When it comes to choosing the right Medicare supplement plan, can be a complex and confusing process. There are many different options available, each with its own set of benefits.
In this article, we’ll look at Medicare Plan G pros and cons, allowing you to make an informed decision on whether it’s the right plan for you.
What does Medicare Plan G Cover?
Medigap Plan G is the most comprehensive plan available for people new to Medicare. This is especially because Medicare Plan F is no longer available to anyone new to Medicare after January 1st of 2020.
It pays most of the costs associated with Medicare Part A and B approved expenses.
In fact, with Plan G there is only one out-of-pocket expense that you need to pay which is the Part B annual deductible each year.
 
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Medicare Plan G Benefits
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 or any of the Medicare Supplement plans, doesn’t provide cover for your prescriptions, preventative treatment like acupuncture, cosmetic procedures, or costs associated with vision, dental, and hearing.
The Top Medicare Supplement Plan G Pros and Cons
We like to inform you of all the benefits of each Medicare Supplement Plan letter, as well as any potential disadvantages that you need to be aware of.
Here at Medisupps.com, we do help people enroll in Medicare Supplement Plan G more than any other plan letter, due to its excellent coverage of the gaps in Medicare (aside from just the Medicare Part B deductible), and its relatively low monthly premiums.
Medigap Plan G, or any of the Medicare Supplement plans, doesn’t provide cover for your prescriptions, preventative treatment like acupuncture, cosmetic procedures, or costs associated with vision, dental, and hearing.
Medicare Supplement Plan G Pros
Plan G offers Medicare beneficiaries some of the most comprehensive coverage for their annual medical expenses.
· Insurers cannot deny you a Plan G policy if you enroll in the six months after you become eligible for Medicare (6-month Medigap open enrollment period)
· Medigap Plan G covers all inpatient and outpatient medical costs associated with your care and treatment, except for the Part B deductible ($240 in 2024).
· 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 Medicare Supplement Plan G options in many states and with many insurance providers.
· You don’t have to undergo medical underwriting if you apply in the first six months after your Medicare Part B effective date.
· Medigap Plan G is guaranteed renewable and your policy can never be canceled unless you do not pay your monthly premium
Medicare Supplement Plan G Cons
· Unlike Medicare Plan F, Plan G doesn’t cover the 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 you do not meet their medical requirements
· Medicare Plan G typically has higher annual rate increases over plans such as Plan N
· Plan G policy premiums can differ depending on the state and are higher than lower-cost plans such as Plan N
· Not all insurers offer a high-deductible Plan G in all states.
· Medigap Plan G doesn’t cover preventative treatments like acupuncture, prescription drug coverage, hearing, vision, and dental.
· Unlike Medicare Plan F, Plan G doesn’t cover the 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 you do not meet their medical requirements
· Medicare Plan G typically has higher annual rate increases over plans such as Plan N
· Plan G policy premiums can differ depending on the state and are higher than lower-cost plans such as Plan N
· Not all insurers offer a high-deductible Plan G in all states.
· Medigap Plan G doesn’t cover preventative treatments like acupuncture, prescription drug coverage, hearing, vision, and dental.
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Annual Medicare Part B Deductible
Medicare consists of two major parts, which are Medicare Part A (hospital coverage) and Medicare Part B (doctor’s services).
Prior to Medicare Part B paying anything, everyone must pay the annual deductible each year. This needs to be met just once per year by Medicare beneficiaries, after which any Medicare supplement plan that one has will begin paying.
How Much is the Deductible?
The Medicare Part B deductible is $240 for 2024. This means that individuals will need to pay the first $240 of their medical expenses in 2024 before Medicare Part B coverage kicks in.
After that, Medicare Supplement Plan G would pay the difference between all the gaps in Original Medicare.
How the Medicare Part B Deductible Works with Original Medicare
Prior to receiving any coverage from Medicare Part B to help pay your doctor’s bills, you will be responsible for paying the deductible and a portion of the cost of the service through coinsurance.
It is important to note that the Part B deductible is an annual deductible, which means that it must be met each year. Once the deductible has been met, Medicare Part B will cover 80% of all Medicare-approved doctor’s bills. The remaining 20% needs to be paid by the Medicare beneficiary, either as an out-of-pocket expense or paid from a Medigap plan. The annual Part B deductible resets each calendar year and is only paid once per year, not per occurrence.
The annual Medicare Part B deductible amount changes slightly each year, often going up a few dollars. We’ll watch closely and keep you informed of the amount for 2024, though we expect it to be close to the amount in 2023.
Medicare Supplement Plan G Costs
It’s important to understand that all Medigap Plans are standardized by the federal government. This means any Medicare Supplement plan letter from one company must contain the same benefits as another.
For example, Medicare Supplement Plan G from Mutual of Omaha is the same plan with the same coverage as Plan G from Allstate.
The cost of Plan G from each company, can and often is entirely different, for the exact same coverage!
Medigap Plan G costs range from $100 – $300 or more, depending on factors such as age, gender, tobacco use, zip code, and if any household discounts are applied.
We help you shop the rates for Medicare Supplement Plan G to make sure you don’t overpay each year, and our service is entirely free.
Average Cost of Medigap Plan G
The average cost of Medicare Plan G varies depending on a number of factors, including:
- Age
- Zip code
- Gender
- Tobacco use
- Any household discounts applied
The monthly premium for Medicare Plan G ranges from $100 to $150. It is important to keep in mind that this is just the monthly premium and does not include any other costs associated with Medicare, such as the Medicare Part B premium.
No Medicare Supplement includes prescription drug coverage or dental coverage.
Comparison to Other Medicare Supplement Plans
When compared to other Medicare supplement plans, Medicare Plan G is often considered to be one of the most cost-effective options available. For example, it is often less expensive than Medicare Plan F, which is another popular Medicare supplement plan.
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Medicare Plan G vs Plan N
The two most popular Medicare Supplement plans right now that new Medicare beneficiaries enroll in are Plan G and Medicare Supplement Plan N. These plans are very comprehensive when it comes to paying medical bills and the gaps in Original Medicare.
Medicare Supplement Plan N has lower monthly premiums than Plan G, but it also provides slightly less coverage. For example, with Plan N you still must pay the Medicare Part B deductible as you do with Plan G.
After that deductible is met on Plan N, you might have:
- A copay of up to $20 for each doctor’s visit
- A $50 copay if you visit the emergency room and you are not admitted
- Plan N doesn’t cover Part B excess charges
Despite these potential out-of-pocket costs, Medicare Plan N is a great option due to those lower monthly premiums. For healthy people who still want great healthcare coverage in place, Plan N is an excellent option.
Medicare Supplement Plan G vs a Medicare Advantage Plan
With a Medicare Supplement Plan G policy, you remain with Original Medicare as your primary health insurance. This offers extremely comprehensive coverage considering once the Annual Medicare Part B deductible is met, Medicare Part B begins paying 80% of your doctor’s bills.
Medicare Plan G then pays the remaining 20% as well as any other deductibles, copays, and coinsurance.
A Medicare Advantage plan is an entirely different product from a Medicare Supplement. With a Medicare Advantage plan, you opt out of Original Medicare and enroll for your coverage with one of the private insurance companies that offer these plans.
Medicare Advantage plans have networks as well, as these plans are often HMOs or PPOs. A referral for a specialist is needed in most cases as well, and coverage obtained outside of the Medicare Advantage plan network typically has a higher cost.
People enrolling in a Medicare Supplement do not need to worry about networks, as the federal Medicare program is nationwide, and Medicare Supplement plans work right alongside them.
How to Enroll in a Medicare Supplement Plan
As mentioned, each Medicare Supplement plan is the same regardless of which company offers it. But their rates are all different, so it’s very easy to overpay.
The easiest way to get started in making sure you pay the least amount possible for the best plan to fit your needs is to give us a call today. Our licensed insurance agents can help answer all your questions about Medicare, then shop the rates from the top insurance companies in your area.
To get started, call us today.
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.