considerably less than that of Plan F. Because of this, many people find that even after they pay their deductible, Plan G is still the more cost-effective option.
Keep in mind: if you become eligible for Medicare in 2020 or later, you will not be able to get Plan F. This means that Plan G will be the plan with the most comprehensive coverage available to you. If you currently have a Plan F and are considering switching, we can help you evaluate your options.
Does It Matter Which Company I Select?
Medicare Supplement plans are completely standardized, so the benefits will be the same from company to company. All Medicare Supplement plans, including Plan G, are standardized in the following ways:
- Benefits – You don’t have to worry about which company offers the best or most benefits. The benefits of a Plan G will be the same regardless of the company you select.
- Doctor’s Network – Medicare Supplement Insurance companies don’t have their own doctor’s networks. Their plans are only supplements to your primary Medicare Parts A & B coverage. Your network is the nationwide Medicare network, so, you don’t have to worry about whether one company has a better doctor’s network than another.
- Claims-Paying Process – The Medicare Supplement claims process is highly automated. It is easy for you to use the coverage, and most people never see any paperwork. Once Medicare approves your claim, they will pay their portion and notify your provider of what they owe. The company must then pay the amount due per Medicare’s instructions. Due to the automation and standardization in this area, every company is equal in its claims-paying history.
To make it simple, Medicare is your primary coverage. The plans that each Medicare supplement insurance carrier offers are identical from company to company, because they are standardized by the government.
So, How Do I Decide Which Company to Choose?
Selecting a company can be confusing, but there are two factors that can help you narrow down your decision. We recommend that you check the AM Best ratings for the companies you are comparing to ensure that the company has a positive standing, and then select the company that offers the lowest premium. To make this process easier for you, GoMedigap agents only work with top-rated companies, and we pride ourselves in finding the lowest premiums for our clients.
When Can I Get Medicare Supplement Plan G?
Most people sign up for Plan G during their Open Enrollment, the 6 month period before they turn 65. If you currently have a Medicare Supplement plan, you can apply to switch carriers or plan letters any time of the year. Changing your carrier can save you money, so even if you already have Plan G, it is prudent to review your options every year. If you have a question about eligibility or timeframe, your GoMedigap agent can help.