For those looking for comprehensive health coverage that goes beyond what Original Medicare offers, Medicare Supplement Plan G is an attractive choice. This comprehensive guide to Medicare Supplement Plan G reviews explores the advantages and disadvantages of this particular policy, conditions for enrollment, cost breakdowns, and other relevant factors.
We will discuss the importance of selecting a company with minimal expected price increases for Medicare Plan G and explore the coverage offered to those with diabetes and other chronic medical conditions. We will consider how Medicare agents can be helpful in evaluating Plan G options and how to locate insurance companies offering it in your area.
Finally, we’ll discover the pros and cons of Medicare Supplement Plan G so you can form an informed decision.
Key Points
Medicare Supplement Plan G is a policy designed to provide additional coverage for Original Medicare, allowing enrollees to access care from any healthcare provider that accepts Original Medicare.
Of the ten standardized Medicare supplement plans, Medigap Plan G covers the most benefits for new Medicare beneficiaries.
While Plan G monthly premiums are more than other Medigap plans, your choice of Medicare supplement providers will have the greatest impact on your lifetime premiums.
Like all Medigap Plans, Plan G does not include prescription drug coverage. A stand-alone Part D plan provides that benefit.
What is Medicare Supplement Plan G?
Medicare Supplement plans, also known as Medigap policies, are designed to supplement Original Medicare coverage. Medigap plans can pay the deductibles, copays and coinsurance of Traditional Medicare and set an annual maximum out of pocket limit on your potential Medicare expenses.
Medicare Supplement Plan G, like all Medigap plans, improve your Medicare coverage while allowing you to see any Medicare provider in the U.S. or U.S. territory. In addition, no insurance company has a say in your healthcare. Your healthcare decisions are between you and your doctor.
Medigap Plan G provides supplemental coverage for the expenses not covered by Original Medicare, allowing many individuals to receive Medicare-approved healthcare with little to no out-of-pocket costs. Your only expense for inpatient or outpatient Medicare services will be the annual Medicare Part B deductible, which is currently under $250.
With a Medigap plan, Medicare Parts A and B are still your primary healthcare. Working with an independent Medicare insurance agent offers access to free policy services and a dedicated client service team to address any issues that may arise . The independent Medicare agent can save you time and money by helping you shop Medicare supplements with all the insurance carriers at the same time.
Is Medigap Plan G Worth It?
Plan G is the most comprehensive Medigap option available to new Medicare beneficiaries. While the Medicare Part B deductible is still required with Plan G, many find Medicare Plan G worth the monthly premium because it offers complete peace of mind. You never have to concern yourself with paying claims.
It is important to consult a licensed independent Medicare agent to evaluate the best policy for your needs, as well as shopping multiple Medicare supplement companies to identify the Medigap companies with the most stable price history.
All Medigap plans will increase in price over time. Matching your Medigap policy choice with the right health insurance company to keep your monthly premiums stable is one of the advantages of working with a licensed insurance agent.
What Does Plan G Cover?
Medicare Supplement Plan G pays all the copays, deductibles, and coinsurance of Medicare Part A and Medicare Part B coinsurance, except the annual Medicare Part B deductible.
With Medicare Plan G you can spend a year in the hospital as an inpatient and not pay a dime. You will have no inpatient hospital costs to pay.
You can have outpatient services costing millions of dollars and your maximum out of pocket expense be less than $250. That is why Medicare beneficiaries seeking peace-of-mind often consider Medicare Plan G the best Medicare supplement plan.
What Is High-Deductible Plan G?
High Deductible Plan G (Plan G-HD) is a Medicare Supplement Plan. The High Deductible Plan G covers the same benefits as Standard Plan G, but comes with a lower monthly premium and a deductible. With the high deductible Plan G, the deductible also serves as your annual maximum out of pocket. Plan G-HD is an affordable high deductible plan in every state.
High Deductible Plan G may be a suitable option for individuals who do not want Medicare Advantage plans, but can’t fit the Medicare supplement Plan G premium into their budget.
Impact of Inflation on Plan G-HD
High deductible Plan G credits what you pay toward the Part B deductible as you part of your Medigap deductible. For 2023 the deductible for the High Deductible Plan G is $2,700. This is an annual deductible that resets every January 01. In addition, it is linked to the annual CPI-U index. This means the deductible for the High Deductible Plan G increases each year with inflation.
For many, the High Deductible Plan G is the best Medicare supplement plan because it offers all the benefits of a Medicare supplement, has a lower annual maximum out of pocket risk than most Medicare Advantage plans and comes with a very low premium.
In general, we recommend the high deductible plans in states that mandate all supplement plans be priced as either Issue Age or Community Rated. High deductible plans can also be the best Medicare supplement plans in states where full coverage Medigap Plans generally cost over $160 per month.
How Much Does Medigap Plan G Cost?
The pricing of Medicare Supplement Plan G varies depending on many factors such as age, geographical location, tobacco usage, and gender. The monthly premium for Medigap Plan G can range from under $100 per month in some states to over $300 per month in others.
These factors are taken into account when calculating the monthly premium. Age, location, tobacco usage, and gender can all influence the monthly premium, with higher monthly premiums generally associated with older age and tobacco usage.
Medical Underwriting for Medigap Plans
If you are outside of your Medicare Supplement Initial Enrollment Period you may be required to undergo medical underwriting to qualify for health insurance coverage. There are exceptions to this in some states. As an independent Medicare broker, we can help you with underwriting as well as understanding your state specific rules.
Medicare beneficiaries should consider all of these factors when determining the best Medicare Supplement plan and insurance company for your needs.
When Can I Enroll in Medigap Plan G?
The Medigap Open Enrollment Period is a designated window of time during which individuals can enroll in any Medigap plan without facing the risk of being denied coverage or charged higher premiums due to pre-existing conditions. It begins upon enrollment in Medicare Part B and concludes 180-days (six months) thereafter.
During this period, insurance companies are prohibited from taking your health or medical history into account when calculating your premium, making it the most cost-effective and straightforward way to obtain Plan G coverage. You can enroll in Medigap Plan G by submitting a quote request or by contacting an independent Medicare agent for assistance.
If you choose to enroll in a Medigap plan outside of the Open Enrollment Period, you may be required to answer health-related questions, and there is no guarantee of approval. In certain states, such as California, Missouri, Washington, Oregon, Vermont, Maine and others, there are exceptions to the supplement Open Enrollment Period.
The list of states creating Medicare supplement enrollment periods around their birthday or policy anniversary date sems to be growing every year. The state specific special enrollment rules allow enrollees to change their policy annually without having to answer any health questions.
What Are Other Options?
There are ten different Medicare supplement plans in total. Twelve if you consider the high deductible options within Plan G and Plan F. However, Medigap Plan F and Medigap Plan C are only available to those who were first eligible for Medicare prior to 2020.
How Will Health Insurance Costs Increase?
Medicare supplement insurance is considered a better option than a Medicare Advantage plan for most people. However, it is important to understand that all Medicare plans are subject to inflation. Medicare supplement insurance premiums increase over time. Medicare Advantage Plan annual maximum out of pocket risks increase over time.
It is important to research all the options available to you before selecting a plan, as each plan has its own advantages and disadvantages. An independent Medicare expert is a great source of information and they can provide you with quality details on each plan’s coverage and costs.
Additionally, you should also consider customer satisfaction ratings when you choose a licensed insurance agent to help you understand your choices.
Who Offers Medicare Supplement Plan G?
Mutual of Omaha, UnitedHealthcare, Aetna, Cigna, Physicians Mutual and Humana are all providers of Medicare Supplement Plan G. It is important to compare options with an independent Medicare agent in order to identify the carrier with the most cost-effective year-over-year price increases and gain a comprehensive understanding of the benefits that best suit your requirements.
Evaluating pricing, customer service, and any incentives offered are all important criteria to consider when selecting a Medicare Supplement Plan G provider. The most efficient method for finding insurance companies offering Medicare Supplement Plan G in your area is to utilize a licensed independent Medicare expert.
A Medicare agent or licensed Medicare representative can additionally provide invaluable assistance in determining the best Medigap Plan G option for your individual needs.
Pros and Cons of Medicare Supplement Plan G
Medicare Supplement Plan G benefits are standardized and guaranteed renewable. That means that each insurance company Plan G has the same benefits , and those benefits never change. They are literally written into Social Security law.
No matter what happens to your health as you age, Medicare supplement Plan G covers all inpatient and outpatient expenses, except the Part B deductible. The Part B deductible will increase over time, but of all comprehensive Medigap plans, Plan G covers the most benefits. Medicare has stated that they foresee the Part B deductible remaining below $300 a year even with high inflation.
Your choice of Medicare supplement insurance companies will have the greatest impact on your lifetime costs. We don’t have a crystal ball, but we do know the management, pricing policies and other characteristics of all the companies in this industry offering Medicare plans.
In summary, if the premiums of Plan G comprehensive coverage are affordable, this supplement plan offers complete peace-of-mind coverage. This plan is best suited for individuals who are looking for comprehensive coverage, and can afford the Medicare Supplement plan premiums and rate increases over time.
It is important to research companies carefully to ensure you are getting the best coverage and lowest price increases.
Summary
Overall, Medicare Supplement Plan G is a valuable option for those looking to take advantage of additional coverage from Original Medicare. By providing coverage for a plethora of out-of-pocket expenses that come with Original Medicare and allowing enrollees to access care from any healthcare provider willing to accept Medicare, the plan has become the most popular Medicare supplement offered in the United States. 60% of all Medicare supplement purchases since 2020 are Medicare Part G.
Whether the beneficiary needs coverage for short-term or chronic care, Medicare Supplement Plan G provides considerable coverage while recognizing certain budget parameters, such as offering lower premiums and higher deductibles with High Deductible Plan G.
In selecting a suitable Medigap plan, individuals should research providers closely and view customer satisfaction ratings before choosing the most appropriate plan for their individual needs. Fortunately, during the Medigap Open Enrollment Period, recipients are allowed to enroll without facing denial or higher premiums due to existing medical conditions.
Ultimately, Medigap Plan G proves to be a reliable and comprehensive policy choice, ensuring access to your choice of quality healthcare providers without having to shoulder substantial financial burdens due to out-of-pocket expenses associated with Original Medicare. It is important for recipients to research all of their options, as there are several other comparable plans available, to guarantee they select the best one for their needs.
Frequently Asked Questions
What is the advantage of Plan G?
Plan G offers a great advantage for those who need comprehensive coverage for their medical expenses. With this plan, you would likely pay less out-of-pocket than than with Medicare Advantage plans and any other Medicare supplement available to new Medicare beneficiaries.
This comprehensive coverage helps to give you peace of mind when it comes to managing your health needs.
Why is a Plan G better than an advantage plan?
Plan G offers greater flexibility compared to a Medicare Advantage plan, as it provides the freedom to choose any doctor that accepts Medicare. In addition, no insurance company can delay or deny your coverage. Health care providers do not have to seek pre-approval before treatment. Therefore, Plan G is the better option for those who value the freedom of choice and access to a wider range of doctors.
What is the Plan G?
Medicare Plan G is a Medicare supplement offered by a private insurance company that provides coverage for expenses that are not covered by Original Medicare, such as coinsurance, copayments and deductibles. With Plan G, you can be assured of coverage for the gaps in Medicare, as well as for stays in skilled nursing facilities, hospice care and other medical needs with less out-of-pocket costs.
Plan G is a great option for those who want to have peace of mind knowing that their medical expenses are covered. It can also help to reduce the financial burden of medical bills, as it covers many of the costs that Medicare does not cover.
Matthew Claassen
Matthew Claassen, CMT and CEO of Medigap Seminars Insurance Agency. Medigap Seminars is an award winning premier national Medicare Insurance Brokerage, ranked among the top in the U.S.A. Matthew is considered a leading national expert on Medicare and Social Security. Mr. Claassen is a distinguished member of the Forbes Business council, an invitation only organization of business leaders and entrepreneurs. He and his team have received awards from many of the countries largest insurance companies including Mutual of Omaha, Aetna, Humana, Cigna, United American, United Healthcare and others. His videos have become the most popular Medicare educational videos on YouTube with millions of views. As a financial analyst Matthew lead a team of researchers to win the 2009 Best Equity Research & Strategy Award from The Technical analysis magazine.
