Medicare Supplement Plan G has been the most popular supplemental insurance coverage for seniors today, following Plan F which was no longer available to all bore thereafter (with the few exceptions mentioned above.) As Medicare itself evolves so do the benefits seniors are entitled to receive. In order to remain competitive, many plans are offering more options and services. What’s more, due to spiraling costs associated with healthcare, health insurance premiums have been increasing steadily for both seniors and their caregivers. Supplement Plan G provides additional coverage options that were not available prior to its introduction.}
Currently, there are eleven different Medicare supplement plan G policies. Most insurance companies offer these plans, but some do not. This is largely due to the fact that each individual company determines the eligibility requirements differently; as such, it is often necessary to seek the assistance of a competent broker to complete the application process.
There are two basic methods in which premiums from Medicare supplement plan or plans can be calculated: One is based on the anticipated contribution amount of the retiree, and the second is based on the average lifetime earnings of the participant. The former method is the more commonly used, as the contributions made to the program are much less than the total earned wages of retirees, thus resulting in higher premiums. In addition to the premiums, there are also deductibles, coinsurance, co-pays, and other costs that can vary depending on the specific plan and company.