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Medicare Supplement Plan G (Greatest Value Medigap Plan)


Medicare Supplement Plan G is the most comprehensive Medicare Supplement (Medigap) plan on the market for new Medicare beneficiaries. Medicare Supplement Plan G has increased in popularity in recent years. It is one of, if not the, most popular Medicare Supplement plan available today. Medicare Supplement Plan G fills the gap between what Original Medicare pays and what the beneficiary is responsible for. This plan is suitable for many Medicare beneficiaries across the U.S.

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What is Medicare Supplement Plan G?

Like other Medicare Supplement plans, Medicare Supplement Plan G pays secondary to Original Medicare. Original Medicare does not provide beneficiaries with full coverage for medical services. So, a Medicare Supplement plan helps cover the out-of-pocket costs a beneficiary would otherwise be responsible for covering.

There are ten standardized Medicare Supplement plans, and two high deductible versions available to Medicare beneficiaries nationwide. Each plan is identified by a letter, A through N. Each lettered Medicare Supplement plan has a different coverage level and monthly premium to meet the healthcare and budget needs of any senior on Medicare.

Medicare Supplement Plan G is one of the ten Medicare Supplement plans available to beneficiaries. Medigap Plan G is the most comprehensive plan for new Medicare beneficiaries and is a top option for all Medicare enrollees. When you sign up for Medicare Supplement Plan G, your out-of-pocket costs are a fraction of what they would be with Original Medicare. After meeting the annual deductible, you will be covered at 100% for all additional medical costs that year.

When you enroll in a Medicare Supplement plan you can keep all the great benefits of Original Medicare, but now have predictable healthcare costs. Due to plan standardization, you can receive care from any medical professional who accepts Original Medicare regardless of your Medigap carrier. You can never be turned away from services due to your Medigap insurance company.

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What Does Medicare Supplement Plan G Cover?

Medicare Supplement Plan G helps keep out-of-pocket costs as low as possible for policyholders. Benefits of Medicare Supplement Plan G include:

  • 100% coverage for Medicare Part A deductible
  • 100% coverage for hospice copayments and coinsurance
  • Additional foreign travel emergency benefits
  • 100% coverage for Medicare Part B excess charges
  • Guaranteed renewable regardless of health

The only cost Medicare Supplement Plan G does NOT cover is the annual Medicare Part B deductible.

Once you meet the Medicare Part B deductible, you will not have to worry about additional copayments or unexpected medical bills. Furthermore, because the federal government standardized Medicare Supplement plans, Medicare Supplement Plan G provides the same benefits regardless of the carrier. However, monthly premium rates vary per state and carrier.

When compared to other Medicare Supplement plans, Medicare Supplement Plan G is known to be one of the most comprehensive, second to Medicare Supplement Plan F. However, not all Medicare beneficiaries are eligible for Medigap Plan F coverage.

Due to MACRA, if you receive Medicare after January 1, 2020, you are no longer eligible for Medicare Supplement Plan F. Due to this change, new Medicare beneficiaries tend to enroll in Medicare Supplement Plan G, as it is the next best option.

See the chart below for a full summary of Medigap Plan G benefits.

Medicare Supplement Plan G Comparison Chart for 2022

Enrolling In Medicare Supplement Plan G

To enroll in Medicare Supplement Plan G, you must first have Medicare Part A and Part B. However, this may not be the only qualification for some.

Pre-existing conditions may play a role in your Medicare Supplement Plan G enrollment depending on when you apply for coverage. Pre-existing conditions do not affect enrollment if you apply for Medicare Supplement Plan G during your Medicare Supplement Open Enrollment Period or qualify for a Special Enrollment Period. During these times, a carrier may not deny you coverage for any reason.

If you enroll at any other time throughout the year, you may be subject to underwriting health questions. However, certain state rules may also allow you to enroll at other times, so it is important to be aware of what your state permits.

If you live in a state that does not have special exceptions and decide to apply outside of these enrollment periods, you will need to answer underwriting health questions to determine your insurability. By providing answers to underwriting health questions, carriers may deny you coverage based on any findings.

Lastly, if you currently have a Medicare Advantage plan and are interested in enrolling in Medicare Supplement Plan G, you will need to switch back to Original Medicare first. You can make this change by using the Open Enrollment Period in the fall or the Medicare Advantage Open Enrollment Period in the first quarter.

Returning to Original Medicare is just the first step in making the switch from Medicare Advantage to a Medicare Supplement plan. Remember, when you enroll in a Medicare Supplement plan outside a guaranteed issue right window, you must answer underwriting health questions. This may result in denial from your plan of choice due to pre-existing health conditions.

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How Much Does Medicare Supplement Plan G Cost in 2022?

The cost of Medicare Supplement Plan G varies depending on multiple factors, including where you live, your age, your tobacco-use status, and gender. However, the average cost of Medigap Plan G can range from $100 to $300 per month.

As a rule of thumb, Medicare Supplement plans tend to be priced higher in areas where the cost of living is higher.

If you find the benefits of Medicare Supplement Plan G attractive but cannot pay the monthly premium, you have options. Medicare Supplement High Deductible Plan G offers the same benefits as standard Medicare Supplement Plan G for a lower monthly premium. However, in exchange for the low monthly cost, you must reach a higher deductible before receiving 100% coverage.

Medicare Supplement Plan G Rate Increase History

Like the monthly premium, many different factors impact your Medicare Supplement plan’s rate increases. These factors include your age at the time of enrollment and the pricing method used by your Medicare Supplement plan when you enrolled. The average Medicare Supplement Plan G rate increase is between 2% to 6% annually. Remember, this percentage can be higher or lower based on your carrier.

It is important to understand the rate increase history for the carrier with which you choose to enroll. Researching carrier reviews before enrolling is a key determinant when selecting your Medicare Supplement insurance company.

Why You Should Choose Medicare Supplement Plan G?

Medicare Supplement Plan G is one of the highest-rated and most popular Medicare Supplement plans available to Medicare beneficiaries today. Whether you are new to Medicare or are looking for a plan to better fit your budget or healthcare needs, Medicare Supplement Plan G may be the right fit for you.

Medicare Supplement Plan G covers 100% of your costs after the Medicare Part B deductible. So, you will see that by enrolling in this plan, you could save thousands of dollars per year on healthcare.

Medicare Supplement Plan G FAQs

What is Medicare Part G?
When you hear people discuss Part G, they really mean Medicare Supplement Plan G. There is no Part G in Medicare, only Medicare Supplement Plan G.
Does Medicare Supplement Plan G cover dental, vision, hearing, or prescriptions?
No, Medicare Supplement Plan G does not include dental, vision, hearing, or prescription drug coverage. Medicare Supplement Plan G only covers what Original Medicare will cover. You will want to enroll in a separate dental, vision, and hearing plan for such coverage, and a Medicare Part D plan to help pay for prescription drugs.
Is Medicare Supplement Plan G available to those who are under 65?
There is no federal mandate that says Medicare Supplement plans must be available to those under 65. Yet, some states require insurance companies offering Medigap plans to provide at least one option to those under 65. Usually, the option is Medicare Supplement Plan A, offering only the most basic benefits, and all Medigap plans for beneficiaries under 65 are more expensive in most states.
Is Medicare Advantage better than Medicare Supplement Plan G?
The answer to this question is different for each beneficiary. Understanding if Medicare Advantage is better than Medicare Supplement Plan G will depend on your unique situation, budget, and healthcare goals. What is important to you will determine which coverage is better for you.
When can I change my Medicare Supplement Plan G?
You can make changes to your Medicare Supplement plans at any time throughout the year. The only stipulation to making a plan change is passing medical underwriting.

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How to Enroll in Medicare Supplement Plan G

We know Medicare can be difficult to understand. Changes to Medicare plans come every year and it can be confusing to keep track of. Our job at MedicareFAQ is to have our finger on the pulse of these changes to help you make the right choice for your coverage.

We understand how important it is to find affordable coverage, without sacrificing your healthcare benefits. This is why our licensed Medicare agents take the time to provide clients with a side-by-side plan comparison from all the top carriers in your area.

Call us for a free Medicare consultation or fill out our online rate form to see quotes for Medicare Supplement Plan G policies available near you.

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Sources:

MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.

  1. Medigap, CMS . Accessed May 2022.
    https://www.cms.gov/Medicare/Health-Plans/Medigap
  2. Cost of Medigap Policies, Medicare . Accessed May 2022.
    https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap/medigap-costs/costs-of-medigap-policies

Jagger Esch

Jagger Esch is the Medicare expert for MedicareFAQ and the founder, president, and CEO of Elite Insurance Partners and MedicareFAQ.com. Since the inception of his first company in 2012, he has been dedicated to helping those eligible for Medicare by providing them with resources to educate themselves on all their Medicare options. He is featured in many publications as well as writes regularly for other expert columns regarding Medicare.

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