If you are looking for a supplement plan, it can be hard to know where to start. Medicare Plans A through N are available to consumers. But did you know that one supplement plan is more popular than the others? We use UnitedHealthcare as a case in this article.
Seniors have Medicare Plans A through N available to them. However, according to experts, Medicare Plan G is the preferable and more popular option when it comes to UHC, and, in fact, all other Medicare plans. Plan G from UnitedHealthcare is affordable and costs on average $131 per month for seniors aged 65 and above. However, rates vary greatly by your state (specifically zip code), gender, age, and tobacco use. In 2022, Plan F accounted for 41% of all Medigap plans, Plan G was in 2nd place with 32%, and Plan N was the third most popular, trailing at 10% issued plans. Plan F was retired to new enrollees after Jan. 1st, 2020.
Medical coverage Plan G is extensive. In our case of UHC, you receive coverage from a reputable and well-known company under this plan with an extensive track record of service and an A+ A.M. rating. All Medicare supplement plans are standardized company to company, as well as state to state. Medicare supplement plans help cover out-of-pocket costs that you would have to pay if you have Original Medicare.
But why exactly is Medicare Plan G the most popular Medicare plan now? Plan G is the most popular among Baby Boomers, and for good reason. Plan G is a lot like Plan F. Plan F was discontinued several years ago and is not available to seniors who became eligible for Medicare on or before January 1st, 2020.
With Congress’ decision in 2020, no Medigap plan covers the part B deductible, which, in 2023, is $226/year. With that in mind, Plan G is now the most comprehensive Medicare Supplement option. For seniors who are able and comfortable paying an annual deductible, Plan G is likely the best for them. Plan G pays for all medical expenses after you have met your yearly Part B deductible. In addition to offering extensive coverage, Medicare Plan G pays for the Medicare Part A hospital deductible, coinsurance, and copays.
In addition, Plan G is a good option for seniors who want coverage for Medical and hospitalization and are comfortable paying for a Part B deductible out-of-pocket. Plan G pays for the 20 percent out-of-pocket cost that Medicare Part B does not cover.
You can use Plan G throughout the entire country and never have to worry about limitations in your network. Healthcare providers and doctors are required to accept Medicare Plan G “if they accept Original Medicare.” This network is about 800,000 physicians across the U.S., making up about 93% of the country’s doctors. Premium costs are generally reasonable, as well.
Plan G is almost identical to Plan F. The only difference is that Plan G does not cover a Part B deductible. Plan G also covers the first three pints of a blood transfusion. Additionally, Plan G covers coinsurance for skilled nursing facility care. Foreign travel emergencies are also covered under Plan G, subject to plan limits.
If an individual had Plan F before January 1, 2020, he or she can keep Plan F. But how does Plan G compare to other Medigap plans? Although Plan G offers extensive coverage, it does not cover the cost of hearing aids, long-term care, dentures, glasses, and eye-care. No Medicare Supplement policy, A-N, covers long term care, dental, vision and hearing coverage. However, we provide dental or combined Dental/Vision/Hearing (DVH) plans at an affordable rate to supplement your Medicare Supplement.
Also covered under Plan G are Medicare Part B excess charges. In terms of medical services, Plan G covers a lot, including outpatient medical care services. The plan also covers supplies for diabetes, lab work, and medical equipment. Plan G covers cancer treatments, surgery, and ambulance rides.
X-rays are covered under Plan G. Medicare covers its portion of medical care and services. Additionally, Plan G covers any extra costs not covered by Original Medicare. Plan G pays for any gaps in coverage—a fact that makes life easier for seniors. Plan G will pay up to $50,000 for medical emergencies that take place overseas. The only gap Plan G won’t cover is your Part B deductible.
The deductible cost for Plan B is $226, but this is only for 2023; this is actually a slight decrease from 2022. Although Plan G has many benefits, be aware that it does come with some drawbacks.
As mentioned earlier, one of the greatest benefits of this plan is that the patient is not responsible for excess charges, which can place a financial burden on many seniors. Medicare Plan G is typically more expensive than other plans, so whether you can afford it depends on your financial situation. Plan N is the second favorite, introducing co-pays however, but at a similar coverage to plan G at a lower premium.
You may be denied coverage for Plan G if you don’t enroll during the period that you are allowed to sign up. If you miss this window, you may be charged more and/or be required to go through health underwriting. The amount you are charged and if it is issued will depend on the status of your health.
The only difference between Plan G amongst supplement insurers is the fact that Plan G has varying prices and insurers may offer incentives to enroll. Some companies offer memberships to a SilverSneakers program. Plan G insurers may also offer discounts for other policyholders to enroll. In Florida, for example, UnitedHealthcare has a 3% household discount. These policyholders typically reside in the same household or domicile. UHC offers generous fitness benefits free of charge, as well.
Enrollment in Plan G jumped 33 percent between 2018 and 2019. This increase is significantly higher than other Medigap plans. Nine Medicare costs may be covered by Medicare Supplemental Insurance. Plan G covers eight of these costs. Plan G covers your Part A deductible, which is $1,600 during every benefit period in 2023.
Plan G offers many more benefits than other supplement insurance plans. Although Medicare is designed primarily for those 65 and above, individuals with certain health conditions may also be found eligible for it.
Medicare Plan G is available to anyone who receives Medicare. If you are leaning toward getting Medicare Plan G, you should be aware of a few things. Wisconsin, Massachusetts, and Minnesota have their own set of standards when it comes to Medigap plans, so premiums and out-of-pocket costs may differ in these states.
Medigap is only available to those who are already enrolled in Medicare Parts A and B.
Despite being discontinued, Medicare Plan F is still provided to some individuals. However, Medicare Plan N is also good and a desirable option for many. Experts say that Medicare Plan N is the next best thing to Medicare Plan G. Premiums with Plan N are typically less expensive, which may make it more desirable to those with a fixed income.
One key difference between Plan N and Plan G is the fact that Plan N requires you to pay copays for some emergency department and medical office visits. Specifically, it’s $20 for a physician visit and $50 for an ER visit that doesn’t result in admission. Plan G, on the other hand, covers expensive treatment and care that other plans do not. Plan G covers treatments and coverage at facilities that other plans like Medicare Advantage do not. In addition to this, Plan G covers the cost of Part A coinsurance and costs for extensive hospital stays beyond what A and B cover.
Medicare has grown in popularity for several reasons. First of all, its coverage is nearly unrivaled. All hospital expenses are paid under this plan. Plan G also covers the cost of a hospital deductible.
You can only purchase Medigap policies that are available in your area. However, private insurance companies have the right to decide what policies they will offer. These companies may offer different policies in different states.
However, there are a few things to remember. According to experts, private insurance companies offering Medigap plans are not required to sell all Medigap plans. These companies are required to sell Medigap Plan A.
If you are looking to get a Medigap policy, it helps to know where to start. You can click here to find a Medigap quote that is right for you. Although policies are standardized, premiums vary from one policy to another. You can learn about policies in your area also by calling your State Health Insurance Assistance Program or SHIP, as well.
Of course, you may need to evaluate your individual health needs when you are investigating plans. Healthcare is expensive, and it is important to know what is covered under Plan G before you enroll. According to experts, without Medicare Plan G, the cost of your Part A deductible is $1,600 in 2023.
Without Medicare Plan G, the cost of an inpatient hospital stay can be as high as $800 per day. The cost of a Part B coinsurance is 20 percent of the cost of care. If you are paying for a blood transfusion out-of-pocket, you must cover the entire cost. However, with Plan G, the cost of the first three pints of blood is free and the aforementioned costs are covered.
The cost of one day at a skilled nursing facility is $194.50 per day without insurance. With Medicare Plan G, this cost is fully covered. If you get charged Medicare excess charges, you must pay up to 15 percent of the cost of services. However, you pay nothing if you have Medicare Plan G. Medicare Plan G pays 100 percent of costs for hospice care.
Without Medicare Plan G, you are paying a lot of money for medical services. While there are other comparable plans, Plan G remains the most popular with plan N as the popular but trailing plan.
5 Sources
MedigapCoverage has strict sourcing guidelines to ensure our content is accurate and current. We rely on peer-reviewed studies, academic research institutions, and medical associations. We strive to use primary sources and refrain from using tertiary references.
https://www.valuepenguin.com/best-medicare-supplement-plan.
https://www.humana.com/medicare/medicare-supplement-plans/plan-g
https://tools.silversneakers.com/
https://www.helpadvisor.com/medicare/aarp-medicare-supplement-plan-g
https://www.medicalnewstoday.com/articles/medicare-plan-g-coverage