Living Your Best in Old Age
As we grow older, medical concerns become one of our foremost priorities. It is inevitable for us to face some health concerns, but many of our worries can be alleviated with a good medical insurance plan. Medical insurance helps us make sure that if something untoward does happen, our health remains our focus, not the financial aspect of things.
Medicare, a federal health insurance plan for those 65 and older, does a great job providing senior citizens with medical insurance. Unfortunately, this basic plan may not be enough to cover all needs. There may be expenses that one has to shell out of one’s own pockets. Over time, these may accumulate and cause significant loss of savings.
Can something be done to prevent this? Yes!
Medicare Part G – What is it?
Medicare consists of two main plans. Plan A looks after the hospital aspects of things, while Plan B usually looks after outpatient services. These two, however, do not cover everything – and this is where Medicare Part G comes in.
Medicare Part G sometimes confuses senior citizens, but some simple points can be kept in mind –
- Firstly, though Medicare Part G is provided by private insurance companies to cover the federal Medicare policy gap, it has to abide by the rules set by Medicare.
- This includes both the Medicare Part A deductible and the Medicare Part B copayments. Thus, it saves up on a lot of out-of-pocket expenses.
- This means that no matter which insurance provider you use, you will always get the same coverage.
- This coverage remains the same even when the price changes from one state to another, or from one provider to another.
- Medicare Part G covers some critical medical services, including hospice coinsurance, hospital co-payments, Medicare part A deductible, nursing care coinsurance, and foreign travel exchange, among other things.
Thus, Medicare Part G is a great supplement to your Medicare A and B plan. It can help ensure that you pay the absolute minimal amount from your pocket for health facilities. Additionally, given that Plan G coverage has to be the same across insurers, you can look for the best possible prices before you commit.
Medicare Part G or N?
While Part G is a common Medigap choice, some may be confused by the introduction of Plan N. The main attractiveness of Plan N is that it is cheaper even than Part G. This can make it a very appealing aspect. However, it is important to note that Plan N does not cover everything that Plan G does.
So, which one would be best for you? A cheaper plan that does not cover everything, or a more expensive plan that assures broad coverage? The answer to this question depends on many things, such as your financial condition, your medical conditions, and what kind of situations you would like to prepare for in the future.
Thus, a careful comparison of both plans is required for you to make the best decision.