What is Medicare Supplement “Medigap” Plan G?
Medicare Supplement (Medigap) insurance Plan G helps pay your out-of-pocket costs if you have Original Medicare. It is the most comprehensive of the eight Medicare Supplement plans available to people newly eligible for Medicare. Medigap Plan G is also an alternative to Medigap Plan F which is no longer available to new enrollees.
Medicare Plan G is the most popular Medicare Supplement with our clients, it offers a lower monthly premium than a Plan F with mammal and predictable out-of-pocket costs. For those people who joined Medicare after January 1, 2020, this is the most comprehensive Medicare Supplement available to purchase.
What Does Medigap Plan G Cover?
What Medicare Supplement Plan G Covers
- Medicare Part A coinsurance and hospital costs up to an additional 365 days after Original Medicare benefits are used up
- Medicare Part A deductible – $1,556 in 2022 (for each benefit period)
- Medicare Part A hospice care coinsurance or copayment
- Medicare Part B coinsurance – usually 20 percent of the Medicare-approved cost
- Medicare Part B copayments – a fixed dollar amount your doctor or other health care provider charges
- Medicare Part B excess charges – the amount a doctor or other health care provider can charge you over and above the Medicare-approved amount that a doctor can legally charge you for service
- Skilled nursing facility care coinsurance
- The first three pints of blood needed for medical procedures each year
- 80 percent of your medical costs if you receive emergency medical care while traveling in a foreign country (up to your plan’s limits)
How Much Does Medigap Plan G Cost?
You will have to pay a monthly premium for your Medigap Plan G policy. How much you pay depends on several factors, including your state of residence and your age at the time you purchase a Medicare Supplement plan. The cost of your monthly premiums can vary from one insurance company to another. These companies use several methods to set their rates.
What is High DeductibleMedigap Plan G?
Medigap Plan G high-deductible policies are also available in some states. These typically allow you to pay lower monthly premiums if you are willing to pay more out-of-pocket costs yourself.
High-deductible plans require you to pay $2,490
You should compare your annual premium payments against your potential Plan G deductible — and consider your health care needs — to determine whether a high-deductible policy is the best choice for you.
