by Russell Noga | Updated September 7th, 2023
Are you currently enrolled in or interested in Medicare Plan G?
It’s an extremely comprehensive policy for helping to pay the out-of-pocket costs of Original Medicare.
Medigap Plan G is one of the ten standardized Medigap plans available to Original Medicare members, offered by private insurers across the United States.
You get a comprehensive level of medical care for an affordable monthly premium, but every company has a rate increase each year. This is why it’s important to check your rate yearly (Here at Medisupps.com we do this for our clients) to see if you’re paying too much.
There’s no reason to pay more than you should as each insurance company has the exact same Medicare Supplement plans and coverage.
You can use our website now to see Medicare Plan G cost for 2024 in your area from top insurance companies. We make the application process smooth and easy and can help see which company you qualify with.
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Medigap Plan G Coverage
- Medicare Part A coinsurance and hospital costs.
- Medicare Part B copayment or coinsurance.
- Part A hospice care copayment or coinsurance.
- Coinsurance for a skilled nursing facility.
- Medicare Part A deductible.
- Medicare Part B excess charges.
- First 3 pints of blood.
- Foreign travel emergency medical expenses up to 80%.
Medicare Part A Coinsurance
Medicare Part A, also known as hospital insurance, includes cost-sharing initiatives, such as coinsurance. Inpatient hospital stays exceeding 60 days require coinsurance fees. Plan G covers all these costs.
Medicare Part B Copayment & Coinsurance
Medicare Part B charges coinsurance for doctor visits and other outpatient care services. Medicare Part B usually pays 80% of Medicare-approved amounts for these covered services, leaving you with a 20% coinsurance payment. Plan G takes care of this outstanding amount.
Medicare Part A Hospice Care Copayment or Coinsurance
Individuals with terminal illnesses require hospice care, and Medicare covers this service but requires a copayment. These copayments include 5% of Medicare-approved amounts for inpatient care and $5 for each symptom and prescription for pain relief. Plan G covers all these additional costs.
First 3 Pints of Blood
Original Medicare covers you for the fourth pint of blood and beyond during transfusions. Plan G fills the gap, providing the first three points of blood.
Coinsurance for Skilled Nursing Facilities
Inpatient skilled nursing facilities require a coinsurance payment for stays over 20 days. This coinsurance charge amounts to $200 per day for days 21-10. After day 100, the member is liable for all further costs unless you have Plan G, which takes care of these medical expenses.
Medicare Part B Excess Charges
If doctors charge above the standard Medicare rate, you’re liable for these additional charges, which can be up to 15% over the subsidized rate. Plan G covers this additional excess fee.
Medicare Part A Deductible
Medicare Part A comes with an annual deductible of $1,600 in 2023. Medigap Plan G covers your deductible in full for each benefit period required.
Foreign Travel Emergency coverage
You get coverage of up to 80% of all medical expenses incurred while outside of the United States after meeting the annual $250 deductible.
There’s no question Medicare Plan G will be one of the most popular Medigap Plans for 2024, especially for people new to Medicare.
What Is the High-Deductible Medigap Plan G?
Medigap Plan G is available in high-deductible and standard options. The High deductible option comes with more affordable monthly premiums and is a great choice for seniors who don’t incur many medical expenses during the year.
How Much Does Medicare Supplement Plan G Cost?
According to data, the average nationwide monthly premium for Medigap Plan G in 2023 was $137 and should be close to that for 2024. Insurance companies frequently reset their rates in various states, offering you a chance to lower your monthly premium by applying with a different company if you qualify.
Call us today to see what your options are.
Medicare Part B Deductible for 2024
The only thing Medigap Plan G doesn’t cover is the Medicare Part B deductible.
In 2023, this deductible was $226 and should be slightly higher than that for 2024.
Medicare Plan F is the only Medigap plan offering Part B deductible coverage, but it comes with a higher monthly premium and is no longer available for new Medicare members.
What Were the Changes Made to Medigap Plans in 2020?
Medicare Plan G increased in popularity in 2020 due to Plan F and C no longer being available to new Medicare members eligible for the program after January 1, 2020. If you were eligible for Medicare before this date, you could still opt to take Plan C or F.
However, considering the savings you make on the monthly premiums, the option for the high-deductible Plan G, and the low cost of the Medicare Part B deductible, it’s worth considering Plan G over these alternatives.
If you currently have Plan F or C, you can choose to remain on your current plan or consider applying to switch to Medicare Plan G to save money. With the coverage Medigap Plan G offers, it could be well worth it to make the change.
If you’re interested in making the switch, contact us, and we’ll advise you if it’s the right move for your unique situation.
When Can I Sign Up for Medicare Supplement Plan G?
The 6-month Medigap Open Enrollment Period starts on your 65th birthday and ends six months after the date. To qualify, you’ll need to enroll in Medicare Part B.
If you enroll during this period, you can’t get denied access to a Medigap plan if you have pre-existing health conditions. Nor can the insurer charge you more for your monthly premium based on your health status.
If you enroll outside the open window period, the insurer may subject you to “underwriting.” The underwriting period may assess your health status and history to determine a suitable premium to the risk profile you present to the company. Or they have the option of refusing to insure you.
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Frequently Asked Questions
How Much Does Medicare Supplement Plan G Cost?
While the average cost for Medicare Plan G nationwide is $137, there are several factors that determine your own specific cost. You can view rates right now for Medicare Plan G in your area by entering your zip code above.
Get an Immediate Quote for Medicare Supplement Plan G
If you want to skip ahead and get right down to business, contact our team at 1-888-891-0229. We offer professional advice on Plan G.
We’ll show you the best insurers in your state and calculate the most affordable premium for your unique situation.
Or begin by entering your zip code above to see rates.
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.