Medicare Supplement Plan G is one of the 10 standardized Medicare Supplement plans that help Medicare beneficiaries pay for medical expenses. Covered medical expenses include hospital costs, Medicare Part A deductible, and doctor’s office visits. To qualify for Medicare Supplement Insurance Plan G, you must be enrolled in Original Medicare (Medicare Part A and Part B). You must also stay enrolled in Original Medicare by paying your Medicare Part B premium.
Medicare supplement insurance plans do not replace your Medicare benefits. They are health insurance policies that provide additional coverage in addition to your Medicare benefits. Supplement insurance fills in the coverage gap between what Medicare Part A and Part B pay and what your cost-share responsibility is as a beneficiary. Because it spans that coverage gap, Medicare Plan G is frequently called Medigap Plan G.
Medicare Supplement Plan G Rates
Plan G offers the second-most comprehensive benefits package, so Medicare Supplement Plan G rates are typically on the higher end when it comes to monthly premiums. Because each insurance company sets its rates, you need to compare rates between carriers to find the best Medicare Supplement Plan G rates.
Health insurance companies consider several factors when setting their rates. Factors include:
Insurance carriers also decide Medicare Supplement Plan G rates using one of the following calculation methods:
- Community-rated: Age is not a factor when enrolling in Medicare Supplement insurance. A 72-year-old enrolling in Medigap Plan G and a 65-year-old beneficiary enrolling in Plan G pay the same premium.
- Issue age: Your age when you enroll determines your monthly premium. A 72-year-old pays a higher premium than a 65-year-old.
- Attained age: Your current age determines your premiums.
Knowing which calculation method the insurance company uses is critical in finding the best Medicare Supplement Plan G because it affects your future monthly premiums:
- Under the issue-age and community-rated calculations, your premiums might increase due to inflation or other economic reasons, but they will never increase due to your age.
- Under the attained-age calculation, your monthly premiums can also increase due to inflation, but they will automatically keep increasing each year as you grow older.
To find the best Medicare Supplement plan quotes available in your service area, call and talk with one of our insurance agents. We can help you compare plans and project what your future monthly premiums might be.
What is covered by Medicare Plan G?
Medigap Plan G pays for most of the out-of-pocket medical expenses that you are responsible for after Original Medicare pays its portion. It pays the full cost of the following benefits:
- Medicare Part A hospital coinsurance and hospital costs up to one year after you use up your Medicare benefits
- Medicare Part B coinsurance
- Medicare Part B copayments
- Medicare Part A hospice care copayment and coinsurance
- Medicare Part A annual deductible
- Medicare Part B excess charges
- First 3 pints of blood
- Foreign travel emergency coverage up to plan limits
- Coinsurance for skilled nursing facility care
What is not covered by Medicare Plan G?
Medigap Plan G covers everything except the Medicare Part B calendar year deductible. In 2022, the Part B deductible is $233.00.
Our Medicare Supplement plans comparison chart gives you a clear look at how Medigap Plan G basic benefits compare to other Medicare Supplement plans.
Medicare Supplement Insurance Plan G vs Medicare Supplement Plan F
Plan G offers some of the best benefits available through Medicare Supplement insurance. After Plan F, Plan G Medigap policy is the most comprehensive coverage a beneficiary can choose. Here is a comparison between the two plans:
- Benefits: When you compare the plans, you will find that with one exception, the benefits are identical. The exception is the Part B deductible. Plan F covers the deductible; Plan G does not.
- Rates: In comparison to Plan F, Medigap Plan G rates are typically lower. The annual rate increase for Plan G is also generally less than for Plan F.
- Access to care: Beneficiaries have the same access to care under both plans. Both plans pay for excess charges, so beneficiaries are free to seek medical services from any health care provider anywhere in the country.
Does Medigap Plan G Cover Prescription Drugs?
Original Medicare benefits do not cover outpatient prescription drugs, and neither does Medicare Plan G. To get prescription drug benefits coverage, beneficiaries will have to buy a separate Medicare Part D Drug Plan.
Keep in mind that if you choose to delay Part D coverage while qualifying for Medicare benefits, you can be penalized when you enroll in a Medicare Part D Prescription Drug Plan in the future.
When Can You Enroll in Medigap Plan G?
The best opportunity for Medicare beneficiaries to enroll in Medicare Supplement plans is during the Medigap Open Enrollment Period when you are first eligible for Medicare. The open enrollment is the same as your Medicare enrollment period, which covers the six months before your 65th birthday. Open enrollment is the best time because you can join without restrictions:
- You won’t be asked health questions.
- You don’t have to undergo medical underwriting.
- Insurance companies cannot refuse to cover you based on health status or medical history.
You can also enroll outside of the open enrollment period, but insurance carriers can require underwriting. They can also deny your application completely. If you have pre-existing health conditions, call one of our Medicare Supplement specialists. We can help you compare and find the best company, plan, and rate for your situation.
Medigap Plan G Review
Medicare Plan G offers broad benefits for Medicare beneficiaries who want additional help paying for out-of-pocket medical expenses. Here is a quick recap of Medigap Plan G:
- For beneficiaries who have frequent emergency room and doctor’s office visits, Medicare Plan G is an excellent option because it covers copayments and coinsurance relating to those medical expenses.
- Benefits are standard for Plan G regardless of which insurance company offers the Medigap policy, but you need to compare carriers to find the best rates.
- Beneficiaries who can afford to pay the Part B deductible can get a significantly lower premium while still getting extensive benefits coverage.
- Medicare Plan G might not be available in all states.
- You must keep on paying your Medicare Part B premium to remain qualified for Medicare Plan G.
- Because beneficiaries typically do not change Medigap plans, it is critical that you carefully compare plan options before enrolling.