Medicare Supplement Plan G
Get a Quote »The new modernized Medicare supplements are here for purchase as of June 1, 2010. Plan G was improved and should now be considered by most Medicare beneficiaries as a smart purchase in order to supplement original Medicare Parts A and B.
After Plan F, Plan G is one of the most comprehensive plan available and is an affordable choice if you are willing to exchange slightly more in out of pocket expenses for lower monthly premiums.
Medicare Plan G Medicare Supplement Benefits
Plan G covers all of the gaps in Original Medicare except for your Part B deductible. The Part B deductible amount in 2012 has decreased to $140 from $162 in 2011. This amount usually increases year over year as designated by the government run Centers for Medicare and Medicaid Services, but this decrease makes Plan G a wise choice in many cases.
Prior to June 1 2010, Plan G only covered 80% of Part B Excess charges, but plans purchased after June 1 cover this benefit at a 100% level. If you live in or often travel to a state that allows doctors and/or hospitals to charge Part B excess, then it is wise to consider a Medicare supplement that covers Part B Excess charges completely. Both Plan G and Plan F cover this benefit in its entirety while no other supplements will provide benefits for this gap.
Plan G Monthly Premiums and Out of Pocket Costs
Plan G is usually quite affordable in most states and typically costs $20 or so less than Plan F on a monthly basis. If you wish to keep your Medigap insurance premiums affordable, but also want to purchase comprehensive coverage, then Plan G can be a very good choice.
All Medicare supplement insurance plans will experience rate increase year over year and Plan G is no exception. Predicting future rate increase is very difficult, but as long as you stay in reasonably good health, then you should be able to purchase a less expensive Medigap plan as your rates increase in the future.
With some companies, Plan G rate increases have been less than some of their other Medigap plans as it is not a guaranteed issue option unless the consumer is in open enrollment. Less availability can translate to lower costs and smaller premium increases.
In most states there in not a yearly open enrollment period which means you may need to undergo medical underwriting in order to qualify for a new plan. Underwriting is required to prove that you are in moderate to good health. Assuming you qualify medically, you can change to a new Plan G or any other Medicare supplement in order to keep your monthly premiums down.
Shopping Online for Less Expensive Medicare Plans
There are several insurance companies offering Medigap plans in each state and new companies are entering the marketplace very often. It is important to work with an agency that is keeping up with these changes and opportunities. As more affordable plans become available from other companies, your insurance agent may or may not be in contact with you so that you are aware of your options.
Whether you purchase Plan G, Plan F or any other Medicare supplement insurance policy, it is important to keep in contact with your agent as rates increase and plans from new insurance companies become available in your area.
Request Medigap Rates and Information
At Hyers and Associates, Inc. we are an independent agency specializing in supplemental insurance policies. We represent several Medigap providers and we are always looking for new, low cost providers for our current and prospective clients.
