Medicare Supplement Plan G is a comprehensive coverage option that covers most of the out-of-pocket costs left by Original Medicare. It is considered an excellent choice for those seeking broad coverage with lower premiums and minimal out-of-pocket expenses. In this guide, you’ll find out if Plan G is the right fit for your healthcare needs.
Medicare Supplement Plan G coverage
Medigap Plan G covers Medicare Part A coinsurance, copays, and hospital costs up to 365 days after Medicare benefits are exhausted. The first 3 pints of blood are covered every year.
This policy covers the 20% Part A Hospice care coinsurance you’d otherwise be responsible for paying. Also, there is coverage for Part B coinsurance, Part B excess charges, and the Part A deductible.
The out-of-pocket expense you will be responsible for with Medigap Plan G is the Medicare Part B deductible. Besides this expense, this policy is almost identical to Medigap Plan F.
Medicare Supplement Plan G chart
The chart below highlights the different benefits that Plan G covers.
Medigap Plan G deductible for 2024
The deductible for Plan G is the Part B deductible. Outside of your premium, the deductible is the expense you’re responsible for when you have Plan G. The Part B deductible is $240 for the year
The deductible resets each calendar year. So, your outpatient expenses will be applied to the new calendar year deductible every year until you reach Medicare’s specified amount.
How much does Medigap Plan G cost?
Medigap Plan G costs, on average, between $100 to $300 monthly. The cost of any Medicare Supplement policy will vary for each person. The price depends on factors such as where you live, gender, and age.
Am I eligible for Medigap Plan G?
Suppose you’re in your Medigap Open Enrollment Period. In that case, you’re eligible for Medigap Plan G. Outside of that, the Insurance company could charge more or deny the policy.
In most cases, when you go through underwriting, there is no issue with getting you approved.
For those with health issues or concerns about underwriting approval, it’s best to work with an insurance agent because they can help identify the company most likely to approve your application.
Suppose you qualify for a Special Enrollment Period. In that case, you may be entitled to Guaranteed Issue rights, meaning you can avoid underwriting.
Which is better, Medicare Plan F vs. Plan G?
First and foremost, the best plan for you is the plan you’re eligible to enroll in. Some people won’t be suitable for Plan F. In this case, a person who wants comprehensive coverage without worrying about premiums would be satisfied with Plan G.
If lower premiums are the primary concern, it’s worth looking at the cost difference annually between Plan N versus Plan G.
The best policy for you is the one that provides you with the most value.
Does Medicare Supplement Plan G cover prescriptions?
The Part B medication coinsurance will have coverage with Plan G. Part B medications are drugs administered in the doctor’s office, such as injections or chemotherapy.
Outpatient retail prescriptions require a Part D drug plan. Also, medications your doctor prescribes for you to take at home require Part D coverage. Purchasing Part D is highly recommended.
Is Medigap Plan G right for you?
Plan G offers incredible value if you’re comfortable paying a small annual deductible. Plan G is an excellent alternative to Plan F’s comprehensive healthcare coverage. It’s a sensible option for people with serious health issues or high medical bills.
Medigap Plan G is also beneficial for people who worry about serious health issues as they age. Just because you’re healthy, today doesn’t mean something can’t happen tomorrow.
It’s better to have insurance when you need it. Of course, if a lower premium and more out-of-pocket costs are something that you would prefer, consider looking at Medigap Plan N or the High Deductible Plan G.
Overall, the best Medicare Supplement insurance plan for you is the one that provides you with the most value.
Medicare Supplement Plan G reviews
Medigap Plan G has been one of the top Medicare Supplement plans for several years. It’s the most popular plan among new Medicare beneficiaries. Plan G will cover all costs related to Original Medicare except the Medicare Part B deductible.
FAQs
What type of health insurance is Plan G?
Plan G is a standardized Medigap policy. These plans are added to your Medicare coverage for an additional monthly premium.
What is the Plan G deductible for 2024?
Medicare Supplement Plan G doesn’t have a deductible and covers the beneficiary’s Medicare cost-sharing. You must pay the Medicare Part B deductible of $240 before Plan G covers the remaining costs. Remember the Part B deductible can vary from year to year. It could increase or decrease.
What is the difference between Medicare Supplement Plan D and Plan G?
Medicare Supplement Plan D and Plan G have nearly identical coverage. The only coverage difference is that Plan D doesn’t cover Medicare Part B excess charges.
What are the exclusions of Plan G?
Plan G is limited to items and services covered by Original Medicare. These plans don’t include coverage for prescription drugs, dental care, vision coverage, or hearing services.
Is Medicare Part G coverage the same as Medicare Supplement Plan G?
There isn’t Part G. Sometimes, with the confusion from Plans and Parts, and sometimes the terms will get confused. If you see someone referring to Part G, they’re referring to Medigap Plan G
What are the benefits of Medicare Supplement Plan G?
Plan G will cover all the cost-sharing related to Original Medicare except for the Medicare Part B deductible. It covers items such as:
- Skilled nursing facility care
- Inpatient hospital
- Outpatient coverage and services like doctor and specialist visits
- Durable medical equipment
- Emergency care
- Foreign travel emergency
- Medicare Part A deductibles, coinsurance, and copayments
- Medicare Part B coinsurance and excess charges
Getting help enrolling in Medigap Plan G?
Enrolling is simple once you’ve decided that Medigap Plan G makes the most sense for you. You can submit a Medicare Supplement insurance application over the phone or online.
Using an insurance agent can save you time. Also, an insurance agent can help you understand the annualized costs of the policies available.
Then, your Medicare agent can provide personalized plan options that make the most sense based on your needs. Once you select the policy you want, your agent can walk you through the enrollment.
Call us today or compare quotes online to discover which plan will provide you with the most value.
