While searching for the right supplement plan for you, you might have come across to the popularity of the supplement plan G. More and more are purchasing it and it has gotten the second-best place, right after the supplement plan F. What is it that makes this plan so attractive to most and is it really worth it for you as well?
What Medicare Supplement Plan G covers
The most important thing about a health care plan is to know what it is that it covers. The Medicare supplement plan G will pay for the following:
- Expenses for Medicare Part A coinsurance and hospital costs
- Expenses for Medicare part B copayments and coinsurances
- Three first pints of blood (which would cost from 400$ to about 1300$)
- Expenses for Medicare Part A copayments and coinsurance due to hospital care
- Expenses for skilled nursing facilities (Medicare covers only a part of it)
- Expenses for Medicare part A deductibles
- Expenses for Medicare Part B excess charges
- Expenses for health services required while travelling outside the U.S.
What Medicare Supplement Plan G doesn´t cover
Although it covers as good as all expenses, there is one cost that is not covered by it. This is the expense for the Medicare Part B deductible. There is a supplement plan, the Medicare supplement plan F, which covers this expense as well. It adds up to 183$ per year.
And that is also one of the reasons why this plan is becoming so popular. Compared to plan F, in many areas and states the premium rate is much cheaper. The recommendable thing to do is to compare the premium rate for plan G and the one for plan F in your area. If there isn´t a big of a difference between the two, you might as well get the plan F that already covers everything. However, if the price is different and the plan G premium rate is much cheaper, many get this plan and simply add the 183$ out of their own pockets. As said, this is paid only once a year. In the long run, paying this amount out of your own pocket but therefore having less expensive monthly premium rates, can save you a lot of money!
Additionally, it is important to remember that the health insurance companies are allowed to set the price of the premium rate themselves. There is no boundry set by law and depending on the company, the Medicare supplement plan G might cost different. Before enrolling and committing to one particular company, it is best to compare with others in the area. Some companies base their price on your age or health condition, which may result to a higher price, while there are other companies who don´t look at these factors at all and have the same rate for all citizens of one particular area. Other factors that may affect the price of the premium rate are inflation, tobacco use and gender.