Is Medicare Plan G Going Away

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Medicare Plan G is definitely not going away, in fact, a new High-deductible version of Plan G was just recently added. Plan G is still the most popular Medigap plan with the most coverage.

 

Click below to learn more!

 

 

Medicare Plan G

 

Medicare Supplement PlansMedicare Plan G is now the most comprehensive plan offered by Medicare and has the best benefits for relatively low premiums.  However, there are some pitfalls you want to avoid when shopping for a plan G or any other Medicare supplement plan.

Some of those pitfalls include things like paying too much for premiums, as well as future rate increases.

Let’s discuss why Plan G is the most popular Medigap plan.

 

Medicare Supplement Plan G Benefits

 

So it’s very simple…Medicare plan G covers 100% of the gaps of Medicare part A and Part B after you just pay one small deductible.

So what are “gaps”?

Medicare Supplement Plans

 

Gaps are just expenses that you’re required to pay. These are items that Medicare part A and part B do not cover for you.

These expenses include things like:

  • Deductibles
  • Co-pays
  • Coinsurance

Prior to Medicare part B (Doctor’s services) paying any of your medical bills, you’re required to pay the Part B annual deductible.  In 2021 this deductible is $203, and in 2022 it will be closer to $210.

That simply means that you need to pay the first $203 of your medical bills and then Medicare and plan G will pick up 100% of the rest of your bills for the remainder of the year.

 

Medicare Plan F – Limited Availability

 

If you just turning 65 now or this is your first time coming onto Medicare, even though plan F is not available to you, you’re probably still wondering what it was and what happened to it.

And this is a good question considering it was the most popular plan for decades.

 

Still have a Plan F?

 

Also, I’m sure they’re a lot of folks are reading this who kept their Medicare plan F, and perhaps you’re looking to save money.

Medicare Supplement Plan fWell, Medicare supplement plan F pays 100% of the gaps in Medicare.  Including that Medicare part B deductible that you must pay on plan G.

While 100% coverage might sound good, in reality, Plan F is simply a waste of money at this point.

Compared to plan G you’re paying far too much for too little benefit on plan F.

 

Medicare part B deductible

The only difference between Plan G and Plan F is who pays the Part B deductible. Technically you pay the deductible with both. 

With Plan F, you pay higher premiums to have the deductible paid for you (with your money). On Plan G, you will get billed the deductible and pay it yourself.

So would you ever give someone extra money and hand over your checkbook to them to write the check? 

You can do this yourself and save money with Plan G.

 

Click below to view rates now for Plan G!

 

 

Medicare supplement rate increases

 

Rate increases each year for Medicare supplement plans are determined by the number of claims being paid out of the group you’re in, versus how many new premiums are coming in.

With Medicare Plan F, there are no new premiums coming because Medicare stopped offering the plan.

In this business, this is called a closed risk pool.

Medicare Supplement PlansBasically what it means is, they eliminated the half of the equation that helps keep a rate increase is lower.

If you only have claimed being paid out of the group, the rates have to go up.

This is because a certain percentage of every premium collected by an insurance carrier must go to pay claims, by law.

Therefore the rates need to be adjusted each year to match these numbers.

 

Higher claims equal higher premiums.

 

Plan G is here to stay!

 

medicare part g

So to answer the question, is Medicare plan G going away? Obviously, the answer is no!

Not only is it going away, but it is the most popular plan and will likely be for years to come.

The most important thing to keep in mind when shopping for Medicare supplement insurance is the fact that every single carrier has identical benefits within each plan letter that they offer.

 

What does that mean?

 

It means that a Medicare plan G from Mutual of Omaha is the exact same coverage as a Plan G from Aetna or any other company.

This is why they called Medigap plans are standardized.  They’ve all got the same coverage no matter which company offers them.

They can and do all have different premiums though!

Medicare Supplement PlansIn fact, the premiums from one company to another could be $100 or more difference per month.

Imagine choosing one company and never getting the rates from another, only to realize that you end up paying over $100 an extra month for the exact same thing?

That’s like that paying a $200 electric bill each month, only to find out you could have easily been with another company that only charged $100 per month.

Same electricity, way overpriced.

That’s why we’re an independent agency, and we shop for all of the top companies. To make sure you pay the lowest premiums.

Now, and for years to come.

So now it’s your turn! Let’s get you in the best spot with your Medicare supplement insurance today.

There’s no cost for our services, our clients love it, and you will too!

Call us today at 1-888-891-0229, or enter your zip code at the top of the page to get started!

 

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