Medicare Supplement Plan G
Get a Quote »The new modernized Medicare supplements are here for purchase as of June 1, 2010. Plan G was changed slightly and should now be considered by most Medicare beneficiaries in order to supplement original Medicare Parts A and B.
After Plan F, Plan G is 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 Supplement Benefits
Plan G covers all of the gaps in Original Medicare except for your Part B deductible. The Part B deductible amount in 2010 is $155. This amount usually increases year over year as designated by the government run Centers for Medicare and Medicaid Services. Typically, the year over year increase is 5-10%.
Prior to June 1 2010, Plan G only covered 80% of Part B Excess claims, 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 to charge Part B excess, then it is wise to consider a Medicare supplement that covers Part B Excess completely. Both Plan G and Plan F cover this benefit in its entirety, but no other supplements will provide benefits for this gap.
Plan G Monthly Premiums and 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.
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 Around for Supplemental Insurance
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 trends. As more affordable plans become available from other companies, your insurance agent should 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.
