I like to say that Medicare Supplement Plan G has the most bang for the buck. Plan G covers almost the same benefits as the more popular Medicare Supplement Insurance Plan F. However, Plan G requires you to cover the Medicare Part B deductible (currently $226 annually in 2023). The first time you go to the doctor in the year, you will pay the first $226 of that bill. The rest will be covered in full by Medicare and your Plan G Supplement carrier. (As long as the amounts are all approved by Medicare, but that is the same with any supplement plan). More often than not, Plan G premiums are lower in cost than Plan F premiums, even as much to have you save money if paying the Part B deductible.
Medicare Supplement Plan G, also known as Medigap Plan G, is a type of supplemental insurance that can be purchased by individuals who are enrolled in Original Medicare (Part A and Part B). The purpose of Medigap Plan G is to help cover some out-of-pocket costs that Original Medicare, such as copayments, deductibles, and coinsurance, do not cover.
One of the primary benefits of Medigap Plan G is that it is one of the more comprehensive coverage insurance plans, covering most of the gaps in Original Medicare, excluding the Medicare Part B deductible. Since Medigap Plan G pays the gaps of the Medicare-approved amount, there is no guessing whether Plan G will cover medical services Medicare-approved.
What’s Not Covered Services
It is important to note that Original Medicare coverage and Medigap Plan G does not cover certain benefits, such as long-term care, vision or dental care, hearing aids, or private-duty nursing. Medicare Supplement plans do not cover prescription drugs, so you must enroll in a separate prescription drug plan (Part D) if you want medication coverage.
In terms of a provider network, Medigap plans are accepted by any provider who accepts original Medicare. Unlike most Medicare Advantage HMO Plans. This means that you have a wide range of options when choosing a healthcare provider and are not limited to a specific network of providers.
The average premium for Medigap Plan G will vary depending on your age, location, and the insurance company you choose. It is a good idea to shop around and compare prices from different insurance companies to find the best premium for your needs.
High Deductible Plan G
There is also a variation of Medigap Plan G known as the high deductible Plan G. This plan has a higher annual deductible than the standard Medigap Plan G but may have lower premiums. You will be responsible for paying the annual deductible before the plan begins to cover your medical expenses.
Medigap Select Plan G
Another Medigap Plan G variation is Select Plan G. This plan is only available in certain areas and may have a limited provider network (non-emergency hospitals). With Select Plan G, you will be required to choose a hospital in a network for non-emergent procedures.
Medicare Supplement Insurance
It is important to remember that Medigap plans are standardized by the federal Medicare program (CMS), which means that the benefits and coverage offered by Medigap Plan G will be the same regardless of the insurance company you choose. However, the premiums may vary, so comparing prices from different health insurance companies is a good idea.
Medigap Plan G is a comprehensive plan that can help cover some out-of-pocket costs not covered by Original Medicare. It is accepted by any provider who accepts Medicare and does not have a specific provider network. The average premium for Medigap Plan G will vary, and there are variations of the plan available, such as the high deductible and the Select Plan G. It is important to carefully consider your healthcare needs and budget when deciding if Medigap Plan G is the right plan for you.
What is the Next Step
Brian Gruss is a Licensed Insurance Agent, has been specializing in the Medicare market since 2007, and is ready and willing to answer any questions you might have and find you the Medicare supplemental policy that fits your specific needs. Give him a call or text today at 352-508-4221
Plan G Coverage FAQ
Does Medicare Plan G cover Durable Medical Equipment? Yes, after the Medicare Part B deductible is paid, Medicare will pay 80%, and Plan G will pay 20%.
Does Medicare Plan G cover Part B Excess Charge? Plan G will pay for the excess charges if your provider doesn’t accept Medicare assignment.
What is the difference between Plan F and Plan G: Plan G doesn’t cover the Part B deductible.
Will Medicare Plan G cover my inpatient admission and hospital costs? Yes, Plan G will pay the benefit period Part A deductible and coinsurance and provide an additional 365 lifetime reserve days.
Will Medicare Plan G cover preventive care? Yes, all newer Medicare Supplement Insurance Plans cover preventative care.
Will Medicare Plan G pay the hospice care coinsurance and hospital costs? Yes