Pennsylvania has about 2.9 million Medicare members, of which around 700,000 opt for the Medicare Supplement Plan or Medigap.
With over ten plans, Plan F has 268,000 members, and Plan G has 111,000, making them the most popular Medigap plans that Medicare holders opt to have. With a wide array of options, why is Medigap G popular (this blog also explains why we have to set aside Plan F)? How do these plans help you with your health coverage? And how can you make the best decision on what plan to choose?
Given this, this blog will help you understand why members prefer Medigap Plan G out of the ten plans Medigap offers. You’ll also know what benefits Plan G provides and whether it is necessary.
Reasons Why Medigap Plan G is the Most Popular
Before we explain why Plan G is popular among Medicare holders who opt to get Medigap, let’s briefly overview Medicare and Medicare Supplement Plan.
Medicare is the United States federal health insurance program for seniors and people with disabilities. Original Medicare, the first step into the whole Medicare program, offers its members health insurance benefits such as hospital stays, doctor visits, hospice, and many more.
Despite having Medicare, members still have a chance to pay mandatory out-of-pocket costs such as deductibles, copayments, and coinsurance. This is where Medigap gets useful.
Medicare Supplement Insurance, or Medigap, covers the “gaps” left by Original Medicare. Medigap means that out-of-pocket costs are covered when members buy a policy along with their Original Medicare.
Ten different plans are available for Medicare holders to choose from. In Pennsylvania, the most popular plans used to be F and G. However, Medicare has discontinued the sale of Plan F, so Plan G is now the most popular add-on for Medicare insurance.
The only significant difference between those plans is the Medicare Part B deductible. While Plan F offers a Part B deductible (which is why it’s discontinued), Plan G doesn’t. Medigap Plan F is no longer available if an individual is eligible for Medicare on or after January 1, 2020. Plan G is popular for individuals willing to pay the Part B deductible out-of-pocket in exchange for lower premiums.
Below are why people choose Plan G as the most popular Medigap Plan.
Wider Benefit Coverage
When you compare the ten different plans of Medigap, you will discover that Plan F and G offer the most number of benefits that a member could enjoy. For now, let’s see the Medigap benefits that Plan G covers:
- Medicare Part A Coinsurance and hospital costs up to 365 days after using Medicare benefits.
- Medicare Part B Coinsurance or Copayment
- Blood (First 3 Pints)
- Part A Hospice Care Coinsurance or Copayment
- Skilled Nursing Facility Care Coinsurance
- Medicare Part A Deductible
- Medicare Part B Excess Charges
- Foreign Travel Emergency (Up to Plan Limits)
Note that the only missing benefit of Plan G that Plan F covers is the Medicare Part B deductibles. The extensive coverage of Plan G ensures comprehensive protection for beneficiaries.
Cost Savings
Cost savings significantly contribute to Medigap Plan G’s popularity in Pennsylvania. With Plan G, individuals can enjoy substantial financial relief in out-of-pocket expenses.
Pennsylvania residents who are members of Medigap pay an average monthly premium of $101-$821, depending on your age, sex, health status, and when you buy. Although not the least monthly premium out of the ten plans, Plan G covers the most benefits and, hence, in the long run, can save you from out-of-pocket costs.
This plan covers all the essential benefits of the other Medigap plans, meaning beneficiaries can have peace of mind knowing that their medical costs are primarily covered. Individuals can effectively manage their healthcare expenses by opting for Plan G while receiving comprehensive coverage for various medical services.
Stable Coverage
Over the years, Medicare benefits have changed to cater to and help members get the most out of their federal insurance. Medicare aims to provide affordable health insurance for elderly and disabled individuals. Since its inception in 1965, the program has undergone various changes to make it more accessible and help beneficiaries maximize their benefits.
Once enrolled in Plan G, members are assured that their health insurance will remain the same as long as they continue to pay their monthly premiums. Stable coverage makes it easier for beneficiaries to budget for healthcare costs and plan for the future.
This stability provides peace of mind and allows beneficiaries to budget for healthcare costs reliably.
Do You Need Medigap Plan G? Ask Simpson Benefits!
We now understand that Medigap Plan G is the policy that offers the most coverage benefits. Getting this plan to make your health insurance more comprehensive is pretty appealing, but do you really need it?
The answer depends on your needs. The key is to identify your current and anticipated medical needs in the future. When determining if you need Medigap Plan G or the right Medigap policy, consulting with experts like Simpson Benefits can be helpful. Simpson Benefits is a renowned health insurance agency that helps individuals shop for plans for their health insurance, especially Medicare.
While Medigap Plan G offers extensive benefits, Simpson Benefits understands that not everyone may require such comprehensive coverage. They emphasize the importance of assessing your current and future medical needs. By evaluating factors such as your overall health, medical history, and anticipated medical expenses, Simpson Benefits can provide personalized guidance on whether Medigap Plan G is the right choice.
Making informed decisions about your health insurance is crucial, and Simpson Benefits’ expertise can be invaluable in determining if Medigap Plan G aligns with your unique circumstances. Whether you opt for this coverage or explore other Medigap options, Simpson Benefits provides the information to make an informed choice for your healthcare needs.