Medigap Plan G

Senior man using wood working tools as the thinks about his Medigap plan G policy.

Medigap Plan G is the most comprehensive Medigap plan available for new Medicare enrollees. However, Plan G may not be quite right for you, so we’re here to help. Keep reading to learn everything you need to know about Plan G and see if this is the right Medicare Supplement Plan for you. 

Medigap Plan G in 2021

Medigap Plan G is one of the most popular plans on the market today. Plan G’s popularity is only increasing now that Medigap Plan F has been phased out for new Medicare enrollees. Plan G and Plan F are virtually identical in coverage, minus one difference: Plan G does not cover your Part B deductible. This means that you will have to pay this deductible out of pocket before the benefits kick in. 

Medicare Supplement Plan G Coverage

Plan G will generally cover all out-of-pocket medical costs you incur, except for your Medicare Part B deductible. The Part B deductible for 2021 was $203. Visiting your GP or going to the hospital for an emergency? With Plan G, you won’t have to worry about a surprise bill showing up in the mail. 

Plan G covers:

  • The Part A deductible
  • Hospice copayments and coinsurance
  • Foreign travel emergency costs
  • Part B excess charges

2021 Medicare Plan G Costs

On average, Medicare Supplement Plan G costs $100 to $200 per month. That being said, premiums will differ from person to person based on a variety of factors. The single biggest determinant for what your premium costs will be is your location. A good rule of thumb is that Medigap premiums will cost more in states with higher costs of living. 

Plan G does have a lower rate increase history than Plan F. Additionally, the money you save in a year when paying monthly premiums for Plan G coverage may be more than you save by not paying the Part B deductible while having coverage through Plan F. 

What is the deductible for Plan G in 2021?

Again, the Part B annual deductible was $203 in 2021. This will be the only deductible you pay if you are covered under Plan G. 

Is there a Lower Premium Option for Plan G?

Admittedly, Plan G does have high monthly premiums. If these premiums are just too high for you, Deductible Plan G offers the same benefits for a lower monthly premium. The flip side of the coin is that, for lower monthly costs, you will have to reach the deductible prior to receiving 100% coverage. 

Medicare Supplement Plan G Rate Increase History

Yearly rate increases are determined by many, many factors. Some of these factors include your age when you enroll, and the pricing method used at the time of your enrollment. The average Medigap Plan G rate increases vary from 2%-6%. 

You should talk with your agent about the history of rate increases by carrier. Looking at carrier reviews before enrolling is an important factor when choosing which Medigap insurance company you want to do business with. 

Happy senior farmer working in the field as he thinks over his Medigap Plan G.
Plan G’s popularity is only increasing now that Medigap Plan F has been phased out for new Medicare enrollees.

Are all Medigap Plan G the Same?

Yes. The federal government standardizes all Medigap insurance plans, so Plan G comes with the same coverage and benefits no matter who the carrier is. However, monthly premiums will vary by carrier and by state. 

Is Medigap Plan G Going Away?

No. Plan G is here to stay. While newly enrolled Medicare beneficiaries can no longer receive Plan C or Plan F because these plans have been phased out, Plan G will not be going away. 

FAQs

  • What is Medicare Part G?There is no Medicare Part G. Sometimes, people confuse Parts for Plans. If you hear someone talk about Part G, they actually mean Plan G. I know, it’s confusing. 
  • Does Medicare Plan G Cover Eye Exams?

      • No. Plan G does not cover vision. In fact, no Medigap plans cover vision. For vision coverage, you need to enroll in a separate vision-specific plan. 
  • Does Medicare Plan G Cover Prescriptions?

      • Under Plan G, you will be covered for medications provided in an outpatient setting under Medicare Part B. However, you will still need a Medicare Part D prescription drug plan if you want coverage for the drugs that you get at the pharmacy. 
  • Is Medigap Plan G available to those who are under 65?

      • Some states do require that insurance companies offer Medigap plans to Medicare enrollees under the age of 65, but it is not federal law to do so. 
  • Is Plan G guaranteed issue?

      • If you enroll with Plan G during your Medicare Supplement Open Enrollment period, or if you have guaranteed issue rights under different circumstances, you are guaranteed issue rights if you switch to Plan G. 
  • Is Plan G better than Plan F?

      • Plan F is more comprehensive than Plan G because it covers the annual Part B deductible. However, Plan F is unavailable to new Medicare enrollees, and Plan G typically has a lower premium. 
  • Is Plan G cheaper than Plan F?

  • As a general rule, Plan G is cheaper than Plan F. When comparing rates, make sure to take into consideration not only the difference in monthly premiums but also the cost of the Part B deductible. 

Enrolling in Medicare Plan G

We know Medicare is confusing. There is a lot of bureaucracy, and rules change every year, making plans hard to keep up with. However, it is our job to track these changes so that we can help you make the best decisions possible for your long term health. Finding affordable coverage that fills in all the gaps you need is crucial for peace of mind. Call us today so that we can get you enrolled in the best Plan to fit your needs.

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