Medicare Supplement Plan G is one of the ten standardized plans available.
It’s offered in every state excluding Massachusetts, Minnesota and Wisconsin. These states offer their own versions.
The plans are sold by private insurance companies and all offer the same benefits for the same letter plan.
The only difference is the Medicare Supplement Plan G prices will vary per carrier.
So, regardless of what carrier you choose to go with, you’ll receive the same benefits you would with any other carrier for that letter plan.
Plan G is sometimes referred to Medicare Part G, but please know they’re all the same thing.
These plans were designed to compliment Original Medicare, not substitute it.
Medicare Supplement Plan G Benefits
Plan G and Plan F are the only plans that cover excess charges from Medicare Part B. Part B also covers Durable Medicare Equipment.
Medicare has an approved amount for medical services, anything outside these Medicare approved charges are called excess charges.
So if your physician chooses not to accept the amount approved by Medicare, he/she is allowed to charge up to an additional 15%. Medicare coverage will pay 80% of the total approved charge and you’re responsible for the remaining 20% PLUS any excess charges added.
For example, if Medicare has an approved amount of $200 for a medical service and your doctor chooses not to accept that amount, he/she can charge up to $230 for that service.
That would make you responsible for 20% of the $200 approved by Medicare coverage plus the excess charge of $30.
Bringing your total out-of-pocket costs to $70. Medicare Supplement Plan G benefits would cover that out-of-pocket cost for you.
What’s Not Included in Medicare Supplement Plan G Coverage
An important fact to note is that these supplemental plans do NOT include prescription drug coverage.
To get prescription drug benefits you would need to enroll in a stand alone Medicare Prescription Drug Plan.
Also, a supplement plan will not work with a Medicare Advantage Plan. It’s illegal for anyone to sell you a supplement policy if you have a Medicare Advantage Plan.
The exception to this rule is if you’re switching back to Original Medicare benefits, then you can apply for a supplement plan to get the coverage you need.
Medicare Supplement Insurance Plan G
Why might this plan be the top Medicare Supplement insurance plan option for your individual healthcare needs and budget?
Medicare Plan G has shown to have a lower rate increase trend from year to year compared to other plans.
This means in addition to it’s lower premiums, it’s also a long-term rate saver.
If you happen to be switching from Plan F to Plan G and your Part B deductible has already been paid for the current calendar year, you don’t have to pay that deductible until next year!
When to Sign Up for Medicare Supplement Plan G
The best time to sign up for Medicare Supplement Plan G is during your Open Enrollment Period. This is a six month period that starts when you are 65 years or older AND are enrolled in Part B.
When you enroll during this six month period your granted what’s called guaranteed issue.
This means you can enroll in any plan offered by any carrier. You can’t be turned down for any health reasons or charged a higher premium due to a pre-existing condition.
If you enroll after this Open Enrollment Period has ended, carriers can require underwriting or deny you coverage due to health issues.