Medicare Supplement Plan G - Everything you need to know

 

Only two of the numerous services that Original Medicare (Parts A and B) covers are hospital stays and doctor visits. However, deductibles, coinsurance, and copays can still be rather expensive. These coverage gaps are filled up by Medigap plans, commonly known as Medicare Supplements, which occasionally also provide other services. Except for Medigap Plan F, Medigap Plan G delivers a wider breadth of coverage.

What is Medicare Supplement Plan G?

There are now 12 Medicare plans available, but one offers the best coverage for Medicare beneficiaries just starting. Medicare Plan G is that program.

People on Medicare prefer Medicare Plan G to fill in the gaps in original Medicare since it has a single small deductible to pay each year and reasonably inexpensive rates. 

Original Medicare does not cover all medical expenses. However, it covers hospital stays, doctor visits, and associated services. The deductible will still apply, and copays or coinsurance costs might also apply.

Additionally, many treatments, including basic dental care, hearing aids, and medically unnecessary aesthetic operations, are not covered by Original Medicare. Depending on how much your treatment will cost, you could have high copays that break the bank or a high deductible that makes it difficult to pay for your care out-of-pocket.

Medicare Supplement Plan G Companies

A Medicare Supplement Plan G offered by one firm has the same coverage as a Plan G offered by a different company. However, they all have very different prices. And your rate will go up every year.

Over the past 12 years, Medisupps.com has assisted thousands of individuals in paying the lowest annual premium for Medicare Supplement Plan G coverage while receiving no payment from them.

The Leading Suppliers of Medicare Supplement Plan G:

• Aetna Medicare Supplement Plan G

• Mutual of Omaha Plan G

• Accendo Plan G

• Cigna Plan G

Aetna Medicare Supplement Plan G

Aetna has been a market leader in Medigap insurance for many years. This year, millions of consumers will join Aetna Medicare Plan G, which offers exceptionally competitive rates and a household discount. Aetna has many divisions that provide Medigap coverage in various states. Some of the names you may encounter are: 

• American Continental 

• Continental Life 

• Accendo 

• Aetna Health & Life

Mutual of Omaha Plan G

Mutual of Omaha, which has been in business for over 100 years, will be one of the finest firms for Medicare Plan G in 2023. They'll have some of the lowest rates in various states, as well as their standard household discount of up to 12%, which is typically available even if you only live with someone who isn't applying. Mutual of Omaha companies with somewhat different names, such as:

• United of Omaha 

• Mutual of Omaha

• Omaha Insurance Company

Cigna Medicare Plan G

While Cigna is unlikely to have the lowest rates in a significant number of states in 2023, there will be locations where they are highly competitive and worth considering. We'll compare prices in your region to determine which firm is the best fit for you. Cigna offers a household discount on its plans and goes by several different names:

• American Retirement Life Insurance Company

• Loyal American

• Cigna Health & Life Insurance Company

Accendo Medicare Plan G

Accendo made a big debut on the scene in 2020. Accedo, which is owned by CVS (as is Aetna), provided Americans on Medicare with yet another excellent Medigap insurance alternative. With relatively cheap rates, particularly for Medicare Plan N, and a stunning 14% household discount in many places, Accendo should remain a wonderful alternative for consumers on Medicare Plan G in 2023.

Medigap Plan G provides the following perks.

• After Original Medicare benefits are exhausted, coverage for an additional 365 days of hospital treatment is provided, as well as support for hospital coinsurance and deductibles.

•  Coinsurance and copays for Medicare Part B are covered.

• The first three pints of a blood transfusion are covered.

• The hospital copayment or coinsurance under Medicare Part A.

• Part A of Medicare has a deductible, but not Part B.

• Approximately 80% of international travel exchange.

• Care is provided in a skilled care facility.

What is the cost of Medigap Plan G?

Even though the plans are regulated by the government, the private health insurance firms that offer them decide the premiums for Medigap Plan G. Prices differ based on age, geography, cigarette usage, and other variables. Premiums for a nonsmoking 65-year-old in one sample California ZIP code (92589) in 2022 range from $122 to $206 monthly.

In 2022, certain states will also offer a high-deductible Plan G that gives the same benefits after a $2,490 deductible. Monthly rates in ZIP code 92589 range from $30 to $68 for the same 65-year-old nonsmoker. 

To find out how much Medigap Plan G costs in your region, go to in.gov. 

The optimum time to purchase your Medigap Plan G coverage is during the six-month open enrollment period, which begins the first month you receive Medicare Part B and are 65 or older. Companies cannot include your health state or medical history in your price during this time. After the term expires, it will never be repeated, and you may have to pay more or be denied coverage according to your health or medical history. 

Insurance firms in several areas provide Medigap policies to those under 65 who have a handicap and are eligible for Medicare. More information is available through your state's 8 or SHIP.

What other options are available?

Beneficiaries may choose from nine other plans, although Plans F, G, and N are the most common.

Plan F had the largest enrollment for several years, with more than half of policyholders covered from 2014 to 2017. Plans C, G, and N have all been well-liked options, with G and N gaining appeal concurrently.

In 2020, persons who became newly eligible for Medicare were not allowed to purchase Medigap Plans C and F. 

Plan F or C are still options if you are a current Medicare beneficiary. Plan G is frequently rejected in favor of Plans F and N. The most complete Medigap plan is Plan F, which is more expensive than Plans G or N and fully covers all Medicare coverage gaps. This indicates that beneficiaries of Plan F will not have to pay any copayments for goods and services that are covered by Medicare under Part A or Part B. Comparable coverage is provided under Plans G and F. You are in charge of the $233 Part B deductible under Plan G. Otherwise, the level of coverage is same to Plan F.

Plan N is the least priced of these three options, but it will cost you extra out of pocket. You must pay these three expenses that Plan F fully covers with Plan N: 

• Part B deductible of $233.

• Maximum of $20 for doctor visits and $50 for ER treatments.

• Exceeding Fees (if any).

Plan N may be more cost-effective for you if you prioritize preventative care, such as doctor visits, and don't anticipate needing more urgent medical attention.

Conclusion

Plan G provides the best coverage possible for routine checkups, urgent care, or chronic diseases. It is a comprehensive choice you must consider as an addition to your Medicare protection.