Medicare Supplement Plan G

Medicare Supplement Plan G is the new most comprehensive Supplement plan because of the Medicare Access and CHIP Reauthorization Act of 2015. This is because the act disallows those who turned 65 after January 1, 2020 to purchase Plan F because it covers Medicare Part B’s deductible. This also means Medicare Supplement Plan C is not available to that group either.

However, Plan G covers 100% of the copays/coinsurance, deductibles, and excess charges other than Part B’s deductible. The potential premium savings means it could make more fiscal sense anyway.

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What does Medicare Supplement Plan G cover?

Plan G covers 100% of: 

  • Medicare Part A coinsurance payments for inpatient hospital care for up to an additional 365 days after Medicare benefits are exhausted
  • Medicare Part B copayment or coinsurance
  • The first three pints of blood used in a transfusion
  • Part A hospice care coinsurance expense or copayment
  • Skilled Nursing Facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B’s excess charges

It also covers 80% of a foreign travel emergency.

Potential for massive savings

There are a lot of hidden costs with Original Medicare. Medicare Supplements, also known as Medigap plans, like Plan G can save you thousands of dollars depending on how often you require medical services. 

Medicare Part A costs depend on number of days spent in the hospital: 

  • Days 1-60: $0 coinsurance for each benefit period
  • Days 61-90: $352 coinsurance per day of each benefit period
  • Days 91 and beyond: $704 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime)
  • Beyond lifetime reserve days: all costs

Part A also has a deductible of $1,408 in 2020.

For Part B you’ll pay 20% of the Medicare-approved amount for doctor services (including  services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment.

When you can enroll

You can enroll once you have Medicare Part B. After your Part B effective date, you will have six months of guaranteed acceptance to enroll in a Medicare Supplement plan. This is a one-time open enrollment in which you cannot be turned down for any health conditions and won’t be charged an additional premium for health concerns. 

After that, you may not be able to get a Medigap plan or you’ll be charged additional premium for health concerns.