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Medigap Plan G

What You Need to Know

If you’re considering applying for a Medicare Supplement plan, you might want to give Medigap Plan G serious consideration. It’s very similar to Medigap Plan F, but some beneficiaries prefer it due to lower premiums.

Medicare Supplement Plan G is one of 10 Medigap plans available to beneficiaries of Original Medicare Parts A and B. You become eligible for Medigap at age 65, just like with Original Medicare.

CMS Medsup Comparison Chart

All Medigap plans are standardized according to the federal government and the Centers for Medicare and Medicaid Services (CMS). Every Medigap policy must follow federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can sell you only a “standardized” policy identified in most states by letters.

Each insurance company decides which Medigap policies it wants to sell, although state laws might affect which ones they offer.

Medigap Plan G Offers Comprehensive Coverage

If you decide to apply for Medicare Supplement Plan G, you’ll get plenty of extra benefits over Original Medicare. The plan covers 100 percent of your Part A hospital costs and coinsurance, Part B coinsurance or copayments, first three pints of blood, hospice care copayments or coinsurance, skilled nursing facility coinsurance, Part A deductible, and Part B excess charges.

Additionally, Medigap Plan G covers 80 percent of costs related to foreign travel emergency. If you’re thinking of planning a post-retirement trip to Paris or the Caribbean, you might feel safer knowing you won’t have to cover big medical bills should you get sick or injured while overseas.

Medigap Plan G Differs Only Slightly From Medigap Plan F

Medigap Plan F is the most comprehensive and popular Medicare supplemental insurance plan. It’s almost identical to Medigap Plan G, though, except that Medigap Plan F also covers your Original Medicare Part B deductible.

A deductible is the amount of money you must pay annually before your insurance company will begin taking care of the bills. As of 2018, the Original Medicare Part B deductible is just $183.

Comparison Shop Before Making a Decision

Conducting some comparison shopping can help you decide whether Medigap Plan G will meet your needs.

Let’s say, for example, that you use Ensurem’s Medigap Quoter to get quotes from insurance companies in your area. You tick the boxes for Plans F and G.

Medicare Supplement Quoter

When Ensurem lists the quotes from various insurance companies offering those plans in your zip code, you can compare the premiums.

We’ll use these two examples for comparison:

Medicare Supplement Quote Comparison

The first example is from Plan F, while the second is from Plan G.

In this example, Medigap Plan F would cost $2,002.20 per year, while Medigap Plan G would cost $1,194.72 per year, with a difference of more than $800. That’s far more savings than the Original Medicare Part B deductible of $183, so Medicare Supplement Plan G might be the best choice.

Comparing Medigap plans allows you to make an educated choice about your finances and healthcare after you turn age 65. Don’t miss the opportunity to compare premiums side-by-side using the Medigap Quoter.

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