Medigap Plan G is quickly becoming the most popular Medicare supplement plan on the market. While Plan F offers slightly more coverage, Plan G is a great option for Medicare beneficiaries who are searching for comprehensive benefits. Since Plan F is not available to anyone who turns 65 after January 1, 2020, Plan G is the next best option for nearly full coverage.
Like the other supplement plans, the goal of Plan G is to fill in the gaps left by Original Medicare. Medigap Plan G is nearly identical to Medigap Plan F, except it does not pay the Part B deductible. Medicare beneficiaries enrolled in Plan G will only pay the plan’s premium and the $226 Part B deductible.
Individual premiums will vary based on which state the individual is seeking coverage in, which carrier they’re purchasing from, and also individual factors like gender, age, tobacco use, and a few other details. The average cost for Plan G ranges from $100-$200 each month. In general, Plan G premiums are higher in states who have a higher cost of living.
So far, Plan G has had a slower rate increase history than Plan G. Since the premiums are lower, beneficiaries may actually pay less overall, even though they are responsible for the Part B deductible.
The only deductible Plan G members will be responsible for is the annual Part B deductible. In 2023, that deductible is $226.
Medigap plans often increase each year, but the increase will depend on which pricing method your insurance carrier uses. Generally speaking, the premium usually increases with age. In the last five years, Plan G rate increases have averaged between 2% and 6%.
When first enrolling in a Medigap plan, it’s important to look at the history of rate increases with each carrier. One insurance company might be offering a lower rate now, but if they have a history of increasing their rates at rapid speed, they may quickly become more expensive than other carriers. Our agents will look at the history of rate increase with any of the insurance companies we recommend. It’s just another part of our service that we offer completely free of charge.
Plans F and G are very similar in coverage. The only difference between the two is that Plan F pays the Medicare Part B deductible. However, since Plan G has lower premiums, it may actually cost less to have Plan G, even if the member does have to pay the Part B deductible. Of course, we’ve also mentioned that Plan F is only available to those who turned 65 before January 1, 2020.
There is a lot of information about each plan online, but to get an accurate quote, you’ll need to enlist the help of a licensed Medicare agent. Instead of calling each insurance carrier to get a quote, we can compare premiums across many different carriers, ensuring that you enroll with one that gives you the best rate.
We’ll need to collect some information from you in order to provide quotes since your premium is based on your information and health history, but our services come at no additional cost to you! If you choose to enroll in a Medigap plan through our agency, we also offer unlimited support. If you have problems with your coverage or have questions about how your plan works, we will be here to help.
Plan G will cover some medications that are administered while under inpatient and that are also covered under Medicare Part B. For any other prescription medications, individuals will need to enroll in a stand-alone Part D prescription drug plan.
The answer depends on the state. The federal Medicare program itself does not require insurance companies to offer it to those under 65, but some states require that any insurance company who offers Medigap plans to offer at least one of the Medigap options to individuals under 65. (Most often, the insurance company will choose to offer Plan A since it has the most basic benefits.) Also, most states charge higher premiums for people under 65.
Generally speaking, yes, the premiums for Plan G will be cheaper than the premiums for Plan F. Individuals considering one of these two plans should take into consideration the difference between the premiums and the cost of the Part B deductible.
