Everything You Need To Know About Medicare Supplement Plan G

Michael T. Braden, March 23, 2023 MEDICARE SUPPLEMENTS & MEDIGAP

Medicare Supplement Plan G and Medigap Plan G are the same thing. Medicare Plan G has been the Gold Standard for Medicare Supplements since 2020.

EVERYTHING YOU NEED TO KNOW ABOUT MEDICARE SUPPLEMENT PLAN G

IS MEDIGAP PLAN G THE SAME AS MEDICARE SUPPLEMENT PLAN G?

Yes, Medigap Plan G and Medicare Supplement Plan G are the same. When Medicare Supplement Plans were first introduced, they were marketed as a "way to fill in the gaps left over from Original Medicare," which is how they came to be referred to as Medigap Plans.

Currently, and since 2020, Medicare Supplement Plan G has been the most popular and the most purchased Medicare Supplement plan, and it is not even close. As of January 1, 2020, Medicare Supplement Plan F was the most popular plan; however, it is no longer available to anyone who was not 65 before 1/1/2020. Since then, Plan G has taken over. As of 2022, estimates indicate that Nationwide Plan F accounted for 53.2% of the Medicare Supplement Market, followed by Plan G at 37.9%, Plan N at 7.8%, and the remaining eight plans at 2.1%. Since the change in Plan F availability, nearly 70% of all Medicare Supplement policies sold are Plan G, and over 25% are Plan N.

WHAT EXACTLY IS MEDIGAP PLAN G & IS IT THE SAME AS MEDICARE SUPPLEMENT PLAN G?

Healthcare Professionals Consider Medicare Plan G the Gold Standard in Medicare Coverage. When Paired With Original Medicare, You Can receive Services From ANY Hospital and ANY Doctor in the US.

Yes, Medigap Plan G and Medicare Supplement Plan G are the same. When Medicare Supplement Plans were first introduced, they were marketed as a "way to fill in the gaps left over from Original Medicare," which is how they came to be referred to as Medigap Plans.

Currently, and since 2020, Medicare Supplement Plan G has been the most popular and the most purchased Medicare Supplement plan, and it is not even close. As of January 1, 2020, Medicare Supplement Plan F was the most popular plan; however, it is no longer available to anyone who was not 65 before 1/1/2020. Since then, Plan G has taken over. As of 2022, estimates indicate that Nationwide Plan F accounted for 53.2% of the Medicare Supplement Market, followed by Plan G at 37.9%. Plan N accounted for 7.8%, and the remaining eight plans accounted for 2.1%. Since the change in Plan F availability, nearly 70% of all Medicare Supplement policies sold are Plan G, and over 25% are Plan N.

The only difference (Besides Price) between Plan F and Plan G is that Plan F pays your Annual Part B Deductible ($226 in 2023) for you. If you have Plan G, you pay for this yourself. Medicare Plan G coverage is very similar to Plan F, which is no longer available to new Medicare enrollees on or after January 1, 2020.

PLAN G IS THE MOST COMPREHENSIVE MEDICARE OPTION AVAILABLE TODAY!

Plan G offers excellent value for Medicare beneficiaries willing to pay a small annual deductible. After that, Plan G provides complete coverage for all of the gaps in Medicare. It covers your Medicare Part A hospital deductible ($1,600.00), copays, and coinsurance. It also covers the 20% that Medicare Part B doesn’t cover. Doctors and other healthcare providers must accept a Medigap Plan G if they accept Original Medicare. Plan G policies can be used across the U.S. because they do not have network limitations, and premiums can be very reasonable for the coverage you receive.

Medicare Supplement Plan G covers your percentage of any medical benefit that Original Medicare covers, except for the outpatient deductible. It helps cover inpatient hospital costs, such as the first three pints of blood, skilled nursing facility care, and hospice care. It also covers outpatient medical services, including doctor visits, lab work, diabetes supplies, cancer treatment, durable medical equipment, X-rays, ambulance services, surgeries, and more. This means Plan G closes the coverage gaps of Original Medicare, and all Plan G products must provide you with the same coverage. Medicare pays first, then Plan G pays the remaining amount after you pay the once-annual deductible. In addition, Plan G Medicare Supplements offer up to $50,000 in foreign travel emergency benefits (up to plan limits).

SMALL DEDUCTIBLE = BIG SAVINGS WITH PLAN G

Medicare Plan G, also known as Medigap Plan G, is increasingly popular for several reasons. First, Plan G covers all gaps in Medicare coverage, except the annual Part B deductible. This deductible is only $226 in 2023. In fact, if you have a Plan F that has been in place for years, we can probably help you with premiums by looking at Plan G. When we help you shop rates at Boomer Benefits, we can often find a Supplement Plan G that saves quite a bit in premiums over Plan F, usually substantially more than the $226 deductible that you’ll pay out. You pocket the difference. Second, it has excellent coverage. For hospital stays, it covers all your hospital expenses. Most importantly, it pays the hospital deductible, which is over $1,600 in 2023. It also covers the high daily copayments you might incur for a hospital stay longer than 60 days. It provides an additional 365 days in the hospital after your Medicare benefits run out, and it covers your skilled nursing facility co-insurance, too.

Medigap G covers all but the first $226 in outpatient care expenses, which is the Part B annual deductible. You will pay that the first time you have outpatient care for that year. After that, Supplement G covers all the remaining charges. Medicare will pay 80% of your outpatient costs, including emergency care, and your Supplement will pay the other 20% for medical procedures. Once Medicare covers a service, the Medigap Plan G policy must pay the remaining balance. Medigap Plan G does not cover the Part B deductible or any service not covered by Medicare. For example, Medicare does not cover routine dental, vision, or hearing; therefore, Plan G won’t cover those services. If you are starting your research into Medicare Supplements, you might also read what Medicare covers before choosing which supplemental coverage is right for you.

Medicare Supplement G is more expensive than Plan N, simply because it covers more. It is our experience that clients are thrilled with everything they get from Plan G, which usually costs more than Plan N because it covers more. People appreciate the security and peace of mind that a comprehensive policy like Plan G provides. It isn't easy to put a price tag on peace of mind, but with Medicare Supplement Plan G, everyone is thrilled.

PREDICTABILITY, CALM, CONFIDENCE, KNOWLEDGE, AND NO STRESS IS WHAT PLAN G IS ALL ABOUT!

Most people do not like surprises, and they especially do not like surprise medical bills in retirement. With Plan G, you know you will never pay more than your Annual Part B deductible.

I like to use the example that your Plan G Premium is your Maximum Out-of-Pocket Expense, because once you pay your monthly premium for Medicare Supplement Plan G, you will never pay anything more than the Annual Part B Deductible, which was only $226 in 2023. Therefore, we are willing to pay the higher premium. Want to know which insurance companies offer the best Medicare Plan G policies?

Why You Should Consider Medicare Supplement Plan G. Lower premiums are a great start, but there is another reason why Medicare Plan G has become a consumer favorite. This is because Medigap Plan G is also a long-term rate saver. Medicare Supplement Plan G has a lower year-to-year rate increase trend than Plan F. In recent years, we’ve seen Medicare Plan G increase by 3% or less with some carriers. This is considerably lower than the year-to-year rate increases on Plan F.

Different ways to apply for a Medigap Plan G policy. Most enrollees will use the Medigap Open Enrollment period to apply for coverage. When you enroll during this window, you will not be required to answer health questions on the application, and the insurer cannot deny coverage. It is a six-month window from your Part B effective date. Those who qualify for Medicare before 65 due to disability will have an additional Open Enrollment window when they turn 65. However, you may be required to answer health questions, and your approval is not guaranteed outside that window. You may be denied coverage due to specific health conditions.

WHAT PLAN G COVERS

Medicare Supplement Plan G covers your percentage of any medical benefit that Original Medicare covers, except for the outpatient deductible. It helps cover inpatient hospital costs, such as the first three pints of blood, skilled nursing facility care, and hospice care. It also covers outpatient medical services, including doctor visits, lab work, diabetes supplies, cancer treatment, durable medical equipment, X-rays, ambulance services, surgeries, and more. This means Plan G closes the coverage gaps of Original Medicare, and all Plan G products must provide you with the same coverage.

Medicare pays first, and then Plan G pays the remaining amount after you pay the once-annual deductible. In addition, Plan G Medicare Supplements offer up to $50,000 in foreign travel emergency benefits (up to plan limits).

IF YOU ARE IN A HURRY AND HAVE DECIDED, PLAN G IS FOR YOU.

Please get in touch with Braden Medicare today. Our licensed agents can explain how this policy often keeps premiums lower over the long term and will meet your needs. We can also check Plan G rates from over 26 health insurance companies to see who offers the lowest rates in your area.

CLOSING ARGUMENTS

•  Plan G is typically the most cost-effective Medigap plan, as the only out-of-pocket cost is the Part B deductible. Overall, Plan N costs less with lower premiums. But it is best for people who visit the doctor 5 times or less annually.

•  As long as Medicare covers the service, Plan G will cover the remaining costs once the deductible is met.

•  If you don’t enroll in Plan G during your Medigap Open Enrollment window, you may need to answer health questions depending on where you live.