What Is Medicare Plan G And Who Can Apply For It?
Medicare supplement plans
Medicare supplement plans, also called Medigap, are health insurance options for people with Original Medicare coverage. The insurance plans are standardized and made available to fill coverage gaps left by Part A and Part B, which are the Original Medicare. The plans are regulated by the Department of Insurance and then sold as individual insurance policies privately by insurance companies.
After attaining age 65 and within the first six months of Medicare Part B eligibility, beneficiaries can buy any available Medicare plans during the Open Enrollment Period. You can purchase the plans from any desired insurance company, as the benefits are the same across the board. The companies cannot deny coverage to interested beneficiaries based on past or current health problems. However, failure to enroll during the open period gives the insurance companies the liberty to use your health to determine whether to cover you or not.
The Medicare Supplement Plan G
Medicare can be described as health insurance offered by the federal government. The insurance has numerous plans, each with its coverage options and terms. Supplement Plan G is a Medigap supplement insurance cover designed to help in covering extra charges that come from Part A, and Part B. Part A is all about hospital insurance, whereas Part B is there to cover medical expenses. As long as you have these parts, you are eligible for Medicare Plan G, especially during Medigap Open Enrollment Period.
The plan may end up costing more after the set enrollment period is over. The insurer can also decide whether or not to give you the cover in relation to your health status. With this in mind, you must use the enrollment period to your advantage, especially if you have pre-existing conditions that could deny you the plan benefits.
Individuals aged 65 and above qualify for Medicare coverage. Those below this age but with some form of disability also qualify. Plan G supplement helps cover the gaps left by Part A and B of Medicare. These gaps are coinsurance, copayments, and deductibles. The more coverage you have, the lower the amount you are responsible for regarding your medical bills.
Deductibles – These are the annual amounts an individual must spend out of his pocket within a given period before the insurer can step in and start funding the medical treatments or services.
Coinsurance – It is the percentage of treatment cost that an individual needs to self-fund. For instance, in Part B, the percentage is 20%.
Copayment – It is a fixed amount an insured individual pays to receive specific treatments. Prescription drugs, for instance, fall under copayment in Medicare.
The federal government has standardized the plans to ensure that the basic benefits are the same for Medicare Plan G. However, the rate can differ in different insurance companies. The companies use other criteria to reach their rates; hence you must take your time to choose your insurer to enjoy the best possible rates. Not all insurance companies offer all the plans in all the states; what you qualify for might solely depend on your residential state.
Who can apply for Medicare Supplement Plan G?
During the Medicare Open Enrollment Period, everyone aged 65 years and above is eligible. The period starts at the birth month one is turning 65 and ends six months later. The period is fair enough, and you should have no excuse to take advantage, especially considering that the best prices are offered during this period. People with disabilities can also apply for the Plan G supplement even if they are younger than 65. As long as you have started receiving disability benefits, you can apply for Plan G and begin enjoying the benefits.
You must enroll in Medicare Part A and B to apply for the insurance plan. After the set enrolment period lapses, insurance companies have the right to use medical underwriting to determine whether they should offer you the coverage you are pursuing. Your health status will play a huge role in this, and this can, in turn, determine the rates you will be given and your limits. The open period is always the best time to apply for Plan G because your past or current health status is not used as a determinant for rates and limits.
Medicare supplement Plan G costs
Plan G benefits are standard across the board, but the premium cost varies from one insurer to another. The premium is the monthly amount you need to pay to enjoy the benefits offered under the plan. The monthly premium can be determined by age, gender, geographical location, and any additional benefits apart from the standardized ones under the supplement. In some states, Plan G offers high-deductible policies and standard policies. For the states providing the high deductible plan, it is usually about $2,370 annually.
After paying your premiums for the plan, your insurance company buys the policy and pays the premiums for Part A and B to Medicare. You can use the Medigap Plan Finder offered by Medicare to find policies and companies in your state. The online tool is effective and only requires you to enter your zip code before it shows you all available policies. The search will give you all the important details, including the estimated out-of-pocket costs, covered service payments, and general costs.
Summary
Health care is important, especially as you age. The fact that you have to retire at some point could mean reduced sources of income, and life demands remain. Health is the most important aspect of life because when you are healthy, you can take care of the rest of your needs by whichever means possible. Medicare healthcare plans are designed to give you a pleasant experience when you need medical services. By paying small amounts in premiums, you can cover yourself even for services requiring huge amounts of money.
Medicare Supplement Plan G is one of the best choices when you are disabled or 65 years and above. Being comprehensive, you can be sure it will cover most of your medical needs under the policy. With a little research, you can find insurance companies in your locality with the best rates. Choose premiums you can afford to enjoy the benefits effortlessly.
Deepa Mahar is an independent blogger and admin of DeepAdvices who is exploring the beauty of the blog writing from a variety of subjects and books to health, science and others. She believes the blog would be helpful to the reader in the context of knowledge. She is post-graduated with a degree of Biotechnology.
