Medicare Supplement Plan G
Plan G is already one of the top choices for people interested in supplementing their Medicare coverage, with only one benefit short of Plan F’s comprehensive coverage. As of 2020, that benefit will be eliminated by federal law,* and with everything but the Part B deductible covered, Plan G will be the best option for most seniors.
For 2023, the Part B deductible is $226. That’s an affordable amount on top of the significantly lower premiums for Plan G, making it overall the most cost effective plan in the Medigap universe.
What do I get from Plan G?
Plan G fills these gaps in Original Medicare out-of-pocket costs coverage:
You also get standardization with Plan G, which is helpful when choosing a policy from various insurance companies. Their prices may vary, but the benefits they offer are the same.
With identical benefits, you get:
Doctor Network – There’s no need to comparison shop for the company with the best network of providers. In the Medicare Supplement world, insurers don’t offer networks. Their plans supplement Original Medicare, so your network is more than 800,000 doctors, nationwide.
Claims-Paying Process – With automation, getting your claims into the Medicare system and paid is easier than ever. Your doctor will submit your claim to Medicare, and as soon as the claim is approved, your doctor will receive the portion due. Medicare will then contact your Medigap carrier to let them know what they need to pay out. The entire process is standardized, so as far as paying claims, it’s a level playing field.
When am I eligible for Medicare Supplement Plan G?
First, you have to be enrolled in Original Medicare (Part A and Part B) to buy Plan G. You must be a U.S. citizen and meet one of these criteria or more:
What disqualifies you is being enrolled in a Medicare Advantage plan, which you can’t have at the same time you have a Medigap policy. If you have one, be sure to cancel your Medicare Advantage plan before your new coverage starts.
The best time to enroll in Plan G is during your Medigap Open Enrollment Period, which is the 6-month time before you turn 65. If you have a Medigap plan already, you can change carriers or plans any time within the year. It’s always a good idea to research which carrier offers the lowest cost, so we recommend seeing what’s out there on an annual basis. A medigapcoverage.com powered by pollen™ specialist can help — call us at 833-245-0614.
Be aware that you’re entitled to switch Medigap plans every year, any time you want. In certain states you may be required to answer medical questions, and depending on your health evaluation, you could be denied coverage. This is when it could really pay to have one of our specialists at your back.
And what about costs?
It’s likely your Part B deductible will vary, year to year; for 2023 it’s $226. The way it works is, you pay all your medical costs until your out-of-pocket outlay meets the deductible. Once the annual Part B deductible is reached, you’ll pay 20% of the approved cost for Part B-covered services, such as doctor visits and diagnostic tests.
How do I find the right Plan G carrier?
Since standardization guarantees each lettered plan has the same benefits, state to state, the only way to compare insurance companies offerings is by price. medigapcoverage.com powered by pollen™ recommends that you refer to the bible of insurance ratings, the AM Best rating service. Our specialists can direct you to the leading companies we work with and help you find the most affordable option.
*According to congress.gov, all Medigap plans which pay the Part B deductible will be eliminated from January 1st, 2020 and after in order to discourage the overuse of medical services. The rationale behind the law is that by making people cover their own deductible out-of-pocket, they will be less willing to go to a doctor or health care facility unless it’s absolutely necessary.
Still confused? Call us!
Table of Contents
Our recommendation is Plan G. It is one of the most popular Medicare Supplement policies, with all the benefits of the comprehensive Plan F minus one. That’s the Part B deductible, which is only $226. This, plus a relatively low premium, makes Plan G a very attractive policy.
Plan G and all the Medigap plans supplement Medicare, which means you get a network with more than 90% of the primary care physicians in the U.S. and over 800,000 providers.
I have a Medicare Advantage plan, but I’m thinking about adding a Medicare Supplement plan for more savings on out-of-pocket health care costs. Can I do this?
No, the law forbids insurance companies from selling Medigap plans to people enrolled in a Medicare Advantage policy.
- Best overall Medicare supplement for new enrollees: Plan G.
- Best overall Medicare supplement before 2020: Plan F.
- Best low cost Medicare supplement: Plan K.
- Best alternative to Plan G Medicare supplement: Plan N.
Medicare Supplement policies are private health insurance designed to cover gaps in Original Medicare. They are also known as Medigap plans. These take care of costs such as copays, coinsurance, and deductibles which can become expensive if you need regular care from a doctor or hospital. If you need medical care while traveling outside the U.S., you can buy Medigap policies to help cover those costs. As a supplement to Original Medicare, you’re required to have Part A and Part B before you canget a Medigap policy. This way, Medicare is responsible for the Medicare-approved costs of the covered care, and the remainder is covered by your Medigap plan.
Optimal coverage comes with higher costs, making Plan F the most expensive Medigap plan. Plan F is known as “first-dollar coverage” and it takes care of everything provided during a doctor or hospital visit. Your only responsibility is for dental, vision, medications, and equipment, such as hearing aids.
The Federal government ended the Plan F option for new enrollees last year to keep the healthcare system from being overused by patients who had their deductibles covered. The next best coverage after Plan F is Plan G.
Medigap Plan G offers every advantage of Plan F except for the deductible, which you have to cover. Because it isn’t as comprehensive as Plan F, Plan G is more affordable.
For people who don’t go to the doctor often, Plan K is worth considering. It is the most affordable because it provides just 50% of Medicare Part B coinsurance, the Part A deductible, blood, skilled nursing, and Part A hospice costs. For comparison, Plan G and others offer full coverage of these expenses, and more.
It’s hard to argue against plans which cut your traditional Medicare costs. For most people, having the extra coverage these supplemental plans provide is common sense, unless they want the specific features of a Medicare Advantage plan.
Most people would benefit from not having to pay out-of-pocket to stay healthy. Medicare supplement insurance or a Medicare Advantage plan offer vital savings now, but are indispensable should a catastrophic health issue occur.
Of the 10 Medicare-approved Medigap plans, Plan G and Plan N are the most popular. Plan F is no longer available to new Medicare enrollees as of 2020, but it is still popular among people who bought this plan prior to 2020.
- Plan F$128–$342
- Plan F (high deductible)$22–$88
- Plan G$106–$325
- Plan G (high deductible)$29–$58
Before getting a Medicare supplement plan, you need to be enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance). People with Medicare Advantage Plans who want to go back to Original Medicare can buy a Medigap policy prior to switching.
The security of having lower or no out-of-pocket healthcare costs can offset the premiums you’ll have to pay for whichever Medigap plan you choose, which vary depending on the benefits offered.
The national average cost for Medicare Supplement Plan F is $1,824 annually, which is $152/month; Medigap Plan G will cost you around $143 per month.
Since Plan F was discontinued for new enrollees as of 2020, Plan G offers the most coverage for people 65 and older. It has a lower premium than Plan F and duplicates its benefits, except for the Part B deductible.
It depends on your specific needs, but for most people a Medigap plan is very useful in supplementing the coverage of Medicare Part A and Part B. A Medicare Advantage plan is an affordable way to get healthcare coverage not offered by Original Medicare.
Historically, Plan F has been the most popular because it covers all the out-of-pocket costs Medicare does’t pay for. This includes the 15% extra charge billed by providers who do not take Medicare as full payment.