Medicare Plan G is among ten Medicare supplement policies that fill in the coverage holes in original Medicare. As a senior citizen, you should consider getting your Medicare Plan G as this may offer you better benefits compared to other policies. However, before doing so, you need to understand the basics of Medicare. To do so, you must first learn about the plan.
Medicare Plan G provides ten Medicare coverage “services” for every individual who would get benefits from Medicare, regardless of his age, gender, the primary type of employment, and amount of income. In short, Medicare Plan G covers all the expenses that Medicare is designed to support. These services are not just meant for the old aged people. Nowadays, even teenagers who are still going to attend school and would be working part-time would also be eligible for Medicare benefits.
Medicare Plan G can be purchased by anyone who needs coverage for his entire family. However, Medicare Plan G would cover only the individuals who are the primary caregivers for their respective families. This means that if someone else in the family is in a hospital for treatment, the Medicare supplement plan g would not cover him. Similarly, even treatments and procedures which are related to the treatment of a patient by a health care specialist, would not be covered under Medicare Plan G.
Furthermore, Medicare Plan G does not cover the costs incurred for outpatient care. It would only cover inpatient care. If you have another health insurance policy or your private medical insurance plan does not cover the expenses for in-patient treatment, you need to pay for it out of your pocket. Hence, you need to make sure that you have adequate coverage for both inpatient and outpatient care when choosing between Medicare Plan G and Medigap plan g.
Medicare Plan G vs. Plan F: The higher deductible amount offered by Medicare Plan G comes as an advantage. However, the high deductible amount will mean increased premiums over the long run. Therefore, it is wise to balance the premium savings with the fact that you will be paying more in the long run due to the higher deductible amount.
Although you can lower the overall premium amount through good health habits, such as regular exercise, healthy diet, smoking cessation, reducing medication, and so on, this cannot reduce the total cost of your Medicare Plan.
If you are already near the Medicare Part D monthly deductible, you might consider switching to Plan F, since it offers similar benefits to Medicare Plan G. However, you should keep the fact that Plan F has a much higher deductible amount. To balance this out, you can choose a supplemental policy that covers the difference amount.
Medicare Plan G also offers coverage for “other” individuals not covered under Medicare Parts A and B. Some of these “others” are governmentally funded programs and/or individuals who are disabled and in need of extra income.
It is important to note that Medicare Plan G does not cover children or parents, and only covers beneficiaries who are residents of the United States. Medicare Plan G costs more per month than Plan F but offers the greatest overall benefit to seniors.