Medicare Supplement Insurance Plan G Benefits & Coverage
Medicare Supplement Plan G has become one of the most popular Medigap plans for United States Medicare beneficiaries to choose from. Medicare covers a lot throughout the calendar year, but you might be hoping for more coverage. With a more affordable monthly premium than the most popular of the plan options — Medicare Plan F — Medicare Supplement Plan G is an option that you should definitely look into. If you are enrolled in the federal Medicare program and are hoping to reduce your medical expenses, we can help you learn more about Medigap Plan G and can help you find the best insurance company to purchase your plan from.
What is covered by Medicare Supplement Plan G?
Medigap Plan G is a supplemental plan that works with original Medicare. It’s designed to help with these things in addition to the basic Medicare benefits that you can enjoy while enrolled in Medicare Part A and Part B.
- Medicare Part B excess charges
- Medicare Part A deductible
- Medicare Part A coinsurance
- Doctor’s office visits
- Skilled nursing facility care
- Foreign travel care in emergencies
- 3 pints of blood when needed for a medical procedure
What is not covered by Medicare Supplement Plan G?
Even though Medigap Plan G offers comprehensive coverage, there are some things that are not covered by any Medicare Supplement insurance options. These are some of the things that will not be covered:
- Cosmetic procedures and cosmetic surgery
- Vision care, such as eye exams, eyeglasses or contact lenses
- Hearing care, such as hearing exams or hearing aids
- Dental care, such as dental appointments or dentures
- Prescription medication
- Medical equipment that is not deemed medically necessary.
Does Medicare Plan G have a provider network?
If you’re covered by Medicare Part A and B and have a Supplement, then you can get coverage anywhere. This is not the case with Medicare Advantage plans, so many like the benefits of a Supplement plan — such as Plan G — so that they can see the doctor or seek medical care anywhere Original Medicare is accepted.
Will I have to pay my Medicare Part B Premium as well?
The Medicare Part B premium is not included in your Medicare Plan G rates and will have to be paid separately to maintain coverage. This is the case with all Medigap plans.
How much does Medicare Supplement Plan G cost?
- Community-rated – If your Medicare Plan G rates are community rated, then you will pay the same amount for your Medigap Plan G benefits as anyone else who has the plan through your insurance company. Rates are not determined based off of age or health, even though everyone enjoys the same benefits. Choosing a plan that determines its Medicare Supplement Plan G rates this way is often best for older Medicare recipients or people who have health conditions.
- Issue age – If your Medigap Plan G rates are set this way, then your rates will be based off of how old you are when you first enroll in your policy. Your Medigap Plan G rates might adjust over the years because of inflation but will not go up for age-related reasons as you age.
- Attained age – With this form of determining Medicare Supplement Plan G rates, your insurance company will base its rates off of your age when you sign up. Then, as you age, your rates will go up.
If you have ever considered Medicare Supplement Plan F but were a bit worried about the higher monthly premiums, then you may want to take a second look at Medicare Supplement insurance Plan G. This plan offers many of the benefits that people like best about Plan F, such as comprehensive coverage. Because the Medicare Part B deductible is not covered, though, monthly premiums are typically noticeably cheaper. The difference in premiums usually makes it worth it to pay the annual deductible for Medicare Part B.
Of course, you will need to compare rate differences between Plan F and Plan G to determine if the difference is worth it. For many people, Medicare Supplement Plan G rates give them enough savings over Plan F that the Medicare Part B deductible is easily paid for.
Since Plan G is very popular and has a lot of beneficiaries, Medicare Supplement Plan G rates tend to be pretty stable from year to year.
What’s the difference between Medicare Supplement Plan G & Plan F?
When doing a comparison of the different Medicare Supplement plans, you might have learned that Medicare Plan F is actually more popular than Plan G. This could leave you wondering about the differences between the two and whether or not Plan G might actually be right for you after all.
- How are benefits different from Plan G compared to F? – The benefits that are offered on top of Medicare Part A and Part B are almost the same between these two plans. For example, both plans cover hospital coinsurance, hospital stays, foreign travel emergency coverage, hospice care coinsurance and more to help you reduce out of pocket costs. Medicare Plan F does cover the Medicare Part B deductible, however, and Medicare Plan G does not.
- How do the rates compare to Plan F? – Rates for Plan F are usually higher each month than for Plan G. If you shop for the best Medicare Supplement Plan G pricing, you can save a lot of money over Plan F.
- Is there a change in my access to doctors or hospital networks compare to plan F? – With either plan, you can see any doctors or go to any hospitals that you want. There is no concern about networks with either option.
How are Medicare Supplement Plan G & Plan N different?
When doing a comparison of pricing from plan to plan, you might have found that Plan N is one of the cheapest plans. You could be wondering if it is a plan that you should consider instead of Plan G because of the cheaper monthly prices.
- How are benefits different from Plan G compared to N? – Of the different Medicare Supplement Plans, Plan N has fewer benefits than more popular options like Plan F or Plan G. You will have noticeably less coverage and will only have basic benefits with Plan N. With Plan G, you will have much more comprehensive coverage.
- How do the rates compare to Plan N? – Of course, even though it offers less coverage than some of the other Medicare Supplement plans, Plan N does have its benefits. It is one of the cheapest of the Medicare Supplement plans. This makes it a decent option if you don’t mind sharing some of the costs of going to the doctor’s office or the hospital. For example, those who don’t have many health issues but who want some extra coverage often find that Plan N is a good choice.
- Is there a change in my access to doctors or hospital networks compare to Plan N? – You do not have to worry about network restrictions with any of the Medicare Supplement plans.
Does Medigap Plan G cover Prescription Drugs?
Even though Medicare Plan G is a comprehensive plan, there are still some plan limits that you need to be aware of. As an insurance agent would tell you, Medicare Part G — like other Medicare Supplement plans — is designed to fill in the gaps of coverage that are left behind. Since prescription drugs are not covered at all by original Medicare, then Medicare Supplement plans do not cover prescription drugs, either.
A stand-alone Medicare Part D prescription drug plan can be purchased, however. It is advisable to purchase a Medicare Part D drug plan so that you will have this extra coverage in addition to Medicare Part A and Part B and Medicare Supplement Plan G or whatever Supplement plan you choose to purchase from a health insurance company.
Note that even though you do not have to buy one of these plans right now — or ever — you could be penalized if you decide to sign up for one later after failing to do so when you first became Medicare eligible. Therefore, buying your plan as soon as possible is smart. Plus, it will help you avoid spending unnecessary money on prescription drugs.
When can I enroll in Medicare Supplement Plan G?
If you’re enrolled in Medicare Part A and Part B, you can look into purchasing a Medicare Supplement plan. You are first eligible to sign up when you are 65 and signed up for Medicare Part A and Part B. For the first six months after signing up, you will be in your Medigap Open Enrollment Period.
This six month period is important for a few reasons. First of all, signing up for Medicare Supplement Plan G plan right away will allow you to enjoy savings on your health care from the beginning. Secondly, the health insurance provider cannot turn you down for coverage because of medical underwriting reasons. You cannot even be charged a higher rate for medical issues during this period.
If you miss the deadline, though, all is not lost. If you want to become one of the beneficiaries are a high deductible or another plan, we can help. Give us a call, and we can talk to you about your options for Supplement plans and can help you find the right one for you.
Will Medicare Supplement Plan G become Guaranteed Issued after 2020?
As of January 1, 20202, Medicare Supplement Plan F will no longer be available for those who are turning 65 to purchase. When this happens, Medicare Supplement Plan G will become the plan that is offered on a guaranteed issue basis for those who are just turning 65 and for those who are in their special enrollment periods.
One of the main things that you will need to remember is that Medicare Supplement Plan G is not the same thing as a Medicare Advantage Plan. Those who are looking for replacement plans for their Medicare benefits through original Medicare opt for Medicare Advantage plans. There are often network restrictions in place, but there are also additional benefits like Medicare prescription drug plans and vision, hearing and dental coverage.
It can be confusing to determine which plan might be right for you, but you don’t have to make this decision all by yourself. Instead, give us a call so that you can talk to one of our experienced agents, and we will help guide you in making this decision and shopping for a good deal on a plan. You can call our phone number to talk to an agent, or you can use our online quote system for more information.