The best way to get started with Medicare is to know what you’re getting into. When it comes to Medicare, the most popular question is usually “Which plan should I enroll in?” There are a variety of plans from which to choose, but if you have limited income and assets, then the only choice that will work for you is Plan G.
Plan G was designed for people who do not have much money or assets and who need a lot of help paying for their medical expenses. This article will help explain this type of plan so that you can better understand what it offers and whether or not it’s right for your needs.
Plan G is a type of Medicare that was designed for people who don’t have much money or assets and who need a lot of help paying for their medical expenses. In this plan, you will pay a monthly premium in addition to your deductible, coinsurance, and copays. You will also receive extra help with Medicare costs from the government based on how low your income is.
If you need to use Plan G but still want some other aspect of Medicare, then you can purchase an optional Medigap policy that will cover any gaps in coverage that Plan G doesn’t cover.
Who Needs it?
People who do not have much money or assets and need a lot of help paying for their medical expenses are the only candidates eligible for Medicare supplement plan G. The requirements for this plan are different than other plans.
Some of the requirements to enroll in Plan G include having limited income and assets, having low income, living in certain select states, and being 65 years old or older. If you meet these requirements, then you may qualify to enroll in Plan G.
What Does Medicare Plan G Cover?
Plan G covers everything that Medicare does. It’s a comprehensive plan that covers most medical expenses, including hospitalization and prescription drugs. Additionally, it also covers some long-term care costs.
However, this plan is not meant for everyone. Because Plan G is designed specifically for people with limited income and assets, the benefits are very limited in comparison to other plans.
For instance, this plan will not cover dental or vision services. And it has a very high deductible, so a lot of the costs will have to come out of your pocket right away. This is something you need to think about before deciding on a plan like Plan G.
Another thing that sets Plan G apart from other plans is that there are no premiums required for this plan (just the annual deductible). If you’re enrolling in another Medicare plan other than Plan G, then you’ll be required to pay premiums for those plans.
How Much Does it Cost?
The monthly premium fee is paid in a single payment every three months. The annual deductible for the plan is $335. The out-of-pocket maximum for this plan is $6,100 per year.
Aside from these fees, you will also have to pay your medical expenses that exceed the out-of-pocket maximum in a given year. For example, if you spend more than $6,100 on annual medical expenses and are enrolled in Plan G, then you will have to pay for those expenses as well.