Saturday, March 9, 2013

What Is Medicare Supplement Plan G? Is It Right For Me?

By B. Loughead
Medicare Supplement Plan G Protects You Against High Out-Of-Pocket Expenses

What is Medicare Supplement Plan G?

Plan G (and Plan F) are the only supplemental insurance plans that will cover medical and related expenses known as Medicare Part B "excess charges." Excess charges refers to the difference between what Medicare will pay for and what you are charged by your physician or health care provider. Basically, Plan G protects you against excessive out-of-pocket expenses resulting from treatments that exceed what Medicare approves.

Benefits And Coverage Of Medicare Supplement Plan G

There are certain basic Medicare benefits and coverage provided by Plan G which are broken down as follows. The basic benefits include:

• first 3 pints of blood per year
• Part A co-insurance for hospice services
• Part A co-insurance for hospitalization plus an additional 365 days of coverage once Medicare benefits have ended
• Part B medical co-insurance and hospital out-patient co-payments (usually 20% percent of expenses that are Medicare-approved)

Along with these benefits, Medicare Plan G also provides you with coverage for the following:

• 100% of excess charges incurred under Part B
• care in a skilled nursing facility
• emergency medical help when traveling internationally
• hospitalization deductible (Part A)

Additional Considerations Regarding Medicare Supplement Plan G

Where coverage of those bigger expenses is concerned, Plan G is the popular choice for handling what isn't covered by Medicare. These larger expenses could be substantial and cause financial hardships for those individuals who do not have supplemental coverage. Here is a scenario of what you could be up against when staying in the hospital and not having Plan G coverage.
First of all, any hospital stay will have a deductible in excess of $1,000. For stays of 60 days or longer, co-insurance payments are extremely expensive. More importantly, once you exceed 150 days in the hospital there is no coverage at all. Charges not covered by Medicare include any doctor's services, laboratory tests, and procedures done on an out-patient basis. Your first three pints of blood will even have to be paid out-of-pocket.

On a closing note, taking the time to review your coverage is definitely in your best interest. Today, there are a number of healthcare insurance providers who offer Medicare supplement Plan G coverage. So if you do not have additional coverage to handle the expenses listed above, now might be a good time to consider getting some should you need that type of coverage later on.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement Plan G or to compare plans online visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). Review plans from all the top "A" rated carriers instantly from our website. Your one-stop-shop for Medicare Supplement Insurance.

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