Medicare Supplement Plan G
(Best Value)
Medicare Supplement Plan G is one of the standardized Medicare Supplements plans available in 47 states of the United States. As a result of standardization, Plan G coverage is the same in all of the 47 states. However, monthly premium rates may vary by state and insurance company. Also, the cost of Plan G depends on several different factors, including your residence, age, gender, and lifestyle habits such as tobacco use.
Medigap Plan G is not available in Massachusetts, Minnesota, and Wisconsin. So, if you live in any of these three states, you will have to buy a different form of coverage.
Medicare Supplement Plan G is fast becoming the most popular and comprehensive plan for new enrollees because of Medicare Supplement Plan F’s enrollment regulations. It is also considered the “greatest value” by many people.
While Medicare Supplement Plans F and G may seem similar, they do have a small difference. Unlike Plan F, Plan G doesn't pay the Part B deductible. Hence, Plan G policyholders are responsible for their yearly Part B deductible (out-of-pocket medical cost), which in 2023 is only $226. This allows policyholders to budget their medical spending.
What Does Medicare Supplement Plan G Cover?
Medicare Supplement Plan G covers the following:
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Medicare Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
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Medicare Part A hospice copayments and coinsurances
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Medicare Part A deductible
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Medicare Part B copayments and coinsurances
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Medicare Part B excess charges
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The first three pints of blood for blood transfusion
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80% of foreign travel emergency medical costs
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Skilled nursing facility care coinsurance
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Medicare preventive care Part B coinsurance
Who Can Benefit From Medicare Supplement Plan G?
Medicare Supplement Plan G is recommended for policyholders who:
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Do not want unexpected out-of-pocket medical costs
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Live in a state that permits excess charges
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Often travel outside the U.S.
Medigap Plan G-High Deductible
Medicare Supplement Plan G also has a high deductible option. The High Deductible Plan G provides the same benefits as the standard Medicare Supplement Plan G but with a lower monthly premium. Like the Medicare Supplement Plan F-High Deductible, the Plan G-High Deductible comes with a high deductible, which is also $2,700 in 2023.
The difference between Medicare Supplement High Deductible G and High Deductible Plan F is the same as that between Medicare Supplement G and Plan F. While Plan F, and its high deductible option covers Medicare Part B deductible, Plan G and its high deductible option doesn’t.
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The Medigap Plan G-High Deductible is a better option for clients who:
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Cannot afford the Medicare Supplement Plan G’s monthly premium or are looking for a low-cost alternative
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Are comfortable paying a higher deductible in exchange for lower monthly premiums
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Are looking for a comprehensive coverage
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Live in states that allow excess charges
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Visit the doctor or hospital more often than not
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Often travel outside the U.S.
How Much Does Medicare Supplements Plan G Cost?
The cost of Medigap Plan G depends on several factors, including your location, age, gender, and health status. However, the average cost of Medicare Supplement Plan G’s monthly premium can be anywhere between $100 to $200 per month. If this is expensive, some people consider a Plan N as a great alternative or even a Medicare Advantage Plan.
When Can I Enroll In Medicare Supplement Plan G?
The ideal time to enroll for Medigap is within 6 months of your Medicare Part B effective date. Starting from the month you turn 65 (if you are enrolled in Original Medicare or Medicare Part B), you have a six-month open enrollment period.
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Once this period closes, it cannot be repeated or shifted. Outside of your one time Medigap Open enrollment window you will have to medically qualify for the coverage. An insurance company can charge you more for the same coverage or deny you coverage.
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The ideal time to enroll for Medigap is within 6 months of your Medicare Part B effective date. Starting from the month you turn 65 (if you are enrolled in Original Medicare or Medicare Part B), you have a six-month open enrollment period.
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Once this period closes, it cannot be repeated or shifted. Outside of your one time Medigap Open enrollment window you will have to medically qualify for the coverage. An insurance company can charge you more for the same coverage or deny you coverage.
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