The Ultimate Guide for Medicare Supplement Plan G.mp4

FESCH.TV INFORMIERT:

Medicare Supplement Plan G Introduction (0:16)
Plan G vs Plan F Premium Comparison (1:18)
Alternative to Plan G (2:24)
Significant Eligibility Changes to Medicare in 2020 (2:41)
Wrap Up (3:28)

Medicare Supplement Plan G has been the runner-up plan when compared to Plan F. Plan F is known as the all-inclusive plan since it leaves you with zero out-of-pocket cost. You can think of Plan G as one level down. The only thing it does not cover is your Part B deductible. When you compare Plan G to Plan F regarding rate increases, you will see that over the past years Plan G has had a lower rate increase history compared to Plan F.

Plan G will cover the Part A deductible, any hospice co-pays, and coinsurance, foreign travel, it will also cover any excess charges that fall under Part B. For those who find that Plan F monthly premium is out of your budget Plan G is a good alternative.

It’s important to compare what you’ll spend out of pocket in monthly premiums when deciding between Plan F and Plan G. For example, if you multiply the monthly premium for Plan F x 12 as well as a monthly premium for Plan G x 12, you may find that what you spend on a monthly premium when comparing plan G and Plan F is actually more than what you would spend for the Part B deductible.

However, this may not be the case for all. That’s why it’s important to speak to a licensed agent who can compare these numbers to see which one makes the most sense financially and will save you the most money. Let’s say Plan F costs you $120 per month. Over a 12-month period, you’d be paying $1,440 out-of-pocket for the year. When you compare Plan G monthly premium, Let’s say it’s $100. You’d be spending $1,200 over a 12-month period. That means your out-of-pocket difference between the two plan premiums is $240. It would have been more cost-effective to go with Plan G.

Another good alternative to Plan G is a newer High Deductible Plan that was introduced in 2020. That’s High Deductible Plan G. As long as you’re comfortable with paying the high deductible. Then the high deductible version of Plan G will save you a lot of money in monthly premiums when compared to the standard Plan G monthly premiums.

It’s important to know that there have been some significant changes to Medicare. This includes MACRA, and the discontinuation of first-dollar coverage plans. Plan F High Deductible Plan F and Plan C are considered first-dollar coverage. So if you are not eligible for Medicare until after 2020. That means that you cannot enroll in Plan F. Therefore Plan G is no longer the runner-up plan, it is now the plan with the most coverage that you are eligible for.

Another important fact to know is that Plan G before 2020 was not a Guaranteed Issue plan. This means regardless of how you got guaranteed-issue rights, If you were using them to enroll in a Medigap plan you cannot enroll in Plan G. Plan F was the plan that would accept Guaranteed Issue.

To wrap it up Plan G is a great Medigap plan to enroll in. It has decent monthly premiums that aren’t too high. Definitely not as high as Plan F. And pretty much check off every box under the benefits chart. The only thing it does not cover is your part B deductible.

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