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Medicare Supplement Insurance

As your trusted medicare broker, Goodwin Insurance Advisors is here to help you simplify your Medicare shopping and maximize your benefit. We are independent and have access to over a dozen carriers and will help you pick the best plan as we can shop the entire market in your zip code for the best premium available.

After you receive your Plan B card and number, you are eligible to sign up for Medicare Plan G, which is the most popular Medicare Supplement on the market today. So today we’re going to tell you why. Everyone has heard of Plan F, but below we are going to explain the benefits of Plan G and why it is so valuable.

Medicare Plan G coverage is very similar to Plan F, which is no longer available for people new to Medicare on or after January 1, 2020. Plan G offers great value for policyholders willing to pay the Part B annual deductible which will be $226 in 2023. After that, Plan G provides full coverage for all of the gaps in Medicare. It pays for your Medicare Part A hospital deductible, copays, and coinsurance. It also covers the 20% that Medicare Part B doesn’t cover. Doctors and other healthcare providers must accept a Plan G plan if they accept Original Medicare. Plan G policies can be used across the U.S. since they do not have network limitations, and the premium costs can be very reasonable for the coverage you receive.

Medicare Plan G, also called Medigap Plan G, is an increasingly popular Supplement for several reasons.

First, Plan G covers each of the gaps in Medicare except for the annual Part B deductible. This deductible is only $226 in 2023. In fact, if you have a Plan F that has been in place for years, we can probably help you on premiums by looking at Plan G. When we help you shop for rates, we can often find a Supplement Plan G that saves quite a bit in premiums over Plan F, usually substantially more than the $226 deductible that you’ll pay out. You pocket the difference.

Second, it has great coverage. For hospital stays, it covers all your hospital expenses. Most importantly, it pays the hospital deductible, which is over $1,600 in 2023. It also covers the expensive daily copays that you might encounter for a hospital stay that runs longer than 60 days. It provides an additional 365 days in the hospital after your Medicare benefits run out, and it covers your skilled nursing facility co-insurance, too.

Medigap G covers all but the first $226 in expenses for outpatient care, which is the Part B deductible. You will pay that the first time you have outpatient care for that year. After that, Supplement G covers all the remaining charges. Medicare will pay 80% of your outpatient costs, including emergency care, and your Supplemental Plan G will pay the other 20% for medical procedures. Once Medicare covers a service, your Plan G policy must pay the remaining balance.