Medicare Plan G Pros and Cons
Medicare supplemental insurance covers the gaps in your healthcare expenses not awarded by Original Medicare Part A & B.
It’s a valuable service and the most popular “Medigap” plan offered by private insurers across America.
You get coverage for most out-of-pocket expenses involved with inpatient and outpatient medical care with Medicare Plan G, reducing your annual medical costs.
As a retiree or senior over 65, every penny counts towards your finances and living out your golden years without financial stress.
Medigap Plan G offers you the most comprehensive level of coverage of any plan, which is why it’s so popular.
With Plan F no longer available to new Medicare members eligible for the program after January 1, 2020, Medigap Plan G is becoming the most popular option.
This post looks at Medicare Plan G pros and cons, allowing you to make an informed decision on whether it’s the right plan for you.
We understand that many Americans find it hard to wrap their minds around the pros and cons of Plan G and Medicare in general.
That’s why we offer you a free consultation to discuss Plan G and the options available from carriers in your state.
Call us at 1-888-891-0229 or fill out the contact form on this site.
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We’ll have a Medicare expert get back to you with all the information you need to understand Medicare and Plan G.
Our team has decades of experience in the industry, and we’ll unpack everything you need to know to make an informed decision on the right plan for you.
Understanding Medigap Plan G
Original Medicare Part A & B cover a significant amount of your medical costs incurred each year.
However, it doesn’t cover you for everything, especially in instances of prolonged stays at the hospital and in skilled nursing facilities.
As a result, you could end up paying a large medical bill, requiring you to dip into your retirement savings and jeopardizing your financial position.
Medigap policies absorb these additional costs, ensuring coverage for all unexpected medical events in your senior years.
Medigap Plan G is the most comprehensive plan available in the range.
It absorbs most of the costs associated with healthcare services, ensuring you don’t have to pay a dime as long as you meet your deductible.
For instance, Medigap Plan G offers extended coverage for the following healthcare expenses.
- Coverage for Part B coinsurance and copays.
- Coverage Part B excess charges.
- The first three pints of blood in a transfusion.
- Part A deductible and hospice copayment or coinsurance.
- Foreign travel emergencies covered up to 80%.
- Care in skilled nursing facilities.
Medigap Plan G doesn’t provide cover for your prescriptions, preventative treatment like acupuncture, cosmetic procedures, or costs associated with vision, dental, and hearing.
However, some providers offer Medigap Plan G with additional benefits that may include these expenses for an additional premium cost.
Medigap Plan G policies are available from private insurers across the United States.
The Federal government ensures that all insurers offering Plan G and other Medigap plans provide policyholders with a standardized level of care.
That means you’ll get the same basic benefits for Plan G from an insurer like Humana as you do from Blue Cross Blue Shield.
However, insurers can charge whatever they want for their Plan G policy. As a result, some insurers charge more than others for Plan G policies in your state.
High-deductible and standard-deductible versions of Plan G are also available in some states.
A high-deductible plan has a lower monthly premium but must meet a higher deductible.
A high-deductible plan might be a better choice if you’re a senior with no health issues.
Speak to us, and we’ll walk you through the options for Plan G in your state.
Our team of experts knows which companies offer you the best premiums.
Call us today and get the best rate on Plan G.
Medicare Plan G Pros and Cons
Medicare Plan G Pros
Medicare Plan G Pros
- Plan G offers new members of Original Medicare the most comprehensive level of coverage for their annual medical expenses.
- Insurers cannot deny you a Plan G policy if you register for it in the six months after you become eligible for Medicare.
- Medigap Plan G covers all inpatient and outpatient medical costs associated with your care and treatment, except for the Part B deductible ($226 in 2023).
- Plan G allows you to see any medical doctor or specialist in the country that works with Original Medicare.
- You don’t require a referral from your doctor to get an appointment with a specialist.
- There is no pre-authorization requirement for receiving Medicare-approved healthcare services.
- You can keep your Medigap Plan G policy if you move states.
- Plan G is available in high-deductible and standard deductible options in many states and with many insurance providers.
- Some insurance carriers offer additional benefits for Plan G policyholders, such as the SilverSneakers program, or cover for hearing, dental, and vision expenses.
- You don’t have to undergo medical underwriting if you apply in the first six months after your 65th birthday.
- You cannot be denied a Medigap Plan G policy if you apply in the six months after your 65th birthday, even if you have pre-existing medical conditions.
Medicare Plan G Cons
- Unlike Plan F, Plan G doesn’t cover the Original Medicare Part B deductible.
- If you don’t apply in the six-month enrollment window after your 65th birthday, you might have to undergo underwriting. Insurers can deny you a policy if they feel you’re high-risk.
- If you purchase a Plan G policy and the carrier increases your premium, you might not qualify for a policy from a different insurer.
- Plan G policy premiums can differ depending on the state.
- Not all insurers offer a high-deductible Plan G in all states.
- Plan G doesn’t cover preventative treatments like acupuncture, prescriptions, hearing, vision, and dental.
- According to data, Plan G premiums can increase by 6% to 9% annually, depending on the insurer and economic conditions.
Frequently Asked Questions
What is Medicare Plan G?
Medicare Plan G, also known as Medigap Plan G, is a supplemental insurance plan offered by private insurance companies to cover the out-of-pocket expenses not covered by Original Medicare, such as deductibles, copayments, and coinsurance.
What are the pros of Medicare Plan G?
The pros of Medicare Plan G include comprehensive coverage, including coverage for Part A and B deductibles, skilled nursing facility coinsurance, and foreign travel emergency expenses.
Are there any cons of Medicare Plan G?
One potential con of Medicare Plan G is that it can have higher monthly premiums compared to other Medigap plans. Additionally, Plan G does not cover the Part B deductible.
How does Medicare Plan G differ from Plan F?
Medicare Plan G and Plan F are similar in coverage, except that Plan G does not cover the Part B deductible. Plan F is no longer available to new Medicare beneficiaries who turned 65 after January 1, 2020. Plan G is considered a popular alternative to Plan F due to its comprehensive coverage.
Can I keep my Medicare Plan G if I move to a different state?
Yes, you can keep your Medicare Plan G if you move to a different state. Medigap plans are standardized across states, meaning the benefits are the same regardless of where you live.
How do I enroll in Medicare Plan G?
To enroll in Medicare Plan G, you need to be enrolled in Original Medicare (Part A and Part B). Once you are eligible, you can apply for Plan G through private insurance companies that offer Medigap plans in your area. It is advisable to compare different insurance companies and their prices before choosing a plan.
Does Medicare Plan G cover prescription drugs?
No, Medicare Plan G does not cover prescription drugs. For prescription drug coverage, you need to enroll in a separate Medicare Part D plan. Part D plans are offered by private insurance companies and can be purchased alongside your Medicare Plan G.
Can I switch from a different Medigap plan to Medicare Plan G?
Yes, you can switch from a different Medigap plan to Medicare Plan G. However, you may need to go through medical underwriting, which means you may be subject to health-related questions and potential premium adjustments based on your health status.
Are pre-existing conditions covered under Medicare Plan G?
Yes, pre-existing conditions are covered under Medicare Plan G. Medigap plans are not allowed to deny coverage or charge higher premiums based on pre-existing conditions as long as you enroll during your Medigap Open Enrollment Period or have guaranteed issue rights.
Is Medicare Plan G the best option for me?
Whether Medicare Plan G is the best option for you depends on your individual healthcare needs and budget. It is recommended to compare different Medigap plans available in your area, assess your anticipated medical expenses, and consider your financial situation to determine the most suitable plan for you.
Is Medicare Plan G Right for You?
If you’ve recently reached or are about to turn 65 and you’re considering Medicare Plan G as the ideal option for your healthcare needs, it’s crucial to evaluate cost estimates before making a final decision.
To obtain quotes from highly regarded insurance providers, simply complete the form on the right-hand side or call 1-888-891-0229 to connect with a knowledgeable agent.
Updated December 4th, 2022