Who is Medigap Plan Best For?
Medigap Plan G is a Medicare co-insurance plan. It covers 20% of the doctor’s costs for hospitalization and visits under Part B. It also covers the Medicare Part A deductible and Part B excess charges. Excess charges are fees that the doctor puts on a medical bill that are above what Medicare Part B will pay.
Medicare Parts F and G are similar in almost every way. The only difference is that Plan G does not cover the Medicare Part B deductible. The deductible for the policy that covers outpatient procedures is $155 per year. If the difference between the premiums is more than $13/month, Plan G saves a patient more money than Plan F.
Who Is Medigap Plan G Best For?
Medigap Plan G works best for people who want to worry very little about out-of-pocket costs for hospitalization and out patient procedures. A customer should lock himself into Medigap Plan G or whatever plan he chooses. Someone who has just turned 65 and is in their Medicare supplemental insurance open enrollment policy period. People with preexisting conditions in this period may find that this policy works the best for them, as they will sit out the normal waiting period.
When Might I Choose Another Plan?
If a Medicare recipient does not have a preexisting condition that requires a lot of medical care, Medigap Plan G or Plan F might not best suit his needs. He may want to consider a different supplemental plan if he still feels that he needs insurance in addition to what Medicare itself covers.
If a person already has a plan, he can switch over to a different Medicare supplement insurance policy if he chooses to do so. There is no set time when a person must switch plans during the year.
Related posts
- What Are My Medigap Rights?
- How Will My Pre-Existing Condition Affect Getting A Medigap Plan?
- When Should I Drop AARP Medigap Insurance?
- If I Change My Medigap Plan, Will The New Laws Affect Me?
- Why Would I Want To Switch To A Different Medigap Policy?
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