Medicare Supplement Plan G
Medigap Plan G: What Is a Medicare Supplement?
Some Medicare beneficiaries supplement their Medicare insurance with additional coverage (known as Medigap plans) to help cover the cost sharing that Medicare doesn’t pay for. This includes costs like deductibles, copayments, and coinsurances. Medigap policies are sold by private companies but are standardized, so a Medigap Plan G with one company is the same Plan G with another. Some requirements to qualify for a Medigap plan in New Jersey include:
- You must be enrolled in Medicare Part A or Part B.
- Medigap covers only one patient; if a spouse wants Medigap coverage, he or she must purchase their own policy.
- Medigap does not cover long-term care, vision, dental care, hearing aids, or private nursing.
- The private insurance company must be legally licensed in the state of New Jersey.
It is also important to remember that Medigap and Medicare Advantage plans are different and you can not be enrolled in both policies.
How Do I Select a Medicare Supplement Plan?
Medicare Supplement G covers all out of pocket expenses after an annual deductible of $226. When in doubt, it’s best to ask an insurance broker for advice.
Information About Medigap Supplement G
Medigap Plan G specifically covers quite a few things that regular Medicare Plans (A and B) do not. Some covered expenses include:
- Part A hospice coinsurance or copayment;
- Part A deductible;
- Part A hospital coinsurance after original benefits have been exhausted;
- Part B coinsurance or copayment;
- Part B preventative care coinsurance; and
- Part B excess charges (such as skilled nursing facility coverage and foreign travel insurance).
Once Plan F is no longer available to anyone new to Medicare, Medigap Plan G will be the only supplemental plan that covers all Plan B excess charges.
For more information contact New Jersey Medicare Brokers today.