The best Medicare Supplement plan G 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 adequately cover. You can refer to a simple chart on the Medicare.gov site that compares various supplements to make them reasonably 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 and pays 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 the two plans 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 right for you. We would never advise you to pay more for a policy than for the service that it might help you pay for.
Best Medicare Supplement Plan G Benefits
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
Medicare Supplement plan G benefits also pay 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. This yearly deductible expense can be as much as $183. Plan F costs more than Plan G just because it also pays for this deductible.
However, many recipients find that they can save more than $183 a year, or about $15 a month, by purchasing Plan G. Depending on your needs and budget, 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.
Does Medicare Supplement Plan G Require you to Use a Network?
- No. You can use any doctor in the United States that accept Original Medicare
- No referrals required
- You want the freedom of no network
- Change doctors anytime
- Use any hospital or facility that allows Original Medicare
Who Buys Medicare Plan G?
- People who travel often
- Individuals who do not want high out of pocket cost
- Enjoy the freedom to see any doctor
- Prefer richer coverage
Here’s another tip to help you get the best Medicare Supplement Plan G rates:
You will have a Guaranteed Open Enrollment Period when you first enroll in the Part A and B Medicare plans. This period typically starts right when you turn 65 and lasts for about six months afterward. During this period, insurance companies are not allowed to deny your application for any supplemental plan due to factors such as a pre-existing health condition or disability. Furthermore, they are not permitted to charge you a higher premium due to your current health status.
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. Keep in mind that if you decide that you want to enroll in a Medicare Supplement plan G at another time outside of your open enrollment period, you will most likely have to answer health questions to qualify. This means insurance companies can raise your monthly premium or deny you coverage due to your health status.
If your open enrollment period is approaching, we can help you decide if plan G or another option would be better for you. Whether you are signing up for Medigap for the first time or are planning to switch to a new insurance provider or coverage plan, it’s best to research all the options available to you before making any decisions.
How Much Does a Medicare Plan G Cost?
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 Medicare Plan G will work for you, we have pulled some sample quotes of the best prices in selected areas. These are only samples that were accurate at the time of publication and are unlikely to be the same as your customized quotes.
These sample monthly prices for 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:
- Florida: $125.00 to $250.00
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.
Medicare Supplement Plan G Standardization
While many insurance companies offer Medicare Supplement Plan G, it is important to note when comparing rates that all Medicare Supplement plans have been standardized by the U.S. government since 1991. Depending on which company you purchase your plan from, you may be able to enjoy special perks or discounts, but no matter which company you choose, a standard Plan G will be the same in the following ways:
- Benefits – Regardless of which insurance company you purchase your Medicare Supplement Plan G from, you can trust that you are getting the same exact benefits you would get if you had chosen another insurance provider.
- Network – Since Medicare Supplement plans only bridge the gap between your primary Part A and B coverage, Medicare supplement insurance companies do not have their own doctor’s networks. What this means is even if you enroll in Plan G, your doctor’s network will be the same nationwide network provided by Medicare, and you’ll never have to worry about one company’s network being better than another.
- Claim-Paying Process – When you receive service from a physician, you won’t have to worry about whether or not your Medicare supplement insurance provider will cover their portion of your claim because the claim-paying process is automated. What this process looks like in real life is when Medicare receives and approves a claim from your doctor, they will cover their portion and automatically notify your supplemental insurance provider of the remain funds due. Your supplemental insurance provider does not have the right to refuse to pay their portion of the claim, so you can rest easy knowing that each insurance provider’s claim-paying history is equal across the board.
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.
Our suggestions may depend on where you live and other factors. At the same time, we often suggest these providers of Medicare Supplemental plan G:
- Aetna – With a focus on improving health and wellness in the communities they serve, Aetna is known for their excellent customer service, stable rates, and their commitment to finding the right products for their customers.
- Cigna – As a top-rated supplemental insurance provider, Cigna is a well-established company that sets itself apart from competitors by offering a 30-day money back guarantee on their supplemental Medicare plans. Furthermore, they are known for their exceptional customer service and convenient application process.
- Mutual of Omaha – Mostly known for their competitive rates, Mutual of Omaha claims second place in the national Medicare Supplement market. Many people choose the company as the supplemental insurance provider because they offer a fast, electronic application process and typically put approved policies in place in less than four days.
Do Medicare Supplement Plan G Rates Ever Increase?
Unfortunately yes, the rates for Medicare Supplement Plan G are not guaranteed to stay the same and can increase in response to factors such as rising medical costs or your insurer choice to increase rates from time to time. But historically, Plan G has been more stable than other plans because recipients are willing to pay the Part B deductible. Furthermore, there have even been cases where rates have also decreased, so do not fear that your rates will always increase.
In general, Medigap insurance companies base their price policies on one of the following structures:
- Attained-age pricing – Uses your age as the bases for pricing premiums. For people who have an attained-age pricing plan, premiums will increase each year.
- Community-rated pricing – Bases premium rates on inflation and other factors, such as tobacco use. People who have a community-rate pricing plan will be quoted at the same rate as those who are younger and older than them.
- Issue-age pricing – Premium rates are based on how old a person is when they purchased the policy. Rates do not increase based on a person’s age but can increase for other reasons.
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.
We will work to understand your situation and preferences. Then, we will suggest a policy that provides you with good benefits and an affordable premium.