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What is Medicare Supplement Plan G? 

Medicare Supplement Plan G, also known as Medigap Plan G, provides financial help to cover costs left over after Original Medicare pays its share of medical services.

Original Medicare (Parts A and Medicare Part B), a federally run health insurance program, covers a large portion of medical care for seniors and others eligible, but it doesn’t meet all expenses.

To help pay for additional costs, private insurers offer “Medigap” plans or Medicare Supplement insurance. These plans pay more out-of-pocket costs than Original Medicare.

What does Medicare Supplement Plan G Cover?

Medicare Part A

The 2022 deductible for Medicare Part A for a hospital stay is $1,556 per benefit period. You will also have to pay a deductible for a skilled nursing facility after 20 days.  This Part A deductible is covered by Medigap Plan G.

After the deductible:

Medicare Part A Pays 80% of Medicare Covered Services.  Medigap Plan G will pay the remaining 20% of Medicare covered services.

·      Initial pints of blood

·      Medicare Part A deductible

·      Medicare Part A hospital costs

·      Part A expenses

·      Part A hospice care coinsurance

·      Skilled nursing facility care

Medicare Part B

The annual deductible for all Medicare Part B beneficiaries is $233 in 2022.  Plan G does not pay your Part B deductible.

After the deductible:

Medicare Part A Pays 80% of Medicare Covered Services.  Medicare Part G will pay the remaining 20% of Medicare covered services.

·      Charges over the amount Medicare allows – “Part B Excess Charges”

·      Durable medical equipment

·      Foreign travel emergency care (lifetime plan limits apply)

·      Medicare Part B coinsurance and copays

What’s not covered by Medigap Plan G?

Medigap plan G only pays towards Medicare covered services.  Original Medicare does not cover long-term care, dental, vision, eyeglasses, hearing aids and private nursing care, so Medicare Supplement Plan G will not either.

How Much Does Medicare Supplement Plan G Cost?

While Medicare Plan G helps bridge the financial gap after Original Medicare pays expenses, it does require a monthly premium for the services. This monthly premium is charged in addition to the premium the federal Medicare program requires for Part A and Part B.

What is The Average cost of Medicare Supplement Plan G?

The average cost of Medicare Supplement Plan G is $100-200 per month.

Here’s an idea of what a 65-year old woman who doesn’t smoke might pay for Medicare Supplement Plan G:

  • Houston zip code 77001: $136.48 average, $111.78-$188.02 range
  • Laredo zip code 78040: $115.99 average, $99.24-$165.95 range

Overall, Medicare Supplement Plan G monthly premiums vary, depending on what part of the country you live in, your age and your gender. They are also set based on whether you’d like a high-deductible plan or a low-deductible plan.

So far, Plan G rate increases seem to be lower than that of Medicare Plan F history. Also, the larger the company, the lower the rate increases. This occurs because the company has more insured people to spread costs.

Monthly premiums

Monthly premiums – This fee to buy the plan is set by the private insurance company and can vary based on many factors.

·      Community-rated – Generally, the insurer charges the same monthly premium to everyone who has the Medigap policy, regardless of age. Instead, premiums may go up because of inflation and other factors.

·      Issue age – The premium is based on your age when you buy the Medigap policy. Premiums set this way are lower for those who purchase them at a younger age and won’t change as they get older. However, premiums may go up because of inflation and other factors.

·      Attained age  – The premium is based on your current age and your premium goes up as you get older or due to inflation or other factors.

When can I enroll in Medicare Supplement Plan G?

Individuals can enroll in Medigap Plan G anytime after they become Medicare eligible.  However, you are not always offered Guaranteed issue rights that would exempt you from answering health questions to qualify. Below are the two most common enrollment periods that grant guaranteed issue protections.

Medigap Open Enrollment Period

The best time to buy a Medigap policy, including Medicare Supplement Plan G, is during your six-month Medigap Open Enrollment Period that starts the first day of the month you’re 65 or older and enrolled in Part B. For example, if you turn 65 and are enrolled in Part B in June, the best time for you to buy a Medigap policy is from June to November.

Your Medigap open enrollment period begins when you enroll in Part B and can’t be changed or repeated.

Medigap Special Enrollment Periods

There are several unique circumstances that can qualify you to enroll in a Medicare Supplement plan with Guaranteed issue rights.  Below are a few examples:

  • Employer-Sponsored Retiree Plan Ends
  • Reduction of Benefits or Loss of Eligibility of Employer Plan
  • Moving Out of a Medicare Part C Area of Coverage
  • Current plan provider loses its contract with Medicare
  • Medicare Trial Period

If you have preexisting health conditions, please speak to one of our Policy Guide Medicare supplement insurance agents to assist with the best company, plan and rate for your specific situation.

Advantages of Medicare Part G?

With Medigap Plan G:

·      Ability to change doctors anytime

·      Predictable healthcare expenses

·      No referrals required

·      No need to stay within a network

Why is Medicare Plan G the Best?

Those often most interested in Medicare Supplement Plan G are people who:

·      Don’t want high out-of-pocket cost for healthcare

·      Enjoy the freedom to see any doctor

·      Travel often (because of the flexibility of the health insurance plan)

Ready to learn more?

We can help you locate a personalized Medicare Supplement plan G rate from top insurers, and help you apply for a plan over the phone. So contact us today so that we can assist you with your plan options.

Get a quote and compare Medicare supplement plan G rates.

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