Medicare Supplement Insurance Plan G is the most comprehensive plan new Medicare beneficiaries can buy.
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.
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.
Medicare Supplement Plan G Benefits
Medicare Supplement Plan G helps pay for:
Medicare Part A
The 2023 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. Medigap Plan G covers this Part A deductible.
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 $226 in 2023. 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 toward Medicare-covered services. For example, original Medicare does not cover long-term care, dental, vision, eyeglasses, hearing aids, or private nursing care, so Medicare Supplement Plan G will not.
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.
Here’s an idea of what a 65-year-old woman who doesn’t smoke might pay for Medicare Supplement Plan G in Laredo, Texas:
- Laredo zip code 78040: $115.99 average
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 based on whether you’d like a high-deductible or low-deductible plan.
|Plan type||Premium Range|
|Plan F||$180.00 – $300.00|
|Plan G||$117.00 – $220.00|
|Plan N||$90.00 – $200.00|
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, which 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
Several unique circumstances 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
- The 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.
Is Medicare Part G my best option?
With Medigap Plan G:
· Ability to change doctors anytime
· Predictable healthcare expenses
· No referrals are required
· No need to stay within a network
Those often most interested in Medicare Supplement Plan G are people who:
· Don’t want high out-of-pocket costs 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.