by Russell Noga | Updated April 20th, 2024
Do you have Original Medicare Part A & B? If so, you’ll qualify for Medigap insurance. Original Medicare Parts A & B are great policies for assisting you with covering your medical expenses during the year.
However, it doesn’t cover everything, and you might find yourself with a shortfall to pay when you get released from the hospital or after seeing the doctor. To eliminate these additional costs, consider taking a supplemental Medicare plan known as “Medigap” insurance.
Medigap Plan G offers you the most comprehensive coverage for these additional costs that pop up occasionally during the year. You get unlimited coverage for the out-of-pocket costs associated with most of the medical expenses you incur that aren’t covered by Parts A & B.
Plan G covers your copayments and coinsurance for Part A inpatient and Part B outpatient healthcare services. It also provides coverage for Part B excess charges, Part A deductible, your Part A hospice copays, and 80% of costs relating to foreign travel emergencies.
This post examines the Medigap Plan G cost of premiums and the benefits available through this plan.
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How Do You Sign Up for Medigap Plan G?
Original Medicare Part A & B is a Federally managed healthcare program available to Americans over the age of 65. You can enroll for Medicare three months before and after your 65th birthday. After you turn 65, you have six months to register for a Medigap plan with a private insurance provider.
Since private insurers are responsible for hosting these plans, they charge different rates in each state. For instance, the cost of Plan G in New York will vary from the premium you pay for it in Montana. In some cases, it might be higher, and in other states, it might be lower, depending on the insurer and the risk profile they attribute to people living in that state.
Insurers also compete for members’ business. They do this by adjusting the premium rates for members. That means one insurer might charge more for Medigap Plan G than another in your state. It’s worth shopping around and getting quotes from several insurers before you commit to signing up.
Regardless of the insurer you choose, your monthly premium for Plan G will vary from other people in your state, depending on several factors. Your age, gender, smoking status, and medical history all affect how the insurer calculates your premium costs.
If you sign up during the six-month window after your 65th birthday, the insurer must accept your application, even if you have a pre-existing medical condition.
However, if you miss this window and sign up later, the insurer might require you to undergo medical underwriting before they accept your application. So, if you have a pre-existing health condition, the insurer might decide to deny your application.
Our services help you navigate the complexities involved with choosing the right provider in your area for Plan G. We can assist you in selecting the right insurer offering the best premiums for Plan G, saving you hundreds of dollars every year on your premium costs.
Medigap Plan G Cost – Understanding Premiums
As mentioned, the premiums for Plan G can vary widely from state to state and insurer to insurer. According to data from ValuePenguin, the average cost of Medigap Plan G is $145 per month. This average represents the median cost of all Plan G policies in the United States. So, it doesn’t mean that you’ll pay this figure.
Your premium might be well above this figure or below it. The premium cost depends on the factors we discussed, such as your personal data and the related costs for plans for providers in your area., We looked at the average premium costs for Plan G in several states and what you can expect to pay.
The following pricing is for a 65-year-old woman who’s a nonsmoker and in good health. Note that the prices for Plan G policies are usually higher for men. You can use these numbers as a guideline, but there’s no guarantee you’ll pay the same price for your premium.
- NC $85
- Florida Panhandle $164
- Southern CA $138
- Western PA $117
- Dallas TX $103
- Central Indiana $88
- Denver CO $116
- Upstate SC $86
- Iowa $84
- California $234
As you can see from this chart, the costs of Plan G premiums vary widely from state to state. These premiums are for the standard version of Medigap Plan G. Some insurers offer its members a high-deductible version of Plan G. The high-deductible Plan G gives you a lower monthly premium but a higher deductible to meet before your coverage kicks in.
In 2023, the deductible for standard Plan G packages was $1,600, while the high-deductible Plan G was $2,700. These deductibles increase annually, as do your premiums. Factors like inflation and the rising cost of healthcare contribute to escalating these costs.
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How Do I Get a Quote for Medicare Supplement Plan G Premiums?
You can call the insurers in your area and ask them about the prices for Plan G premiums in your state. Or you can work with an agent like us to get the prices and navigate your due diligence for you. Many people find they need help understanding the deductibles, benefits, and premium costs associated with Medigap supplemental insurance plans.
We’ll work with you to ensure you understand everything involved with choosing the right Medigap Plan. Sometimes, Plan G might not be the right option for your supplemental Medigap package. Our team can assist you with getting the coverage you need for the best price in your state.
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Frequently Asked Questions
What Are Medigap Plan G Costs?
Medigap Plan G costs refer to the premiums you pay to enroll in this Medicare Supplement plan. These costs can vary based on factors such as your age, location, and the insurance company you choose.
How Do Medigap Plan G Costs Compare to Other Plans?
Medigap Plan G costs can vary, but it’s often considered a middle-ground option in terms of premiums. It offers robust coverage, often with lower premiums than Plan F, making it an attractive choice for many beneficiaries.
What Factors Influence Medigap Plan G Costs?
Several factors influence Medigap Plan G costs, including your age, location, gender, tobacco usage, and the insurance company’s pricing strategy. Generally, older individuals and smokers may have higher premiums.
Are Medigap Plan G Costs Standardized?
While the benefits of Medigap Plan G are standardized across different insurance companies, the costs are not. Each company sets its own premium rates, so it’s essential to compare options.
How Can I Find Affordable Medigap Plan G Costs?
To find affordable Medigap Plan G costs, compare rates from multiple insurance companies. Use online comparison tools or work with an insurance agent to get quotes tailored to your needs.
Do Medigap Plan G Costs Include Deductibles and Coinsurance?
Medigap Plan G covers many out-of-pocket costs, including Part A and B deductibles and coinsurance. However, the costs you pay for the plan itself (premiums) are separate.
Can Medigap Plan G Costs Change Over Time?
Yes, Medigap Plan G costs can change over time. Insurance companies can adjust rates based on factors like inflation and changes in their insured population.
When Should I Enroll in Medigap Plan G to Get the Best Costs?
The best time to enroll in Medigap Plan G and potentially get better costs is during the Medigap Open Enrollment Period, which starts when you’re both 65 or older and enrolled in Medicare Part B.
Are There Any Additional Costs Associated with Medigap Plan G?
In addition to the premiums, you’ll need to pay for your Part B premium to Medicare. Some Medigap Plan G policies might also include a small deductible for foreign travel emergency coverage.
Where Can I Get Advice on Medigap Plan G Costs?
You can get advice on Medigap Plan G costs from insurance agents, financial advisors, and online resources. These professionals can help you understand your options and choose a plan that aligns with your budget and healthcare needs.
Get Customized Medigap Plan G Premiums from the Experts
If you don’t feel like reading through this entire post or have issues understanding how Plan G works, call us for free advice at 1-888-891-0229.
Our team provides free consultation to help you choose the right provider in your state for Plan G. If you don’t have the time to talk right now, fill out the contact form, and one of our experts will get back to you.
Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.