Even though Original Medicare has coverage for a wide range of medical services, some estimates say that it only pays about half of the medical costs over an average beneficiary’s lifetime. That’s why thousands of Medicare recipients turn to Medicare supplement plan G.
What is Medigap Plan G?
You might see Medicare supplement plan G referred to as Medigap plan G. Either way, this is one of the standardized Medicare supplement plans that you can purchase in most states to help close financial gaps for those things that Original Medicare won’t fully cover. You can refer to a simple chart on the Medicare.gov site that compares various supplements to make them fairly easy to understand.
Even though plan F has been the most popular supplement for years, the rate of people who choose Medicare plan G has been increasing fast. plan F pays for everything that the government allows Medicare supplement plans to pay for, so many beneficiaries would rather just buy a plan that frees them from most out-of-pocket expenses.
These two supplements are almost identical, but Medicare supplement plan G doesn’t pay for the Part B deductible. Many savvy individuals have figured out that the difference in cost between Medigap plan G and F is greater than the annual deductible. This won’t be true for everybody, but it’s a good idea to compare personalized quotes to see if it’s true for you. We would never advise you to pay more for a policy than for the service that it might help you pay for.
How Medicare Supplement Plan G Works with Part A
Like plan F, plan G helps pay for all of these Part A costs:
- Part A hospital, skilled nursing, and hospice coinsurance and copays
- Initial pints of blood
- Part A deductible
How Medicare Supplement Plan G Works with Part B
Medicare supplement plan G also pays these Part B costs:
- Charges over the amount Medicare allows
- Foreign-travel urgent care
- Part B co-pays and coinsurance
Every year, Medicare recipients have to pay an annual deductible before Part B begins to pay for medical services. In 2017, this yearly deductible expense was $183. Plan F costs more than plan G just because if also pays for this deductible.
However, if you find that you can save more than $183 a year, or about $15 a month, by purchasing Medigap plan G, you could save money with the cheaper plan. Very often, the difference in price ranges from $30 to $40 a month, so this tip often helps people save money. The only thing to consider is that it’s not possible to predict what this deductible may be in the future.
How Medicare Supplemental Plan G Covers Prescriptions
To understand why Medicare supplemental plan G won’t help pay for most prescription medications, it helps to understand how Medicare was originally designed. For a long time, one of the biggest gaps in Original Medicare was its scant coverage for prescriptions:
- Part A usually only helps pay for inpatient medication.
- Part B may pay for some drugs that are administered inside of outpatient facilities.
- Neither Part A or Part B will usually help pay the local drugstore.
Since Medicare supplement plans were designed to mostly pay the rest of the bill for things that Part A and B already Partially paid for, supplements don’t pay for most prescriptions either.
If you decide to buy Medicare supplement plan g, you will also need a plan to help you pay for typical prescription medicine. Most people enroll in Part D plans to work with Original Medicare and Medigap plans. As a note, the majority of MA plans include Part D, but they work very differently than Medicare supplement plans do.
If you don’t have a drug plan when you take Original Medicare, you will have two major issues:
- You may have to pay for all of your expensive medication out of your own pocket.
- Medicare will impose a penalty in the form of higher Part D rates when you do decide to enroll in your drug plan.
Most of the same private insurance companies that offer Medicare supplement plan G will also offer Part D. However, you might do better if you consider reviews of medical and prescription coverage separately. Without a good drug plan, prescription medication can be one of the largest medical costs that many seniors face. If you rely upon expensive prescriptions to maintain your health, you will want to be certain that you find the insurer with the best Part D for your needs. This might not always be the insurer with the cheapest rates and best reviews for Medigap plan G.
Medicare Supplemental Plan G vs. Network Plans
As you check around for Medicare supplement insurance, you will probably notice that Medicare supplement plan G rates are higher than the rates charged by most MA plans. As was mentioned earlier, MA usually includes prescription drug benefits.
At the same time, you should notice that almost all MA plans rely upon a provider network. If you enroll in an HMO, you need to get virtually all of your services inside the network to get your plan to pay for them. If you enroll in a PPO, you have some freedom to step outside of your network; however, you’ll pay more if you do.
With Medigap plan G, you don’t have any networks at all. In fact:
- Most medical providers that accept Medicare will accept your supplement insurance.
- You can use your Medicare supplement plan G anywhere in the country.
- Medigap plan G will pay 80 percent of the cost of urgent care outside the United States.
By the way, Original Medicare covers almost no medical services outside of the country, so this is an added feature of one of this robust Medicare supplement insurance. Also, a 2017 study found that most doctors do charge more than Medicare allows, so having your supplement insurance pay for these excess charges is very handy. When you are sick or injured, you want to find the best doctor and not the cheapest one.
Who Considers Medicare Plan G?
People who buy plan G are similar to those who buy plan F. They want to pay their premium and let their insurer worry about the rest of it. These are also people who want the freedom to access their choice of doctors and not worry if they happen to travel outside of a provider network or need a specialist that their network doesn’t have in a convenient location.
Because these Medicare supplement plans both will pay bills that are over Medicare-approved amounts, they also help satisfy people who would rather not have to ask a doctor how much he or she charges before scheduling an appointment. If you want the freedom to pick your own medical providers, very strong benefits, and cheaper premiums than with plan F, you could consider Medigap plan G.
Where to Purchase the Best Medicare Supplement Plan G
Actually, one of the best ways to take advantage of the best Medicare supplement plan G rates is to work with us. Medicare standardizes these plans, so the basics of the plan won’t change if you decide to purchase Medicare supplement plan G from one company or another.
These are some of the things to know about shopping for Medigap plans:
- You might consider quality reviews from various insurers, but most of the top Medicare supplement companies all excel at customer service, automatically handling claims from doctors, and so on.
- Some of these companies may also offer membership packages that include extra perks like family discounts or savings for additional healthcare services that may provide you with a good value.
- Mostly, you are simply free to compare various insurers to find the cheapest monthly prices and a good reputation for price stability.
Here’s another tip to help you get the best Medicare Supplement Plan G prices: You will have a Guaranteed Enrollment Period when you first take Part A and B. This is typically right when you turn 65 and for a few months afterward. Of course, some insurers will even let you apply in advance, so you can be sure that you have Medicare supplement insurance in place right at the start. At this time, you will not have to answer a single health question. This means you can’t get charged more or declined because of a medical issue. You might also qualify for Special Election Periods because your plan leaves your area or for a few other reasons.
If you decide you want Medicare supplement plan G at another time, you are very welcome to apply. You shouldn’t assume that you won’t qualify just because you have some typical health condition for your age. If you have any questions, you can contact us for a confidential discussion with a licensed insurance agent. We can help you decide if Medigap plan G or another option would be better for you.
How Much Does Medicare Plan G Cost?
You can compare personalized quotes by using our online quote system or by calling our toll-free number. Your premiums may vary because of your hometown, your gender, your age, and sometimes, your health and health habits.
Note: In order to give you an idea if Medigap plan G will work for you, we have pulled some sample quotes of the best Medicare supplement plan G prices in selected areas. These are only samples that were accurate at the time of publication and are unlikely to be exactly the same as your own customized quotes.
These sample monthly prices for Medigap plan G from top-rated insurers are for a 65-year-old woman who doesn’t smoke and lives in a selected metro area of these three states:
- Texas: $130.24
- Pennsylvania: $129.58
- Florida: $253.34
Prices can vary significantly by Zip code and even by the insurance company. At the same time, the base benefits that you get from your supplement policy remain the same. This makes shopping for the best Medicare supplement plan G a bit easier than shopping for some other kinds of insurance. Of course, we are also here to help you.
What is Part G vs. Medicare Supplemental Plan G?
A lot of our clients ask about Medicare Part G. Actually, there are only these official parts of Medicare:
- Part A and B: This is often called Original Medicare and includes hospital and medical insurance.
- Part C: These days, most people refer to Part C as MA plans.
- Part D: Of course, Part D includes the drug plans.
It is called Medicare supplemental plan G. However if you want to call it Part G, we’ll know what you mean.
What Are Some of the Best Medicare Supplement Plan G Companies?
You may have a handful of quality Medicare supplement companies that compete for business in your area. Again, you are free to check Medicare supplement plan G rates to find out which insurer is most competitive. You may also check Medicare supplement insurance company reviews or ask for our opinion about insurers with good price stability and a reputation for quality service.
Our own suggestions may depend on where you live and other factors. At the same time, we often suggest these providers of Medicare supplemental plan G:
- AARP Medigap Plans
- Aetna Medigap Plans
- Cigna Medigap Plans
- Mutual of Omaha Medigap Plans
- Blue Cross and Blue Shield
Do we only suggest these providers because of their Medicare Supplement Plan G rates? Rates are one big factor when you compare Medicare supplement plans. Some of these insurers may offer generous family discounts that make them even more competitively priced if you and another person in your family also need a supplement policy.
In other cases, your plan will come with a sort of membership that gives you access to discounts for uncovered services like most dental, hearing, or vision care. In addition to Medicare supplement Plan G rates, we also keep up with reviews from current customers to make sure we’re suggesting quality insurers that care about customers.
Do Medicare Supplement Plan G Rates Ever Increase?
Actually, there have even been cases where Medicare supplement plan G rates have even decreased. Of course, in response to rising medical costs, your insurer might increase Medicare supplement plan G rates from time to time.
We strive to recommend insurers with a history of price stability. If your policy does increase in price, we’re also here to help you find more affordable coverage.
You Can Get Medicare Supplement Plan G Rates Online
Instead of directly asking for quotes from one insurer or another, we suggest that you make use of our online quote form to obtain competitive quotes from a handful of top insurers in your local area. It takes seconds to use, and you can begin without having to enter personal information.
In addition to Medicare supplement plan G rates, we can also offer you information about coverage and rates for other supplements, part D plans.
If you’d rather not use an online quote form, you are also welcome to call an agent directly at the toll-free phone number you can find posted on this website. We will work to understand your personal situation and preferences. Then we will suggest a policy that provides you with good benefits and an affordable premium.
We hope you use our online tools or experienced agents to enhance your Medicare benefits in the best possible way.