What is a Medicare Supplement Plan G
The Medicare Supplement Plan G has the fastest growing enrollment of all Medicare supplement plans According to a 2017 report from America’s Health Insurance Plans (AHIP). The Plan G at this point gives you the most benefits for your premium dollar. You can compare rates for all the top Plan G providers in your area or call us anytime 844-528-8688 and we would be happy to explain the benefits of a Medigap plan G. Continue reading to find out how a Medicare Supplement Plan G will work for you.
Plan G saw a 28% increase in number of enrollees in 2015 (the most recent data), while Plan F increased by only 8%. Plan F is the only supplement that offers more benefits than Plan G, and has long been the most popular Medicare supplement, evidenced by the fact that Medigap F alone accounts for more enrollments than all the other plans combined.
So what accounts for the sudden surge of Medigap recipients flooding to Plan G? Let’s take a closer look at what this plan has to offer and see why it might just be the most popular Medicare supplemental insurance plan by the year 2020.
Medigap Plan G Benefits
Like every other Medicare supplement, Plan G offsets the out-of-pocket expenses associated with Original Medicare, including copays, coinsurance, and deductibles. Many Medicare recipients choose a Medigap plan to avoid surprise health care expenses.
Plan G offers the second most comprehensive coverage, beat out only by Plan F, which covers all the same expenses plus the Part B deductible.
The following expenses are paid 100% by Medicare Plan G:
- Medicare Part A Coinsurance and Hospital Costs (up to 365 additional days beyond typical Medicare Benefits)
- Medicare Part B Coinsurance and Copayment
- First 3 Pints of Blood
- Coinsurance for Hospice Care Under Medicare Part A
- Part A Deductible
- Part B Excess Charges
- Foreign Travel Emergency
What About the Part B Deductible?
The Part B Deductible is the only expense not covered by Medicare Supplement Plan G. Deductibles can often be the most intimidating aspect of a health insurance plan because they generally mean that the recipient will need to pay thousands of dollars before insurance pays for anything.
Because of this deductible phobia, many people avoid Plan G. However, the Part B deductible for 2018 is only $183 annually, so it really isn’t that bad. Instead of letting deductibles scare you, it is best to compare premiums of the Medigap plans you are considering to see whether or not adding Part B deductible coverage costs you more than $183 per year.
Who Is Medicare Supplement Plan G Best For?
In our opinion, the Medicare Supplement Plan G is the best Medigap Plan for the most people. Of course, everyone’s situation is a little bit different and there is no one size fits all plan.
Someone who is 100% certain that their care providers accept Medicare’s assigned fees would be better off with Plan D, which would save money on premiums because it doesn’t include coverage for Part B Excess Charges.
Medigap Plan G is specifically meant for the person who wants virtually no out-of-pocket expenses. Although it’s got one of the highest monthly premiums, Plan G offers “set and forget” insurance coverage. Besides paying a predictable amount every month, you’ll virtually never receive a bill.
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A Closer Look at Medigap G
When you enroll in Medicare Supplemental Insurance Plan G, you are effectively reducing your out-of-pocket expenses to zero after you meet a very small deductible ($183 in 2018). After your Original Medicare covers the initial costs of medical care, Medigap G will fill in the remaining gaps.You won’t have to fork up copay's or coinsurance for hospital costs, sick appointments, x-rays, lab work and more. Furthermore, with the Foreign Travel Emergency coverage, you are covered for up to $50,000 if you have a medical emergency outside of the United States.
You are also free to see any doctor who accepts Medicare, even if they charge more than typical for services. Medigap Plan G provides coverage for Part B Excess Charges, so you don’t have to worry about finding a new doctor.
Plan G vs Plan F
Plan F has long reigned supreme as the most popular Medicare insurance supplement, being the plan of choice for some 57% of Medigap recipients. However, in 2020, Plan F will no longer be available to new enrollees, so it is likely that Plan G will soon rise to the top.
So what is the real difference between Medigap Plans G and F? The coverage is almost identical. Both plans are extremely comprehensive, effectively negating the most surprising of medical expenses. Plan F, however, also covers 100% of the $183 Part B Deductible (in 2018)—for the “low” cost of about $300 per year.
You read that right, spending about $300 extra on premiums saves you only $183 in deductibles. You don’t have to be a math genius to see why Plan G comes out on top in our assessment.
Ready to Enroll in Medicare Supplement Plan G?
Do you think Plan G might be the one for you? Are you comparing plans to find the best to fit your needs? Do you need more information on those Foreign Emergency and Part B Deductible benefits?