Medicare Supplement Plan G, also called Medicare Part G, is one of the most popular kinds of Medicare Supplement (a.k.a. Medigap) insurance offerings, second only to Plan F in terms of comprehensive coverage.
This is great news for people who are looking to fill gaps in their existing Medicare coverage. Of course, like all of the 10 Medigap plans available in most states, Medicare Plan G is not going to be right for everyone. That’s why we’re here: to help you see if it’s a good fit for you.
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You may notice that Medicare Supplement Part G does not cover Medicare Part B deductible, which means you will have to pay for medical supplies and services out-of-pocket until your deductible limit is reached—and the Part B deductible limit changes from year to year. For instance, the 2021 limit is $203.
The only two plans that do offer Part B deductible coverage are Part C and F, but these plans aren’t available to people who qualified for Medicare on or after January 1, 2020.
However, if you applied before this date or acquired Plan F or C before the date, you may be able to keep your coverage.
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As mentioned in our list, Medicare Part G does cover Part B excess charges (like copayments and coinsurance). These excess charges are the difference between what Original Medicare covers and what your health care provider charges for the service.
Where are these excess costs coming from?
Not all doctors accept Medicare’s approved fee schedule (which regulates what health care providers can charge for services covered by Medicare). In this case, you may have to pay for the extra charge. The good news is that health care providers are, by law, prohibited from charging you more than 15% in excess.
The cost of Medicare Part G premiums can vary widely depending on the state you live in, your gender, and whether or not you smoke. The premiums can range from $99 to almost $500 based on these factors, so it’s important to find out your premiums before deciding if Medicare supplement Plan G is right for you.
On top of the premiums, you’ll need to pay the Part B deductible, but after that, there are almost no out-of-pocket costs for any treatment or services.
If you don’t spend much time at the doctor’s office and are otherwise healthy, you can likely do without Medicare Part G coverage. However, if you have considerable health care costs, Medicare Part G can help you protect your wallet while prioritizing your well-being.
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First, understand that all Medicare is regulated, so you will always get the same coverage, no matter where you purchase the plan from. This said the price and availability can vary based on insurance company and location, making shopping around just as important as when you’re looking for any type of insurance.
The best way to get affordable Medicare Part G coverage is to request a quote from us. Using the information you provide, we’ll set you up with the best comparison quotes for your Plan G insurance. An agent will contact you personally to answer any questions you have and walk you through your options.
Whether or not Medicare Part G is right for you depends on your individual healthcare needs and your budget for insurance premiums. Supplemental Medicare Plan G is considered one of the Medigap plans with the best coverage, so premiums are higher than original Medicare. However, you do get more coverage and pay almost no out-of-pocket fees, so it might make more sense for your needs.
It’s also important to note that while you might be in great health now, things could change down the line, at which point it might be more expensive to get more coverage. Locking in a great plan while you’re health can be a smart idea.
Plan F has the most coverage, because it covers your Plan B deductible. Plan G is the second most comprehensive plan.
Medicare Part G cost started around $200 and went up to $473. Prices will vary from year to year, however. Get a quote to see how much it will cost you.
Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
