Medigap Plan G

Medicare Supplement Plan G is one of the most popular supplement plans available. It’s one of the best options of a supplements plan for all Medicare enrollees because it is the most extensive plan for new Medicare beneficiaries. When you sign up for this plan, your out-of-pocket costs will be much lower than they would be with Original Medicare. After you carry out the annual deductible your coverage will be 100% for all of the additional medical costs in that year.

What is covered under Medigap plan G?

The benefits included in  Plan G are:

  • 100% coverage for Medicare Part A deductible
  • 100% coverage for hospice copayments and coinsurance
  • 100% coverage for Medicare Part B excess charges
  • 100% coverage for three first blood prints
  • 100%Skilled nursing facility coinsurance 
  • 100% Medicare preventive care Part B coinsurance 
  • 80% Foreign travel emergency 

In general, the only cost that this supplement plan doesn’t cover is the Part B deductible.

Medigap Plan G Eligibility

To be eligible for Medigap plan G first you’ll need to be enrolled in Original Medicare (Parts A and B). However, those may not be the only requirements. If you’ve applied for coverage during the Initial Enrollment Period or Special Enrollment Period there is a big chance that a provider would not deny your coverage for any reason. 

However, if you wish to enroll any other time through the year you can but you’ll need to answer some underwriting healthcare questions and providers can deny your request based on any discoveries. 

It is also important to know that if you want to enroll in Medigap Plan F and you have Medicare Advantage you’ll need to switch back to Original Medicare to become eligible again. You can make that change during the Medicare Advantage Open Enrollment Period.

On the other hand, if you enrolled in Original Medicare due to disability and missed a chance to get Medigap Plan G you’ll be able to get one when you turn 65.

How much does Medicare Plan G cost?

In general, the average cost of Medicare Supplement Plan G is approximately 100$ to 300& a month. As with any other supplement plan, this plan also has costs that can vary depending on your age, gender, tobacco usage, living area, household, living cost, when you enrolled, etc. Also, the average supplement Plan G rate increases up to 6% every year (this percentage can be lower or higher based on your carrier).

Why choose Plan G?

There are several reasons why you should consider Medigap Plan G:

  • Cover 100% of your cost after Medicare Part B deductible
  • It’s acceptable to your budget
  • It has a completely predictable out-of-pocket cost 
  • It’s acceptable to almost any doctor
  • It’s known to be one of the most comprehensive plans right after Plan F

The popularity of Plan G has increased since the 1st of January 2020. Due to MACRA, if you received Medicare after this date you were no longer eligible for Supplement Plan F so a lot of new beneficiaries chose Plan G as the second best option. 

Medigap plan G vs. Medicare Advantage

There are advantages and disadvantages of each coverage and it is variable for each beneficiary. It depends on your healthcare needs, goals, and budget. For example, Medigap Plan G doesn’t have drug coverage and doesn’t cover dental, hearing, and vision. For drug coverage, you’ll need to get a standalone Medicare Part D plan. 

Medicare Advantage covers this stuff but has unpredictable out-of-pocket costs which can be up to 10 000$ a year while Medigap plan G is more economic and has predictable out-of-pocket costs.

To determine which coverage is the best according to your needs is to talk to a licensed Medicare agent at Better Place Insurance Group. Medicare doesn’t need to be scary, call us today and we’ll help you to choose the best option for you!

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