Best Medicare Part G Benefits, Coverage & Rates
Medicare Part G is one of 10 Medicare Supplement Plans available to supplement the federal Medicare program in the United States to help you bridge the hole between what Medicare covers and what you will have to pay as out of pocket costs. These Medicare Supplement plans are named A through N. Plan G is the second-most popular Medicare Supplement insurance policy available, second only behind Plan F.
What is Medicare Part G?
Plan G is the fastest-growing plan and is increasing in popularity every year. According to 2016 reviews by CSG Actuarial, 13% of seniors have Plan G as their Medicare Supplement insurance. Medicare Supplement Plan G is the second-most popular Medigap plan for a reason; after all, Plan G covers almost as much as the most popular plan but has a more affordable monthly premium in most cases.
The outline of coverage under Medicare Part G is similar to F benefits, except that Plan G does not pay the Original Medicare Part B deductible. Plan G is becoming extremely sought after because often the amount you save on your rates is enough to pay the Part B deductible.
Best Medicare Part G Benefits & Coverage With Medicare Part A
Original Medicare Part A pays for part, but not all, of the hospital costs associated with inpatient hospital services. Medicare Part G covers the coinsurance and copayment amounts that you would otherwise be responsible for:
- Medicare Part A deductible
- Part A coinsurance amount up to 365 days after your Part A benefits expire
- Coinsurance for nursing facility care in a skilled nursing facility
- 100% of the cost of the first three pints of blood
- 80% of the cost of emergency care in a foreign country
- Hospice care coinsurance costs
Medicare Part G Outline of Coverage With Medicare Part B
Original Medicare Part B pays for part, but not all, of the expenses associated with outpatient care. These expenses include doctor visits, emergency room visits, ambulance transportation, medical equipment, and other medical services. Except for your Part B deductible, Medigap Plan G benefits cover the copayment and coinsurance amounts that you would be responsible for:
- 100% of Part B coinsurance and copayment amount after you pay your Part B deductible
- 100% of Part B excess charges (the excess charge is the difference between what your health care provider charges and what Original Medicare approves)
- 80% of the cost of emergency care in a foreign country (which is great for people who enjoy foreign travel but who are scared of the cost of a foreign travel emergency.)
It is important to realize that Medicare Part G does not pay your annual Part B deductible. This is the one advantage that Plan F offers over Medicare Part G.
Additionally, you should know that your plan will not include a drug plan. This is not a part of the original Medicare benefits and is not a part of any of the Supplement plans. Prescription drug expenses can add up, but adding a Medicare Part D plan can help you save a ton of money on medication throughout the calendar year.
Does Medicare Part G Have A Network?
Like with Original Medicare, individuals who have Medicare Supplement insurance through Plan G can see any doctor or have services performed at any hospital throughout the country that accepts Medicare. You are not required to use a network of physicians or hospitals, and there is no restriction on when or how you get care. If you seek care from a doctor who does not participate in Medicare, Plan G pays 100% of the excess charges.
Who Typically Buys Medicare Part G?
If you fit one of the categories below, Plan G may be the best Medicare Supplement insurance policy available:
- You travel a lot, internationally as well as nationally.
- You want comprehensive coverage but are budget-conscious and do not want to overpay for benefits.
- Do not want to deal with insurance claims.
- You have an extensive medical history that requires a frequent doctor or hospital visits.
When Can I Purchase Medicare Part G?
To guarantee coverage under Plan G or any of the other Medicare Supplemental plans, you need to sign up during your primary enrollment period. The primary enrollment period starts the first day of the month in which you meet both of these conditions:
- You are 65 years old.
- Under age 65 with a disability or certain health conditions.
- You are enrolled in Medicare Part B.
During this open enrollment period, health insurance carriers must sell you a Medigap policy even if you have health conditions. If you sign up after your open enrollment ends, insurance carriers are allowed to use medical underwriting to evaluate your application. Based on the medical underwriting, you may have to pay a higher premium due to your health history. The insurance company may also reject your application entirely.
There are also a few special enrollment periods (SEPs) where you can enroll in Medicare Part G, and you are not subject to medical underwriting:
- If you are covered under an MA Plan and that plan drops out of Medicare.
- Discontinues its availability in your area or you move out of the plan’s service area.
- If you have Original Medicare and a group health plan through your employer and that plan is ending.
- You decide to switch to Original Medicare within the first year after joining an MA Plan.
- If you lose your Medigap coverage through no fault of your own.
Regardless of the situation, never assume that you are ineligible for Plan G coverage or any other Medicare Supplement plans. We urge you to always discuss your situation with an agent who can advise you on your best options.
Best Medicare Part G Rates Online
Because premium rates for Medicare Plan G vary from company to company, it is important that you compare quotes between carriers. To give you an idea of how policy rates can differ based on the insurance carrier and geographic location, the following are three examples of Medicare Plan G rates offered by top-rated companies. These online sample rates are for a 65-year-old female who is a nonsmoker.
Florida: Zip Code 33101
Premiums range from $100.00 to $175.00 a month
These insurance providers do not endorse or support us. The online quotes are illustrations of how Plan G policies can differ even within the same zip code area.
Best Medicare Part G Companies We Recommend
Having a Medicare Supplement insurance plan that satisfies your coinsurance, deductibles, and copayments leave you with a good feeling. Having an insurance company that you can trust leaves you feeling even better. Many insurance companies offer Medicare Plan G, but many of them are young companies that do not have the track record of a well-established insurance carrier. For that reason, we recommend you consider the following “preferred companies”:
We prefer working with these insurance carriers because they have a long history of stable rates and outstanding customer service. Their rates are some of the most competitive among top insurance carriers, and they have lots of experience providing quality products in the health insurance industry.
Will My Medicare Part G Rate Ever Change?
Insurance companies conduct annual reviews of the policies they offer, and there is no guarantee that after these reviews your premium rate will stay the same. Rising costs, inflation and other economic factors play a role in how insurance carriers set their premiums. We can shop your Medicare Part G rate from year to year to make sure that you are still getting the best deal on your policy. We can also talk to you about plans like Plan N and Plan F so that you’ll know about all of your options, and we can tell you about Medicare Advantage if you’re curious about it, too.
You can also call us at (888) 414-4547, and one of our licensed insurance agents will help you find the best rates being offered in your location.