Supplement insurance exists as a way of extending support to the areas left uncovered by Medicare insurance. Through the most basic plans, this covers excess inpatient fees, while the more extensive plans also cover outpatient doctor visits and additional features. Next to Plans C and F, which were previously considered the top Medigap policies in terms of their offering, Plan G is the new top dog and has taken the most comprehensive Medigap plan. Let’s look a little closer at what a Medigap Plan G policy can mean for you.
What Is Included as Part of Medigap Plan G Coverage
Every new member of Medicare, signed up since January 2020, will find that Medigap Plan G is the most comprehensive plan available to them. Of course, this also means that it is the most expensive, with many private insurance providers upping the premiums on Plan G every year. In deciding if this is the right plan for you, it helps to understand exactly what the plan includes and how your health and well-being might be impacted by various areas of the plan’s coverage.
Medigap Plan G coverage includes:
- Medicare Part A coinsurance and hospital fees for up to 365 days after the Medicare benefits have been used up
- Medicare Part A hospice and palliative care coinsurance and copayments
- Medicare Part B coinsurance or copayments
- Coinsurance payments for skilled nursing care
- Medicare Part B excess charge (any charge above the Medicare-approved fee)
- Foreign travel coverage (up to 80% of healthcare emergency fees accrued when traveling)
The only area not covered by Plan G is the Medicare Part B deductible.
How Much Does Medigap Plan G Cost?
As is the case with all the different Medigap plans, the costs can vary depending on the insurance provider. As Medigap forms part of a private insurance program, there are no set rules regarding cost. So, while all policies must follow the standardized set of benefits, the costs can vary.
Consumers will tend to find that as Medigap Plan G becomes the most comprehensive level of coverage, it will rise in cost, with monthly premiums going up across the board. In selecting the best provider for your Medigap coverage, you should consider the reputation and research how rates change year after year.