Underwriting is the process assessing risk of issuing insurance. Undewriters evaluate applications,
Medicare Supplement Plan G is becoming a more popular Medicare supplement plan because it offers the second most coverage out of all the supplement plans.
Medicare Supplement Plan G covers the following:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Medicare Part A deductible
- Medicare Part B excess charges
- Foreign travel emergency (up to plan limits)
Medigap Plan G covers everything that the Plan F does (the most comprehensive plan) except for the Part B deductible. Medicare supplement insurance Plan G can also be a less expensive alternative to Plan F. Of course, the price of Plan G depends on your current health conditions, age, gender, and which company you purchase your Medicare supplement insurance with. Since it is one of the more popular Medicare supplement plans, it can sometimes be more affordable because the monthly premium tends to be less expensive. When there are more people enrolled in a particular Medicare supplement plan with a particular company, premiums tend to decrease.
What Medigap Plan G Does NOT Cover
Plan G does not cover the Medicare Part B Deductible.
Medicare Supplement Plan G Standardization
Before you consider Plan G rates from different companies, it is crucial that you understand Medicare supplement standardization. Medicare supplement plans have been completely standardized since 1991. So, as you consider Plan G pricing from the different insurance companies, you can feel comfortable that a standard Plan G from each company will be identical in the following ways:
- Same Benefits – Medicare supplement Plan G will have the same coverage listed above, regardless of the company you buy your supplement from. So, you don’t have to worry about whether one company’s Plan G is going to have more or less benefits than another company. It doesn’t matter which company you buy your plan from, the Plan G benefits will be completely identical.
- Same Doctor’s Network – Medicare supplement insurance companies do not 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. In fact, 93% of primary care physicians still accept Medicare. So, you don’t have to worry about whether one company has a better doctor’s network than another. They will all share the same network – the Medicare network of doctors.
- Same Claims-Paying Process – Medicare supplement claims-processing is highly automated these days, which makes it easy for you to use the coverage. When you receive your medical services from your physician, they will only submit your claim to Medicare and not to your Medicare supplement insurance company. Medicare uses a clearinghouse that knows which Medicare supplement plan and company you use. Once Medicare approves your claim, they will pay the physician their portion and will notify your Medicare supplement company, through the clearinghouse, of the amount due to the physician from your Medicare supplement insurance company. The Medicare supplement company cannot decide they don’t want to, or shouldn’t have to, pay their portion of the claim. They have no choice. They must pay the amount due per Medicare’s instructions. This is automated and completely standardized from company to company. So, you don’t have to worry about whether one company is better at paying for claims than another. Due to the automation and standardization in this area, they’re all equal in their claims-paying history.
Knowing about the areas of standardization above makes it extremely easy to consider rates for Medicare supplement Plan G from any company. So, it really comes down to who is going to offer the best rate from a company you can trust for your Plan G.
That’s one reason so many Medicare recipients turn to a GoMedigap agent. We care about educating our clients through the buying process and ensuring they have options from over 30 providers nationwide. This ensures that you’ll know what you’re buying and have the choices available to find the best value.
Medicare Supplement Plan G Pricing
While Plan G tends to be among the higher priced plans, Plan G is historically less expensive than Medicare supplement Plan F. Because your only exposure with the Plan G is the Part B deductible (which is $183 in 2018), the savings from the lower premiums with the Plan G can sometimes outweigh the cost of the Part B deductible. Therefore, although the deductible is not covered, Plan G policyholders will typically save money overall with the Plan G due to the premium difference.
GoMedigap Can Help
GoMedigap agents are very well-versed at helping you make these decisions. The service from our highly-regarded agents won’t cost you anything, and we’re confident you’ll enjoy the conversation.
If you would like to discuss your Medicare supplement Plan F options, or options from any other plan, please complete the online form to compare Medicare supplement rates, or call us directly at (800) 310-2550 during normal business hours.