Medigap Plan G is one of the most common and comprehensive Medicare Supplement plans. Plan F gets all the attention and many agents promote that plan exclusively; however, in many cases, Plan G is the better value. The only difference between these two plans is the coverage of the Medicare Part B deductible, which is $183/year (for 2017).
Medigap Plan G – What Does This Plan Cover?
Medigap Plan G covers most things not covered under Medicare Parts A & B. You do have to be enrolled in both parts of Medicare to sign up for any Medicare supplement, including Medicare Supplement Plan G. Here is a rundown of what is and is not covered by Medigap Plan G:
- Plan G pays the 20% that Medicare doesn’t cover at the doctor and hospital. This is called coinsurance and it is picked up entirely by the Plan G.
- Plan G covers the Medicare Part A deductible. For 2017, the Medicare Part A deductible is $1,316 per benefit period.
- The Medigap Plan G also covers the Part B Excess Charges. This occurs if a physician charges more than Medicare allows. This is not a frequent occurrence but can be expensive when it does occur.
It Sounds Just Like Plan F – What Does It Not Cover?
Plan G does NOT cover the Medicare Part B deductible, which is $183/year (for 2017). That is the only difference in the two plans. So obviously, if you do the math on it and the monthly premium differences are greater than approximately $15.25/month then Plan G is a better value than Plan F.
Who Is Medigap Plan G Best For?
This plan is ideal for people in the following situations (and many other situations):
- People who have some pre-existing conditions that require ongoing medication or treatment. In some cases, you will have to be underwritten when you apply for a Medicare supplement plan. However, if you are in an open enrollment period (i.e. turning 65) or guaranteed issue period (losing employer coverage, losing Medicare Advantage plan coverage, etc.), you are exempt from underwriting. And if you ARE in one of these periods and have pre-existing conditions, you should certainly look seriously at Plan G.
- People who like the freedom of not having any out of pocket co-pays at the doctor/hospital, but wouldn’t mind a small annual deductible.
- People who are good at math! It never ceases to amaze me that agents will try to promote a Plan F that is $20/month more than Plan G. That is $240/year. The deductible (that is the only difference in the plans) is $183/year.
Medigap Plan G Is Just What I Need – What Is My Next Step?
You can sign up for a Medicare Supplement plan (any plan) any time of the year. There are no special enrollment periods – this only applies to Medicare Part D and Medicare Advantage plans. So, you can sign up for a Medigap Plan G right now. If you have a Plan G now or any other Medicare Supplement plan, switching over is easy to do. Medicare Supplement Plan G is a great Medigap option for predictable medical expenses and stability.
To get quotes on the plan or more information, go to Medigap Plan G quotes or you can reach us by phone toll-free at 877.506.3378.
We look forward to helping you compare plans and serving your Medicare Supplement insurance comparison needs.