Get to Know Medicare Supplement Plan G
If you’re getting ready to enroll in Medicare, then there’s one very important thing you need to do: start researching Medicare Supplement Plans. Once you turn 65 and enroll in Medicare Part B, you’ll have 6 months to purchase a plan; after that, you could be facing the Medicare underwriting process. What this means is that you could be turned down for a plan or charged more based on your health history. Researching these plans can seem overwhelming at first – there are 10 of them to choose from, after all! But don’t worry, we’re going to give you the lowdown on one of the most popular and best value plans around: Medicare Supplement Plan G.
So what can you do to keep these costs down? Your best bet is to get a Medicare Supplement Plan, also known as Medigap, because these plans fill the “gaps” in Medicare. There are a few things you should know about Medicare Supplement Plans. They are:
Sold by private insurance companies. They have a monthly premium, and will help with the out-of-pocket costs of Medicare, such as coinsurance and copays
Available only to people enrolled in Medicare Parts A and B
Guaranteed renewable, no matter your health Tied to one person – if you and your spouse both want to be covered, you will each need to buy a separate plan
There are 10 plans to choose from, all named with a different letter. If you’re unsure where to begin, we suggest you start with Plan G, the most popular plan after Plan F, which was phased out at the beginning of 2021.
With a Medicare Supplement Plan G, though, the only costs are your Part B deductible, and your Part B and Plan G monthly premiums. So, for example, your out-of-pocket costs could look like this for the year:
$198 annual Medicare Part B deductible (paid when you receive your first bill(s) that reaches that amount
$125 (for example) per month Medicare Supplement Plan G premium
$144.60 per month standard Medicare Part B premium
All of that comes out to $3,235 per year for all of your covered medical care. Plan G could even beat out the popular Plan F when it comes to annual costs: let’s say you were grandfathered into a Plan F with a monthly premium of $195 per month, your annual costs with that plan would end up being $4,075 per year. You’d save almost $1,000 per year with Plan G! It’s clear that this Medicare Supplement Plan is absolutely worth a closer look.
For many people, heading towards Medicare enrollment means being able to breathe a sigh of relief. But remember, your work isn’t done yet! As we have shown, enrolling in a Medicare Supplement Plan alongside Original Medicare is a must – and Plan G might just check all the boxes for you when it comes to coverage and value. If you’re not sure, come to My MedaHealth and speak to one of our knowledgeable agents – they can find the best plan for you at the best price for your budget. We know our stuff when it comes to Medicare Supplement Plans, so get started with us today!