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Budgeting for Medicare Supplement Part G

Medicare Part G is a plan that has gained popularity due to its comprehensive coverage and affordable cost. While many seniors are looking for a cover to supplement what they have in their Original Medicare, Medigap Part G stands out among many.

It’s a part of Medicare Supplement plans which covers almost the entire expenses that Medicare has designed to take charge of the Supplement Plan. Among the benefits covered here include Medicare Part A and part B co-payments, hospitalization coinsurance, deductible charges under Part A and the skilled nursing coinsurance.

It also takes care of the first three pints of blood per year, and 80% of the foreign medical travel costs while abroad.  The foreign travel benefits further extends to a maximum limit of $50,000 for a lifetime, which is not something that we cannot ignore at all costs.

The only cost exempted is the Medicare Part B deductible which is payable at $198 per year. This is a minimal amount, comparing the broad coverage that one gets from Part G.

“Some are surprised that, after working for decades and paying Medicare taxes, they still have to shell out money,” said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans.

It would also be better to pay this amount from your pocket than paying for an insurance cover for it, which may end up even being more expensive if purchased through a cover.

You will save hugely with this coverage, taking into account that you will be expected to pay a marginal cost on the same.

Considerations to Make in Purchasing Part G 

Medicare Part G is provided for by the private insurance companies. But before settling to any of them, its important to consider some of the crucial points which if not taken care of, it may lead to painful times ahead. Remember that this plan will run for one year before switching to another one. As such, ensure that the company is reputable, stable to avoid chances of price fluctuations and filed claims. The company should also demonstrate excellent customer service in the past, and this can be achieved through checking on the reviews which previous customers have left.

The price, on the other hand, is determined by the carrier you decide to use. However, it is an affordable cost, and you will be assured of getting a high coverage once you sign up for the plan. If you research keenly, the plan is on high demand due to the de-listing of Plan F, which was previously the high-end plan. But from the time it was de-registered, things took a different turn, giving Plan G a leeway to sell its plans more comprehensively.

“There’s been a drop in utilization and a drop in spending that could have the effect of lowering Medicare spending for the year unless patients, doctors and hospitals do more services and procedures in the second half of the year than they normally do,” said Tricia Neuman, executive director of the Medicare policy program at the Kaiser Family Foundation.

For those people that need a high cover due to high demand of their medical conditions, then this plan would do best for them in terms of saving on their costs and at the same time, offering a high coverage that meets their healthcare needs. Research has shown that many seniors are benefiting from this plan mainly, and you too can make a point of checking on it and see if it is a good plan for you.

Do not hesitate to get in touch with us and we will offer any needed support until you are comfortable with the plan before signing up for it.