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Medicare is a government-sponsored health insurance plan for people aged 65 or older, and some disability programs. The two major types of Medicare plans are fee-for-service and Medicare Advantage. Plan G is a type of fee-for-service plan. Here we will discuss four things you should know about Plan G that are important for you to know before enrolling in it.

 

Medical Coverage

 

Plan G provides medical coverage for certain preventative and outpatient care. This includes doctor visits, hospital stays, surgery and other health services. Unlike many Medicare Advantage plans that limit the number of medical providers you can see every year, Plan G does not put a cap on how many doctors you can visit or treatments you can receive.

 

To get medical coverage from Plan G, applicants must be enrolled in Social Security Disability Insurance or qualify for Social Security Disability Insurance and at least 24 months of creditable coverage (from working).

 

Premiums

 

Plan G offers a premium-free plan, but you will have to pay a monthly premium for Part B.This means that if you choose the Medicare Plan G, you won’t get reimbursed for these services:

 

  • Hospitalization
  • Skilled nursing care
  • Outpatient physical therapy
  • Outpatient speech pathology services
  • Outpatient occupational therapy services
  • X-rays
  • Laboratory and diagnostic tests
  • Physical and speech/language therapy

 

The cost of premiums for Plan G depends on your income. If your income is less than $85,000 per year, then the monthly premium is $323.00. If your income is $85,000 or more per year, the monthly premium is $389.00. Maximum out-of-pocket costs are capped at $6,700 per year for Plan G enrolees.

 

Deductibles

 

The deductible for Plan G is the amount of medical expenses you would have to pay out-of-pocket over a calendar year before your insurance would start paying. The deductibles range from $183-$389, but the average is $254.The deductible will be directly tied to your income, so if you make less than $55,000 a year, you’ll most likely be eligible for a lower deductible. Medicare plans are not covered by Medicaid.

 

Copays and Coinsurance

 

After completing a hospital stay, you need to pay a copay before Medicare will cover the rest of your care. A copay is set at $20. You also have to pay a coinsurance fee for each day that you are in the hospital, which is set at $335 per day. After your hospital stay, Medicare pays 100% of your costs for in-patient medical care, including doctor and nursing services.

 

Conclusion

 

Plan G is one of the most affordable plans available to seniors. But, that doesn’t mean it’s the best option for everyone. It’s worth getting a more detailed overview of the benefits and drawbacks of Plan G to make sure it’s the best option for you. Remember that this will benefit you in the future so it is just right that you go for the one that suits your needs and your budget.

 

 

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