Medicare Supplement Plan G is the second most popular Medicare Supplement Plan.
As you probably know, Medicare Parts A and B don’t pay all your healthcare costs – you’re still responsible for co-pays, deductibles and coinsurance.
However, if you have Medicare Supplement Plan G, virtually all of those costs will be paid for. Plan G is just one of the many Medicare Supplement Plans that are available.
Medicare Supplement Plan G
Medicare Supplement Plan G offers many benefits beyond what you get with Medicare alone. Plan G will pay for:
- 20% of all Medical expenses left over after Part B pays its share
- Another 365 days in the hospital after your Medicare Part A benefits have run out.
- Coinsurance for doctor visits, tests and other medical services under Medicare Part B. Medicare only pays 80%; Plan G picks up the other 20%.
- The Medicare Part A deductible
- Coinsurance for hospice care./li>
- Coinsurance for skilled nursing care.
- Three pints of blood.
- Foreign travel emergencies
Plan G is also one of only two Medicare Supplement Plans that pays Medicare Part B Excess Charges. If you see a healthcare provider that does not accept Medicare’s rate as full payment for services, then in most states the provider can charge you an extra 15 percent as “excess charges.”
If you are enrolled in Medicare Part B because you are 65 or older, you can apply for Medigap Plan G.
If you submit your application during your Open Enrollment Period, which is the six-month period that begins the first month you are at least 65 and enrolled in Medicare Part B, you are guaranteed to be accepted.
Any pre-existing health issues won’t be a determining factor in the amount of your premium or impact you getting accepted into the plan.
You can apply for Plan G at any time outside your Open Enrollment Period. However, insurance companies will take your overall health into account in deciding whether to accept you and how high your premium will be.
Medicare Supplement Plan G for Disabled Under 65
Some states require insurance companies to make Medicare Supplement policies available to people under 65 and disabled. If policies are offered in your state, your choices may be limited. Coverage for people under 65 is typically much more expensive than it is for people who aged in.
How to Enroll in Medicare Supplement Plan G
You can enroll in Plan G over the phone or online, and the process is relatively simple. With technology, you no longer have to track down a local agent and schedule an in person meeting to enroll.
The best way to handle it is to work with a licensed agent that can search for the best rates from top insurance companies and help you through the enrollment process.
Medicare Supplement Plan G Carriers
Each carrier will offer different plans in different states. Just because one carrier offers Plan G in one state does not mean they also offer it in another.
The majority of your well-known carriers offer Plan G since it’s one of the most popular plans among Medicare beneficiaries today. However, going with a well-known carrier may not get you the lowest premium. That’s why it’s important to speak to an agent that can compare all Plan G rates with all carriers, and not just the big named ones.
Regardless of the carrier you choose, Medicare Supplement Plan G benefits will be the same. They’re standardized by the government. The only difference between carriers is the premium they charge for that letter plan in that specific state.
Medicare Supplement Plan G Costs
For those Medicare beneficiaries only enrolled in Original Medicare, without a Medicare Supplement Plan, being responsible for 20% of your medical costs could leave you financially vulnerable.
For example, let’s say you ended up in the hospital due to an illness. That illness left you in the hospital for a few weeks, as well as multiple follow up visits and tests with your primary physician.
Medicare Part A pays your hospital expenses, except for the Part A deductible. Then Part B pays for your follow up visits with your primary, minus the Part B deductible and 20% left over after Medicare pays their share.
If your follow up doctors visits and tests had a total cost of $30,000, you’re left responsible for 20% of that. Leaving your total out of pocket costs to be $4,000 + Part A & Part B deductible.
The above example is using a minor illness, a serious illness could be financially disastrous. In the end, the only costs for Medicare Supplement Plan G is the monthly premium and your Part B deductible.
Medicare Supplement Plan G Premiums
Medicare Supplement Plan G premiums vary, and are determined based off multiple factors. The premium could be more in one state than it is in another.
The overall average monthly premium for Medicare Supplement Plan G is around $110. Again, we’ve seen it cost less as well as more for each individual beneficiary.
Compare Rates for Medicare Supplement Plan G
When applying for Medicare Supplement Plan G coverage, it pays to be well-informed. MedicareFAQ will get quotes for you, free of charge, and help you understand pricing and benefits before you sign up. Get started today by calling the number above or filling out our online quote form.
Medicare Plan G Frequently Asked Questions
Does Medicare Plan G Cover Prescriptions?
No, Medicare Plan G does not cover prescriptions. No Medicare Supplement plan covers prescriptions. Most beneficiaries who have Original Medicare + a Medicare Supplement Plan will enroll in a stand alone Medicare Part D prescription drug plan to cover the cost of their prescriptions.
What is Aetna Medicare Supplement Plan G?
Aetna is one of many well-known insurance companies that offers Medicare Supplement Plans, including Plan G. All Medicare Supplement plans are standardized, so Aetna Medicare Supplement Plan G will have the same benefits as it does with any other carrier.
Since insurance companies set their own premiums, that means that Aetna’s Plan G may cost more or less than a competing insurance company’s Plan G.
Which is better – Medicare Plan F or G?
Plan F offers slightly better benefits, but Plan G usually has a better price. The only difference between the two, benefit-wise, is that Plan F pays the annual deductible for Medicare Part B.
However, starting in 2020 all first-dollar coverage plans are being discontinued, including Plan F & Plan C. As long as you became Medicare eligible prior to 2020, you can still enroll into one of these first-dollar coverage plans after they’ve been discontinued.
Is a Medicare Advantage Plan a good alternative to Plan G?
When you choose to enroll in an advantage plan, you’re giving up your Original Medicare benefits that you’ve paid into your entire life. You also can not enroll in a Medicare Supplement Plan, including Plan G. Many limitations come with Advantage Plans, including restrictions on in network doctors.
The majority of our clients end up disenrolling from their advantage plan and going back to Original Medicare due to all the restrictions. Medicare is even bringing back a specific enrollment period just for Medicare Advantage enrollees due to the amount of beneficiaries who ended up stuck with a plan they didn’t want.
The old saying “you get what you pay for” comes into play with advantage plans. Zero dollar premiums are not all what the commercials make them out to be. You can read why beneficiaries choose a Medicare Supplement Plan over a Medicare Advantage Plan here.