Medicare Part G Plan (also known as Medicare Plan G) is the most popular Medicare Supplement Insurance plan for people new to Medicare. That’s because this plan offers the most coverage for new Medicare members, including certain costs, like copayments, deductibles, coinsurance, and other expenses that aren’t covered by Original Medicare (or Medicare Part A and Part B).

While Plan G does provide a lot more coverage than other Medicare Supplement Insurance plans, the additional coverage does come at a price, as it’s also one of the most expensive plans; however, our job is to help you find the best rates possible. 

Our website makes it easy!

If you’re new to Medicare, read on to find out what you need to know about Medigap Part G to determine if it’s the right option for you. 

In order to understand what Medigap Plan G is, it’s first important to understand what Medicare is and how it works. Medicare is a health insurance plan that is sponsored by the federal government. It is intended for people who are aged 65 and older, though individuals who have been diagnosed with specific health conditions and are younger than 65 may also qualify.

Original Medicare consists of two parts:

·         Medicare Part A. Covers the cost of hospital inpatient, skilled nursing facility, and hospice care.

·         Medicare Part B. Covers the cost of outpatient care, such as doctor visits and preventative services

Patients are responsible for the deductibles, copayments, and coinsurance that are associated with Medicare Part A and B.

Medicare Supplement Insurance (also known as Medigap) covers the cost of any “gaps” that Medicare doesn’t cover; the out-of-pocket expenses that Medicare Part A and B don’t cover.

There are several different types of Medigap plans (referred to as “plans”, not parts), and Medicare Plan G covers more out-of-pocket expenses than any other type of Medicare Supplement Insurance other than Plan F, which is no longer available to people new to Medicare.

While Medigap Plan G does provide coverage for a lot of the out-of-pocket expenses that Medicare Part A and Part B don’t cover, this supplemental insurance plan does not cover the following:

·         Medicare Part B deductible

·         Prescription medications

·         Long-term care; non-skilled assistance provided in nursing home settings, for example

·         Private-duty nursing care

·         Vision care, including corrective lenses

·         Dental care

Anyone who is enrolled in Medicare Part A and B may apply for a Medicare Part G supplement plan at any time during the year.

Those who are outside of their 6-month Medigap open enrollment period will have to answer medical questions and go through a company’s medical underwriting in most cases to get approved.

6-Month Medigap Open Enrollment Period

New Medicare members can purchase Medicare Plan G for the first time within the 6-month period that starts the month before they turn 65, known as the open enrollment period. Since your health and medical history cannot be taken into consideration when determining the premiums, it is more affordable and easier to purchase Medigap coverage during the open enrollment period.

Once this 6-month period ends, the costs may be higher or coverage may be denied as a result of your medical history and the current status of your health. You must sign up for Original Medicare, or Medicare Parts A and B, in order to purchase Medigap Plan G.

If you already have a Medicare Supplement plan, you can file an application to switch your carrier or your Medicap plan letter at any time. You can save money if you switch your carrier, so if you already have Medicare Plan G, reviewing the different options that are available to you each year is highly recommended.

As previously stated, you must be enrolled in Original Medicare in order to purchase Medigap Plan G. Once you are enrolled, you can purchase Medicare Part G from a private insurance company that offers this Medicare Supplemental Insurance plan and that serves your geographic location.

After purchasing Medigap Plan G, the manner in which this supplemental insurance coverage works is relatively simple and straightforward. The following is an overview of how Part G works:

·         You pay the premium for your Medicare Part B insurance. Note: If you receive benefits from Social Security, the Office of Personnel Management, or the Railroad Retirement Board, your premium will be deducted from your benefit payment automatically.

·         You pay a monthly premium for your Medicare Plan G coverage.

·         When you receive a healthcare service that is covered by Original Medicare, Medicare will pay the approved amount.

·         Medigap Plan G will cover the out-of-pocket expenses that your policy covers.

Medicare Supplement Plans, also known as Medigap policies, aim to fill the gaps left by Original Medicare coverage. Two of the most popular and comprehensive options available are Plan F and Plan G. While Plan F is no longer an option for new Medicare beneficiaries as of January 1, 2020, those who qualified before this date can still enroll or maintain their Plan F coverage.

Read below to learn about the similarities and differences between Plan F and Plan G, discussing the advantages and disadvantages of each plan.

 Both Plan F and Plan G provide extensive coverage for out-of-pocket expenses not addressed by Original Medicare. However, there are some crucial distinctions between the two plans:

• Plan F includes coverage for the Medicare Part B deductible, while Plan G does not.
• Generally, Plan G has lower monthly premiums than Plan F, primarily due to the lack of Part B deductible coverage

 Both Plan F and Plan G provide extensive coverage for out-of-pocket expenses not addressed by Original Medicare. However, there are some crucial distinctions between the two plans:

• Plan F includes coverage for the Medicare Part B deductible, while Plan G does not.
• Generally, Plan G has lower monthly premiums than Plan F, primarily due to the lack of Part B deductible coverage

Advantages:

• Comprehensive coverage: Plan F offers the most complete coverage of any Medigap plan for those who are eligible, including coverage for the Part B deductible.
• Predictable expenses: With fewer out-of-pocket expenses under Plan F, healthcare costs become more predictable, making it easier to plan and budget accordingly.

Disadvantages:

• Increased monthly premiums: Due to its extensive coverage, Plan F tends to have higher monthly premiums than other Medigap plans.
• Ineligibility for new enrollees: As of January 1, 2020, new Medicare beneficiaries are no longer eligible for Plan F. However, those who qualified for Medicare before this date can still enroll or retain their Plan F coverage.

Advantages:

• Broad coverage: Plan G provides nearly identical coverage to Plan F, with the exception of the Part B deductible. Covered expenses include the Part A deductible, Part A coinsurance and hospital costs, Part B coinsurance and copayments, skilled nursing facility care coinsurance, Part A hospice care coinsurance or copayments, foreign travel emergency care, and Part B excess charges.
• More affordable monthly premiums: Plan G generally features lower monthly premiums than Plan F, making it a cost-effective choice for many beneficiaries.

Disadvantages:

• Absence of Part B deductible coverage: The primary drawback of Plan G is the lack of coverage for the Medicare Part B deductible. Beneficiaries must pay this deductible out-of-pocket before Plan G coverage commences.
• Potential for higher out-of-pocket costs: Although Plan G offers extensive coverage, beneficiaries may experience slightly increased out-of-pocket expenses compared to Plan F due to the exclusion of the Part B deductible.

In summary, Medicare Plan F and Plan G are both popular Medigap options that provide extensive coverage for out-of-pocket expenses not included in Original Medicare. Plan F covers all gaps, including the Part B deductible, but comes with higher monthly premiums and is no longer an option for new enrollees.

Medicare Plan G, however, offers a similar level of coverage with lower monthly premiums but requires beneficiaries to pay the Part B deductible out-of-pocket. The choice between Plan F and Plan G ultimately depends on your eligibility, healthcare requirements, and financial situation.

In most cases, you will save money by enrolling in Plan G and paying the deductible yourself. In fact, the only reason you should stay with Medicare Plan F is if you just absolutely do not want to ever get a medical bill (the deductible), and are willing to pay more for that luxury.

Whether you are a new Medicare member or you already have a Medigap plan and you’re thinking about switching supplement plans to save money, we can help you save money each year, and…it’s FREE!

As a leading Medicare Supplement Insurance Agency, we can shop the market and offer some of the best rates on Medicare Plan G.

In fact, we’re one of the only companies that will let you view rates before buying!

To receive a free quote, just complete the short form to your right. Or, If you have questions or you would like to request a quote over the phone, simply give us a call at 1-888-891-0229 and one of our knowledgeable and friendly licensed agents will be happy to answer all of your questions and assist you with all of your needs.

We’re committed to helping you find the best Medicare Supplement Insurance rates possible.