There is a misconception that once you have Medicare, you do not need any further coverage. The truth is, you may find you need extra coverage for gaps. Gaps come up when your insurance coverage does not completely cover the expense or service. This leaves you paying out-of-pocket for the remaining expenses. If this sounds like the situation you are in, you may want to consider Medicare Part G as a Medicare supplemental plan. Here is what you need to know about the plan and why you may need it.
Medicare Parts A and B
To understand what Medicare Part G is and why you may need it, you have to look at Medicare Parts A and B. Medicare Parts A and B cover your hospital-related expenses and fees. Basically, any service that is part of an inpatient service or need should be covered by Parts A and B. There are some cases where services are offered that are not listed as inpatient services. These expenses are not covered under the plans and require private insurance to kick in. You may also find that all of your insurance plans have been used and now the remainder is an out-of-pocket expense. This out-of-pocket expense is what you may need Part G to cover.
Enrolling in Part G
Part G Medicare Supplemental is designed to cover the out-of-pocket costs that Part A and Part B do not cover. This can make a huge difference in your out-of-pocket costs, gap costs, and the services you are able to obtain. In order to add Part G to your Medicare as a supplemental program, you will need to contact a private insurance provider. This can be your own private insurance provider or another provider. Each insurance company has its own options and enrollment steps. An enrollment advisor can help you navigate the options available to you.
Working With Your Current Insurance
You may be wondering how the Part G Medicare supplement works when the medical billing process starts. The medical billing department will bill your primary insurance first. This may be Medicare or another primary insurance provider. The remaining amount of your service will bill Medicare Part A and/or Part B. The remaining amount would bill to Medicare Part G. This should leave you with little to no out-of-pocket expense.
There are many Medicare supplement plans that can help you with the costs of various services and health needs. If you are experiencing Medicare gaps with your services and prescriptions, contact your Medicare broker or enrollment specialist. They can assist you with finding the right plan for your needs and the services you use.
Contact a local Medicare service, such as The Retirement Cafe, to learn more.