Medicare Supplement Plan G – Medigap Plans
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Why Consider Medicare Supplement Plan G?
A report from The Commonwealth Fund found that average seniors only rely upon Original Medicare for about half of their total medical costs. Some benefits have limits, some medical expenses aren’t covered at all, and even for fully covered services, recipients may still be responsible for coinsurance, copays, or deductibles. And this is where Medicare supplement plan G comes into play.
Because of this, one financial services firm found that well over half of seniors listed medical expenses as their top retirement concern.
One increasingly popular way to help keep costs predictable and under control is to purchase Medicare supplement plan G. In fact, a national health insurance organization found that Medigap plan G ranks second in growing popularity out of all of the Medicare supplement plans. This may be because Medicare supplement plan G covers almost everything allowed by the government for standardized Medicare supplement insurance, and the one thing it doesn’t cover doesn’t cost very much.
Learn Exactly How Medicare Supplemental Plan G Works
To qualify for Medicare supplement plan G, you need to have Part A and B. Hopefully; these charts can quickly demonstrate how Medicare supplemental plan G works together with Part A and B to drastically reduce or even eliminate concerns over out-of-pocket costs.
These are Part A benefits that you will enjoy with Medigap plan G:
- Deductible: Currently the deductible amount is $1,316 per benefit period. Your Medigap insurance will pay for this.
- Coinsurance: During each benefit period, you could pay $329 a day for your 61st through 90th day in the hospital. For days, 91 and beyond, you’d have to pay $658 a day. After the 91st day, you’ll have only 60 lifetime reserve days. After that, you’ll be responsible for all costs. Medicare supplement plan G pays the coinsurance bill and gives you an additional 365 covered days.
- Skilled nursing facility coinsurance: You would have to pay $164.50 for days 21 through 100 in a skilled nursing facility, but G covers that.
- Inpatient blood transfusions: If the hospital charges for blood transfusions, Original Medicare won’t pay for the first three pints, but Medicare supplement plan G will.
These are the Part B benefits that you will enjoy with supplement plan G:
- Coinsurance: For the most part B services, Original Medicare only covers 80 percent of the bill. This includes things like doctor’s visit, clinical services, and durable medical equipment. Medigap plan G pays the coinsurance bill.
- Excess charges: Medicare has guidelines that tell doctors and other medical providers how much they are supposed to charge. Medigap plan G will pay the difference between what doctors charge and what Medicare says that they should. Recent studies have found that physicians commonly charge more than Medicare allows.
You will also get one more benefit that doesn’t neatly fit into the categories above. Medigap plan G will pay 80 percent of your expenses if you need urgent care outside of the country. Original Medicare almost never helps pay for medical services outside of the U.S.
Medicare Supplement Plan G vs. Plan F
Plan F is the most robust and usually the most expensive of all of the supplement plans that have been standardized. People who decide to buy a supplement tend to care more about getting their costs paid for than minor differences in the price of the plan. The only difference between G and F is that Medigap plan G won’t pay for the Part B deductible. Despite higher premiums, F has historically been the most popular of all of the Medicare supplement plans. At the same time, G is quickly gaining in popularity, and we’ll tell you why.
The Part B deductible amount can change, but currently, it’s only about $180 for the entire year. Very often, you can save more on the premium difference between Medicare supplemental plan G and plan F to more than make up for this difference. We can’t guarantee that the Part B deductible will never change. Currently, we would suggest buying plan G if it’s at least $15 a month less than plan F. We’ve common seen a difference in rates of $30 a month and even more.
Is Medicare Part G Different Than Medicare Plan G?
A lot of clients call us to ask about our reviews for on supplement G. Actually, there are four true parts of Medicare. As you probably know, Part A and B are the hospitals and medical parts of Original Medicare. Most people refer to Part C as MA these days. Part D offers drug plans to help people pay for their prescriptions.
The standardized supplement insurance policy that you buy is referred to as a plan. For example, you can buy plan G, plan F, or plan N. There isn’t a part G. At the same time, any qualified agent should know what you mean if you ask about Medicare part G, so it’s not a big deal.
How Does Medicare Supplemental Plan G Help With Prescriptions?
Your Medicare supplement insurance policy won’t help you pay for most of the types of prescriptions that you pick up at a pharmacy. This is because Original Medicare also doesn’t offer this kind of protection.
These are some of the types of prescription medicine that Part A, Part B, and plan G might provide coverage for:
- Part A and prescriptions: If you get medication inside of an inpatient facility, it’s likely that Part A and Medigap plan G will pick up the bill.
- Part B and prescriptions: For Part B to pay for its typical 80 percent of the prescription cost, the medicine typically has to be the kind that is administered by a healthcare professional inside of a clinic. It may not even cover all of these types of medications. In any case, if Part B offers coverage, so will your supplemental G plan.
In most cases, MA plans will have drug benefits bundled in with the medical plan. Medicare supplement plans never offer Part D, so you’ll need to buy a stand-alone Part D plan from one of the private insurance companies that offer Medigap plans.
You may have to pay for your drug plan in addition to paying your Medicare supplement plan G rates. This isn’t always a negative thing about buying Part D and Medicare supplemental plan G. All drug plans cover prescriptions according to their own rules. You may find that you can obtain cheaper plan G rates from one company but better prescription coverage from another.
If you don’t have creditable drug coverage, you will be responsible for the total cost. Also, Medicare will penalize you when you do decide you need Part D. You can’t just wait until you need expensive prescriptions to buy a drug plan. Most people just enroll in Part D when they buy Medicare supplement plan G, and we can help you compare both kinds of policies.
How to Buy the Best Medicare Supplement Plan G
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The most important thing for you to know about all Medicare supplement plans is that each plan is the same if you buy it from any of the approved Medigap insurance companies. For instance, the base coverage from Medicare supplement plan G will be identical if you purchase it from Mutual of Omaha, AARP, or Aetna.
You can’t say that one company or another offers the best Medicare supplement plan G because they are all identical. Even though each of these companies has to give you the same basic plan, they have the freedom to set their premiums. We don’t think that you should only compare Medicare supplement plan G rates, but we know that is one very important factor in your decision.
For example, these are some of the best Medicare supplement plan G companies:
We tend to look at the biggest and best Medicare supplement plan G providers first because they have strong financials and a good history of serving their customers very well. Of course, they’re also usually very competitive and stable when it comes to Medicare supplement plan G rates.
We can’t tell you that there is just one best Medicare supplement plan G company for everybody. Too much depends upon local quotes and even your own preferences and family situation. For instance, some of these insurers may offer a family discount that can help you and your spouse save money. Others have discount perks that come with each of their Medicare supplement plans. They may help you save money on things like fitness center memberships or even dental care, so you may enjoy a great value even if they don’t offer you the very cheapest Medicare supplement plan G rates when you first compare quotes.
Samples of Current Medicare Supplement Plan G Rates
In order to learn how much you will have to pay, you can either call or use our online quote system. However, you’d probably like a quick way to get an idea of the cost of Medicare supplemental plan G. To help, we pulled some examples of quotes from an online quote system.
Note: Please understand that these are just samples. They were valid on the day they were pulled but are only for a specific individual in a particular metro area of the state listed. It’s not likely that your own rates will be exactly the same.
Hopefully, these quick reviews of monthly policy quotes for a 65-year-old woman who does not smoke will motivate you to compare rates for yourself:
- Texas: $125
- Pennsylvania: $135
- Florida: $253
You can see that these listed prices for Medigap plans can vary quite a bit by city or state, and they may be very different for you too. In some cases, your age, exact ZIP code, and other factors can make your policy rates go up or down. Besides just checking prices online, we also urge our clients to consider reviews of the way a particular company has treated their customers in the past, kept their prices stable and so on.
Will Medicare Supplement Plan G Rates Ever Increase?
In a perfect world, we could just look for the cheapest Medicare supplement plan G rates, suggest that plan, and keep you happy for the rest of your life. In our experience, insurers may increase rates from time to time. Usually, this is because their costs have increased. In some cases, you may find that the premiums haven’t increased that much, so you are satisfied to just accept your new Medicare supplement plan G rates because you’re still getting a good value.
We’ve had plenty of experience with all sort of insurers, and we want you to know that we will still be here to help you if your premiums increase more than you think they should. In some cases, we may be able to help you switch to an insurer that offers you more competitive Medicare supplement plan G rates. If this isn’t possible, we might suggest another kind of plan that will still offer you the benefits that you need at a price that you find affordable.
When Should You Buy Medicare Supplement Plans?
With Medicare supplement plans, you don’t have an annual Open Enrollment like you do with MA plans. You need to qualify for Part A and B. You should know that you are allowed a Guaranteed Enrollment Period when you first join Original Medicare, and you won’t need to answer medical questions on your application during this time. You may also qualify for other Special Enrollment Periods if you lose your current plan because you moved, lost your job, and so on.
In any case, you are always welcome to apply for a policy. It’s true that severe medical conditions may get you charged a higher price or even declined, but if you’re relatively healthy and active, you may get standard or even preferred prices.
If you have any specific questions about applying for a Medigap policy at this time, just contact us. A qualified agent can discuss your concerns confidentially. Our agent might suggest individual Medicare supplement companies or another kind of insurance.
Compare Plan G Quotes Online Here With Us
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Why not take the next step and learn more about available plan G offers in your own hometown? You can use our online quote system to instantly view local offers from top providers. If you’d rather speak with a qualified insurance advisor, feel free to use our toll-free number. Our agents can provide you all of the details and personal reviews of Medicare supplements for your own situation.
Over the past few years, we’ve been proud to help beneficiaries buy the health insurance plan that will offer them a great value and excellent access to medical providers. We’re standing by to work with you too.