How Much Does Medicare Supplement Plan G Cost?
Are you interested in Medicare (Medigap) Plan G?
It’s a great policy for supporting the out-of-pocket costs of Original Medicare.
Medicare Plan G is one of the ten standardized Medigap plans available to Original Medicare members, offered by private insurers across the United States.
Supplemental plans are available in most US states. However, beneficiaries have different options:
- and Wisconsin.
Plan G is the fastest-growing supplemental Medicare plan and for a good reason.
You get a comprehensive level of medical care for an affordable monthly premium.
Previously, Plan F was the only plan offering this level of financial support for medical costs, but it’s recently become unavailable from providers.
With Plan G, you get everything in Plan F, with the exception of coverage for the Part B deductible.
However, Plan G offsets this expense with more affordable monthly premiums than Plan F.
This post unpacks everything you need to know about Plan G and the costs of enrolling in this program.
Get an Immediate Quote and Advice on Medicare Supplement Plan G
If you want to skip ahead and get right down to business, contact our team at 1-888-891-0229. We offer professional advice on Plan G.
We’ll show you the best insurers in your state and calculate the most affordable premium for your unique situation.
Or fill out the contact form on our site, and we’ll have an expert get back to you for a free consultation.
What Does Medicare Supplement Plan G Cover?
Let’s start with understanding what Medigap Plan G covers to give you an idea of the value it offers your medical care.
Medigap Plan G Benefits
- Medicare Part A coinsurance and hospital costs.
- Medicare Part B copayment or coinsurance.
- Part A hospice care copayment or coinsurance.
- Coinsurance for a skilled nursing facility.
- Medicare Part A deductible.
- Medicare Part B excess charges.
- First 3 pints of blood.
- Foreign travel emergency medical expenses up to 80%.
Medicare Part A Coinsurance
Medicare Part A, also known as hospital insurance, includes cost-sharing initiatives, such as coinsurance.
Inpatient hospital stays exceeding 60 days require coinsurance fees. Plan G covers all these costs.
Medicare Part B Copayment & Coinsurance
Medicare Part B charges coinsurance for doctor visits and other outpatient care services. Medicare Part B usually pays 80% of Medicare-approved amounts for these covered services, leaving you with a 20% coinsurance payment.
Plan G takes care of this outstanding amount.
Part A Hospice Care Copayment or Coinsurance
Individuals with terminal illnesses require hospice care, and Medicare covers this service but requires a copayment.
These copayments include 5% of Medicare-approved amounts for inpatient care and $5 for each symptom and prescription for pain relief. Plan G covers all these additional costs.
First 3 Pints of Blood
Original Medicare covers you for the fourth pint of blood and beyond during transfusions. Plan G fills the gap, providing the first three points of blood.
Coinsurance for Skilled Nursing Facilities
Inpatient skilled nursing facilities require a coinsurance payment for stays over 20 days. This coinsurance charge amounts to $200 per day for days 21-10.
After day 100, the member is liable for all further costs unless you have Plan G, which takes care of these medical expenses.
Medicare Part B Excess Charges
If doctors charge above the standard Medicare rate, you’re liable for these additional charges, which can be up to 15% over the subsidized rate.
Plan G covers this additional excess fee.
Medicare Part A Deductible
Medicare Part A comes with an annual deductible of $1,600 in 2023.
Medigap Plan G covers your deductible in full for each benefit period required.
Foreign Travel Emergencies
You get coverage of up to 80% of all medical expenses incurred while outside of the United States after meeting the annual $250 deductible.
What Is the High-Deductible Medigap Plan G?
Medigap Plan G is available in high-deductible and standard options.
The High deductible option comes with more affordable monthly premiums and is a great choice for seniors that don’t incur many medical expenses during the year.
How Much Does Medicare Supplement Plan G Cost?
According to data, the average nationwide monthly premium for Medigap Plan G in 2022 was $137.
The only thing Plan G doesn’t cover is the Part B deductible, which is $226.
Plan F is the only Medigap plan offering Part B deductible cover.
Still, it comes with a higher monthly premium and is no longer available for new Medicare members.
What Were the Changes Made to Medigap Plans in 2020?
If you were eligible for Medicare before this date, you could still opt to take Plan C or F.
However, considering the savings you make on the monthly premiums, the option for the high-deductible Plan G, and the low cost of the Part B deductible, it’s worth considering Plan G over these alternatives.
If you currently have Plan F or C, you can choose to remain on your current plan or switch to Plan F during the annual enrollment period.
Considering the comprehensive coverage Plan G offers, it’s worth making the change.
If you’re interested in making the switch, contact us, and we’ll advise you if it’s the right move for your unique situation.
When Can I Sign Up for Medicare Supplement Plan G?
The open enrollment period for Medigap starts on your 65th birthday, ending six months after the date. To qualify, you’ll need to enroll in Medicare Part B.
If you enroll during this period, you can’t get denied access to a Medigap plan if you have pre-existing health conditions. Nor can the insurer charge you more for your monthly premium based on your health status.
If you enroll outside the open window period, the insurer may subject you to “underwriting.”
The underwriting period may assess your health status and history to determine a suitable premium to the risk profile you present to the company. Or they have the option of refusing to insure you.
The only exception is if you qualify for a “guaranteed issue right.” However, not all plans are available to members with a guaranteed issue right.
Frequently Asked Questions
- How much does Medicare Supplement Plan G cost?
The cost of Medicare Supplement Plan G varies depending on factors such as your location, age, gender, and tobacco usage. On average, the monthly premiums can range from $100 to $200.
- Are Medicare Supplement Plan G rates the same for everyone?
No, Medicare Supplement Plan G rates can vary among insurance providers. It’s recommended to compare quotes from different companies to find the most competitive rate that suits your needs.
- Do Medicare Supplement Plan G rates increase over time?
Yes, like most insurance plans, Medicare Supplement Plan G rates may increase over time. Factors such as inflation, medical cost trends, and age-related changes can contribute to premium adjustments.
- Can I change my Medicare Supplement Plan G provider to save money?
Yes, you have the option to switch Medicare Supplement providers. However, it’s essential to consider your health status and any pre-existing conditions, as changing providers may involve medical underwriting and could affect your coverage and rates.
- How can I find the most affordable Medicare Supplement Plan G?
To find the most affordable Plan G, research multiple insurance companies and compare their rates. You can use online resources or consult with a licensed insurance agent who can provide quotes and guidance based on your specific needs.
- Are there any discounts available for Medicare Supplement Plan G?
Some insurance companies offer household or spousal discounts on Medicare Supplement Plan G policies. It’s recommended to inquire about potential discounts when obtaining quotes from different providers.
- Do I have to pay any out-of-pocket costs with Medicare Supplement Plan G?
With Medicare Supplement Plan G, you may still have to pay certain out-of-pocket costs such as deductibles, copayments, and coinsurance. However, Plan G covers most of the expenses not covered by Original Medicare (Part A and Part B).
- Will the cost of Medicare Supplement Plan G increase as I get older?
The cost of Medicare Supplement Plan G may increase as you age due to factors such as medical inflation and age-related health risks. It’s essential to consider this potential cost escalation when planning your long-term healthcare budget.
Are there any subsidies available to help lower the cost of Medicare Supplement Plan G?
Unlike Medicare Advantage plans, Medicare Supplement plans do not offer subsidies. However, depending on your income and resources, you may be eligible for assistance programs like Medicaid, which can help with healthcare costs.
- Can I change from one Medicare Supplement Plan G to another without penalties?
Generally, you can switch from one Medicare Supplement Plan G to another without penalties if you meet certain criteria. It’s advisable to consult with a licensed insurance agent or Medicare representative to understand the specific guidelines and regulations regarding plan changes.
Begin your search today for Medigap Plan G insurance!
If you believe that Medigap Plan G is the ideal option for you and you wish to obtain quotes, simply complete the form on the right-hand side to receive immediate quotes.
Should you have any inquiries or prefer to speak with a licensed agent directly, please call 1-888-891-0229, and we will be more than happy to assist you with all of your requirements.
Updated December 4th, 2022