Medicare Supplement G
Coverage Details: Medicare Supplement Plan G covers all gaps between what original Medicare pays and the amount doctors & hospitals charge, except for the Medicare Part B deductible. The Part B deductible is an annual, calendar year deductible that can change over time. Over the past few years the Part B deductible has ranged from $147 per year to $165 per year. The amount is determined by the Center for Medicare services and changes slightly every year, depending on the financial health of the Medicare program. Despite not covering the Part B deductible, Plan G is an excellent choice as those who purchase this plan pay nothing for inpatient hospital stays, nor do they pay the 20% part B co-insurance.
Most Affordable Option: Overall, Medicare Supplement Plan G is the most affordable option in many areas of the country. The difference in premium on an annual basis between Plan F and Plan G is often greater than the Part B deductible, which is the only difference between the benefits offered by Plan F and those offered by Plan G. For example, if Plan G is $100 per month and Plan F is $120 per month, Plan G would be the more affordable option because you would save $240 per year and only have to pay a $147 deductible. Apples to apples you would save $93.
Price Increases: Another benefit to purchasing Medicare Supplement Plan G is that price increases are often less than those incurred with Plan F. Plan G is not a guaranteed issue plan for many companies, which means you cannot purchase it without answering health questions if you are beyond your open enrollment period (turning 65). This is important to know because most people who purchase plans beyond 65 using a special guaranteed issue period have pre-existing health conditions. When there are a large amount of people with pre-existing conditions purchasing a particular plan, such as plan F, there are more claims against the policies. Higher levels of claims mean higher price increases for everyone who has purchased the plan. Plan G is not a guaranteed issue plan in many cases, meaning there are fewer price increases.
Quotes: On average, the price for Medicare Supplement Plan G is approximately $165 per month. However, people who are turning 65, or who live on the west coast or the mid-west will find their premiums are significantly lower. In some states you will find the premiums for Plan G are approximately $12 to $13 cheaper than Plan F, which is the exact amount of the annual part B deductible if you divide it into 12 months. While not every insurance company offers Plan G, there are many who do. You can contact these companies directly via phone to get quotes or you can get quotes online or via email by clicking the “Get a Quote” button to the right.