Medicare Supplement Plan G Pros and Cons
Medicare Supplement Plan G has become increasingly popular among Medicare beneficiaries. With its extensive coverage and ability to bridge the gaps left by Original Medicare, it effectively takes care of most out-of-pocket expenses.
Before enrolling, it is crucial to thoroughly evaluate the advantages and disadvantages of this plan.
Pros of Medicare Supplement Plan G
Comprehensive Coverage
Enrolling in Medicare Supplement Plan G offers a significant advantage – comprehensive coverage. Plan G fills in the gaps left by Medicare Part A and Part B, covering expenses like excess charges, copayments, and Part B coinsurance.
In addition, Plan G provides coverage for coinsurance of skilled nursing facility care, the Part A deductible, and inpatient hospital stays.
No Network Restrictions
Medicare Supplement Plan G allows you to choose any healthcare provider who accepts Medicare without network restrictions. This means you can select any doctor or health facility in the country that accepts Medicare.
Reduced Out-Of-Pocket Costs
Plan G can help lower out-of-pocket costs by covering common expenses that Original Medicare does not cover, like deductibles and coinsurance payments. However, you will still need to pay the Part B deductible.
Cons of Medicare Supplement Plan G
Higher Premiums
Medicare Supplement Plan G may have higher premiums than other plans, but its comprehensive coverage and lower out-of-pocket expenses can compensate for the higher costs.
Part B Deductible
Medicare Supplement Plan G does not cover the Medicare Part B deductible. You must pay the deductible out-of-pocket every year before the plan starts covering your medical expenses.
Prescription Drugs
Medicare Supplement Plan G does not provide coverage for prescription drugs. You must purchase a separate Medicare Part D drug plan for medication coverage.
How Much Does Plan G Cost?
According to various studies and market analysis, the monthly premiums typically range between $120 and $270.
The cost of Medigap Plan G varies depending on your age, location, and the insurance company you choose. The average Medicare Supplement Plan G price varies widely by state and insurer.
When Can I Enroll in Plan G?
During the Open Enrollment Period, which starts three months before you reach 65 and lasts for three months after, you have the opportunity to enroll in Medicare Supplement Plan G.
Insurers are prohibited from denying coverage or imposing higher premiums based on pre-existing conditions during this period.
You can apply for this plan anytime, but your application may be subject to medical underwriting outside the Open Enrollment Period. The insurance company will assess your health history and current status to determine eligibility and premium rates. Pre-existing conditions may impact acceptance or result in higher premiums.
Bottom Line
Medicare Supplement Plan G offers comprehensive coverage. It fills the gaps left by Medicare Part A and B, covering most out-of-pocket expenses. With international coverage included, it’s an excellent option for travel-loving seniors.
However, there are some drawbacks to consider, such as higher premiums, lack of Part B deductible coverage, and lack of prescription drug coverage.
Sources: Compare Plans | Enroll in Plan G | AHIP Medigap Study
FAQs
How does Medicare Supplement Plan G compare with other Medicare Supplement plans?
Plan G is considered one of the most comprehensive plans and provides better coverage than most other Medicare Supplement plans. It covers all out-of-pocket costs not covered by Medicare Part A and B, excluding the Part B deductible.
Is Medicare Supplement Plan G worth it?
Plan G is an excellent choice if you have sufficient funds to pay the higher premiums. However, another plan may suit you better if your budget is tight. It all depends on your individual needs and budget.
