Medigap Plan G is a Medicare supplement plan that offers eight of the nine available benefits, making it one of the most comprehensive Medigap plans.
Medicare supplemental insurance, or Medigap, plans sold by private companies to help cover Original Medicare costs, such as:
- deductibles
- copayments
- coinsurance
Medicare supplement Plan G is a Medigap plan for people with Original Medicare that may help lower out-of-pocket costs. Medigap Plan G also covers additional costs that Medicare doesn’t, including if you need medical care during international travel.
Keep reading to learn more about Medigap Plan G and what it covers and doesn’t.
Private health insurance companies sell Medicare supplement plans, which people call Medigap plans. These plans help reduce out-of-pocket expenses and sometimes pay for services that Medicare doesn’t cover.
The federal government requires private insurance companies to standardize Medigap plans. Exceptions exist for Massachusetts, Minnesota, and Wisconsin, who standardize their plans differently.
Most companies name the plans by uppercase letters A, B, C, D, F, G, K, L, M, and N.
Healthcare costs that Medigap Plan G covers include:
- Medicare Part A coinsurance and hospital costs up to 365 days after using up your Medicare benefits
- Medicare Part B coinsurance or copayments
- first 3 pints of blood for transfusions
- Medicare Part A hospice care coinsurance or copayments
- skilled nursing care facility coinsurance
- Medicare Part A deductible
- Medicare Part B excess charges
- foreign travel exchange of up to 80%
The only cost that Medigap Plan G doesn’t cover is the Part B deductible.
Because Medigap Plan G offers the same coverage no matter what insurance company provides the plan, the main difference is cost. Insurance companies don’t offer the plans at the same monthly premium, so it pays to shop around for the lowest-cost policy.
Factors that go into what an insurance company charges for Plan G typically include:
- your age
- your overall health
- your ZIP code
- if the insurance company offers discounts for certain factors, such as being a nonsmoker or paying yearly instead of monthly
Once you choose a Medicare supplement plan, the deductibles can increase yearly. However, some people find it hard to change their coverage as they age, as premiums are more likely to increase. Switching plans may cost more.
Because Medigap Plan G is one of the most comprehensive plans, health insurance companies may increase costs over time. However, competition in the insurance marketplace may help keep prices down.
Medigap Plan G might be a good fit if you’re new to Medicare as of 2024 and want the most comprehensive Medigap coverage available.
However, it’s also usually the most expensive Medigap coverage, and costs can continue to increase yearly.
Tips for how to shop for a Medigap plan
- Use Medicare.gov’s tool to find and compare Medigap policies. Consider your current monthly insurance costs, how much you can afford to pay, and if you have medical conditions that may increase your healthcare costs in the future.
- Contact your State Health Insurance Assistance Program (SHIP). Ask for a rate-shopping comparison guide.
- Contact insurance companies recommended by friends or family (or companies you have used in the past). Ask for a quote for Medigap policies. Ask if they offer discounts you may qualify for (such as being a non-smoker).
- Contact your State Insurance Department. Ask for a list of complaint records against insurance companies, if available. This can help you weed out companies that may be problematic to their beneficiaries.
Medicare supplement Plan G, or Medigap Plan G, is now the most comprehensive Medicare supplement plan health insurance companies offer.
The plan can help reduce your out-of-pocket costs when you have Original Medicare.
If you purchase a Plan G policy, enrolling during your open enrollment period is likely the most cost-effective option.