Medicare Supplement (Medigap) Plan G

What is Plan G Medicare Supplement

The Medicare Supplement Plan G is also referred to as Medigap Plan G and Medicare Part G. It is Medicare a supplemental policy that has over the years become increasingly common since it was introduced. Many experts believe that its popularity can be owed to the phasing out of the popular Medigap Plan F. Many people who would have opted for Plan F have now decided to go with Medicare Plan G coverage. What is Medicare Plan G?

You can compare rates for all the top Medicare 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 Plan G will work for you.

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Overview of Medigap Plans

Initially, there were 10 standardized Medicare supplement policies according to Medicare and Medicaid Services, i.e., A, B, C, D, F, G, K, L, M, N, designed to reduce the cost under Original Medicare, both part A and B.

The problem with Medicare is that it does not pay 100%, which leaves gaps or holes that these policies are meant to fill.

Anyone who has a Medigap policy can visit any facility, doctor, or hospital that will accept Medicare in the US and its territories like the Virgin Islands and Puerto Rico.

The health care providers also need to be enrolled in the Medicare program so that they can accept new Medicare patients.

Fortunately, the vast majority of doctors and medical facilities in the US accept Original Medicare. Six of the plans also cover emergencies during foreign travel, up to $50,000-lifetime limited coverage, after the initial $250 deductible for the initial two months of travel.

What is a Medicare Supplement Plan G?

The most important thing to know is that Medicare Part G covers everything covered in Part A and B at 100% except for the deductible associated with Part B. The costs of premiums may vary depending on where you’re located in the US. In many states, the costs will also vary based on the person’s gender and whether they vape or smoke.

Anyone who qualifies for Original Medicare can enroll in Medicare Supplement Plan G.

What Does Plan G Cover?

Plan F is generally considered to be a top-of-the-line Medigap policy. The plan covers 100% of all the gaps in Medicare. Compared to F, Plan G covers slightly less, which makes it just as good, with the exception being that it does not cover Part B deductible, which in 2023 is $226.00.

Despite having to pay the Part B deductible, many enrollees find that part G is much more cost-effective than F, especially considering their premiums.

Similar to Plan F, Plan G Medicare also covers so-called Part B excess charges. Excess charges are when doctors and medical facilities that don’t accept the full Medicare-approved amount as payment can charge you 15% over the Medicare-approved amount for the services. With Medicare Part G, this is covered.

While most doctors will accept the Medicare-approved payment (assignment) and will not bill you anything extra. In some states, starting the excess charges is illegal. The states include Massachusetts, Rhode Island, Vermont, Pennsylvania, Minnesota, New York, Ohio, and Rhode Island

What Does Medicare Supplement Plan G Cost?

The premium you end up having to pay for the Medigap supplement Plan G will vary mainly depending on where you live, if you smoke or vape, gender, etc. Ideally, you want to be healthy with no history of smoking or vaping to enjoy the lowest possible premium.

Plan G in 2023 costs $99 a month at the low end, with the highest premium amounts at slightly over $500. The figures have been sourced from the American Association for Medicare Supplement Insurance.

Comparing the Highest and Lowest monthly premiums for Plan G in leading US Metros:

Female:
•         The lowest-paid $99 a month was in Dallas Texas
•         The highest premium was $476 per month in New York, NY

Male:
•         Highest paid was $509 a month in Philadelphia, PA
•         Lowest paid $109 per month

How To Enroll in Medicare Supplement Plan G?

There are two ways to enroll for Medicare Supplement Plan G. The first way we go into is easy but requires that you be mindful of when enrollment opens for you.

When Enrolment Opens

The easiest and best time to enroll in Medicare supplement plan G is during the Medigap Open Enrollment Period. The period usually starts when you are 65 years old, and Part B Medicare is effective.

At this point, Medicare enrollees who are 65 and older can buy the Medigap plan at any time, but after the enrollment period, they are subject to screening and medical underwriting. However, there are a couple of advantages associated with buying a Medigap during the open enrollment period. One of the other benefits is that healthy adults will pay the same for their  Plan G from the same insurance company.

Anyone under the age of 65 and currently has Medicare can apply for Medicare Supplement Plan, mainly based on where they are permanently located. There are some states that require Medigap insurance companies to sell their Medigap plans to enrollees who are under 65 years of age and on Social Security disability. Every state has its own set of rules and regulations regarding health screening, Open Enrollment for those enrollees under 65, and premium rates.

In some states, there are other enrollment periods, such as the birthday rule or anniversary rule. In most of these periods, you can switch to the same or lesser plan.

After Open Enrollment Closes

You can realistically change Medicare supplement plans anytime you wish but in many states, if you sign up and are outside the OEP, the insurer will subject you to medical underwriting. In most cases, that will mean that you pay a much higher premium if you have a pre-existing health condition. In some instances, the person’s application may also be declined if the insurer feels that they are a high-risk client.

It is only in Maine, New York, Massachusetts, and Connecticut, that health insurance companies will offer Medigap policies to folks who are eligible regardless of their pre-existing health condition.

Switching To Medicare Supplement Plan G from Medicare Advantage

If you have a Medicare Advantage plan and want to switch over to a Medigap Plan G policy, the question many people ask is, when is it possible? You can switch to Original Medicare during the Annual Election Period starting from October 15 and which lasts through to December 7.

There is also an Open Enrollment Period which starts on January 1st and runs till March 31st, only for people that currently have a Medicare Advantage plan.

The majority of states don’t have a guaranteed issue right, when switching which means that applicants may face underwriting and the prospect of paying expensive premiums. However, some states will allow it. The best way to know what you’re getting into is to talk with an independent Medicare supplement agent like Medicare solutions team 844-528-8688.

Supplement Plan G – Rate Increases

It is important to highlight that many factors will impact the increase in rates. Some of the factors include the age at which you enroll and the current method being used. On average, you can expect that Medicare Supplement Plan G rates will increase from anywhere between 2% to 6%.

We advise that you give us a call at 844-528-8688 to discuss exactly what rate increase can be expected based on the carrier’s history. Also, make sure to check out carrier reviews before determining if they are a good fit for you. After all, you never want to choose a Medigap insurance policy from a company that continues to raise the rates.

Frequently Asked Questions

Do you think a Medicare supplement 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 emergencies and Part B Deductible benefits? Let us help answer these questions and more. Call us today at 844-528-8688 or get in touch through our contact form.

Since Medicare Supplement plans only cover the gaps in Original Medicare Part A and Part B, Plan G does not provide coverage for prescription drugs because that coverage is provided by Medicare Part D. If you need prescription drug coverage, you can purchase a Medicare Part D plan or a Medicare Advantage plan that covers prescription drugs.

Since Medicare Supplement Plan G only covers the benefits provided by Original Medicare Parts A and B, there is no coverage for vision services. If you prefer to have this coverage, you can purchase stand-alone vision insurance or a Medicare Advantage Plan which does offer coverage for vision services.

To get the details on all the other comprehensive medicare supplement plans, see our Medicare Supplement Comparison article.  For lower prices and benefits that are close to the Medicare supplement plan g, you might want to consider the Medicare supplement plan N.