Medigap Plan G is known for providing the greatest value of the available options to beneficiaries. Yet, when choosing supplemental Medicare coverage, you’ll want to know ahead of time if Plan G is right for you. We’re here with all the information you need to know about what Plan G covers, the costs associated with this plan, and more.
Medicare Supplement Plan G for 2021
Medicare Supplement Plan G is one of the most popular Medigap plans on the market. This plan increased in popularity when Plan F ceased to be available to newly eligible beneficiaries due to MACRA. Next to Plan F, Plan G covers the most comprehensive range of benefits. Additionally, Plan G premiums tend to be lower than premiums for Plan F.
Medicare Supplement Plan G Coverage
Like other plans, Plan G fills in the gaps that Original Medicare leaves uncovered. Plan G covers everything listed on the benefits chart, with the exception of the Part B deductible. With Plan G, you’ll only be responsible for the annual Part B deductible of $203 outside your monthly premium. Whether you visit your doctor, the hospital, or a specialist, you won’t have to worry about getting hit with an unexpected medical bill.
Plan G covers:
- The Part A deductible
- Hospice copayments and coinsurance
- Foreign travel emergency costs
- Part B excess charges
For a full summary of what Plan G covers in contrast to other plans, see the chart below.
Medicare Supplement Plan G Comparison Chart
How Much Does Medicare Plan G Cost in 2021
The average cost of Medigap Plan G is around $100-$200 per month. Medicare Supplement premiums are unique per individual. What you pay depends on a number of factors, your location being a major determinant. Generally, Medigap premiums tend to be more expensive in states where the cost of living is higher.
When compared to Plan F, Plan G has a lower rate increase history. Further, what you save in a year when paying the monthly premiums for Plan G might be more than you save by not paying the Part B deductible while having coverage through Plan F.
What is the deductible for Plan G in 2021
The only deductible that is involved when you have Plan G is the Part B annual deductible, which is $203 in 2021.
Lower Premium Option for Plan G
Do you find the benefits for standard Plan G attractive but the monthly premiums are more than you want to spend? High Deductible Plan G offers the same benefits for a lower premium. However, in exchange for the lower monthly cost, you’ll need to reach the deductible prior to receiving 100% coverage.
Medicare Supplement Plan G Rate Increase History
Many different factors will impact your plan rate increases. This includes the age you are when you enroll and the pricing method used at the time of enrollment. The average Medicare Supplement Plan G rate increase can average anywhere between 2%-6%.
It’s important to discuss with your agent what the rate increase history is based on the carrier you choose to enroll with. Researching carrier reviews before enrolling is a key determinant when choosing which company you enroll with.
Are all Medigap Plan G the Same
Because the federal government standardizes Medigap plans, Plan G provides the same benefits regardless of the carrier. However, monthly premium rates vary per state & carrier.
Is Medigap Plan G Going Away
No, Plan G is not going away. Newly eligible enrollees can no longer get Plan C or Plan F because of the elimination of first-dollar coverage plans. Plan G is not a first-dollar coverage plan and is here to stay.
How to Enroll in Medicare Plan G
Medicare isn’t easy to understand. Changes come every year and it’s hard to keep up. Our job at MedicareFAQ is to have our finger on the pulse of these changes so we can help you become informed to make the right choice for your coverage. We understand how important it is to find affordable coverage, without sacrificing your healthcare benefits.
Call us for a free Medicare consultation and or fill out our online rate form to see quotes for Plan G policies available near you. We’ll prepare a plan comparison for you to find the best rate available in your area. We work with dozens of carriers to guarantee you’re getting the most value from your plan.