Medicare Supplement Plan G Pros and Cons

Medigap Plan G has become an attractive option for beneficiaries looking for comprehensive coverage and financial peace of mind.  Let’s take a closer look at the pros and cons of selecting Plan G for your healthcare needs.

  • Plan G Pros
    • Plan G is experiencing the most rapid growth among Medigap plans, according to research conducted by AHIP
    • offers complete network freedom in your choice of doctors
    • covers the medical cost “gaps” left by Original Medicare
  • Plan G Cons
    • higher monthly premiums than Plan N
    • does not cover the Part B deductible
    • not available in all states
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Pros of Medicare Plan G

1. Comprehensive Coverage

One of Medicare Plan G’s most significant advantages is its comprehensive coverage. Plan G covers most of the “gaps” left by Original Medicare Part A and B, including inpatient hospital stays, doctor visit copays, outpatient medical tests, and preventive care.

Additionally, Plan G covers skilled nursing facility care coinsurance, the Part A deductible, Medicare Part B coinsurance, Medicare Part B excess charges, and 80% of the cost of emergency care for medical services when traveling.

2. Lower Out-of-Pocket Costs

With Medigap Plan G, you’ll have lower out-of-pocket costs than with other Medigap policies. The only out-of-pocket expenses you’ll have to pay are the annual Part B deductible of $226 in 2023. This means you won’t have to worry about unexpected medical expenses that may cause a strain on your budget.

3. No Network Restrictions

Unlike Medicare Advantage plans, Medicare Plan G has no network restrictions. You can visit any doctor or healthcare facility that accepts Medicare. This gives you greater flexibility when choosing your healthcare providers.

Cons of Medicare Plan G

1. Higher Monthly Premiums

Medicare Plan G’s comprehensive coverage does come at a price. It has higher monthly premiums than other Medicare plans, such as Plan N or Plan K. However, the lower out-of-pocket costs and comprehensive coverage may offset the higher premium costs.

2. No Coverage for Medicare Part B Annual Deductible

Although Plan G covers most out-of-pocket costs, it doesn’t cover the Medicare Part B deductible amount. You’ll have to pay $226 in 2023 before your benefits kick in.

3. Not Available in All States

Medicare Plan G isn’t available in every state, which means you won’t be able to choose this plan if you live in some regions of the country. However, most states offer Plan G, so it’s worth checking with multiple private insurance companies to see if it’s available in your area.

4. Does Not Cover Prescription Medications

Finally, it’s important to note that Plan G doesn’t include prescription drug coverage, so you must purchase a separate Medicare Part D drug plan if you need prescription coverage. This can add expense and complexity to managing your healthcare, so it’s important to factor this into your decision-making process.

Bottom Line

Medicare Supplement Plan G is a comprehensive plan that provides excellent coverage for seniors who need medical care. Lower out-of-pocket costs, comprehensive coverage, and no network restrictions make it an attractive option.

However, weighing the pros and cons of Medicare Plan G before choosing a plan that suits your needs and budget is essential. We hope this guide has helped you better understand the benefits and limitations of Medicare Plan G.

Article sources: Medicare Plan G Reviews – Choosing A Medigap Policy

FAQs

  • Does Medicare Plan G cover all medical expenses?

    No, Medicare Plan G does not cover all medical expenses. It covers most of the costs associated with Original Medicare Part A and Part B, including hospital visits, doctor visits, and preventive care. However, it does not cover some items, such as prescription drugs or long-term care.

  • Is Medicare Plan G expensive?

    The average monthly cost of Medicare Plan G for a 65-year-old is $132.25. These prices may vary among insurance companies due to different pricing methods.

Ready to Learn More?

Choosing the right Medicare plan is not a decision that should be taken lightly. With extensive experience assisting Medicare beneficiaries, we understand no “ideal” Medicare Supplement plan exists. When you work with Policy Guide, you will have access to the knowledge and expertise of professional agents who can help you compare different health plans, quotes, and policies to ensure that you make an informed decision. Let us guide you through this process so your policy choice best suits your needs.

Mark Prip

Since 2003, Mark Prip has been leading  Policy Guide, Inc., providing knowledgeable information about Medicare, life insurance, and dental coverage to clients in over forty states. With his unparalleled hands-on experience aiding countless Medicare beneficiaries in selecting an appropriate health plan, he is a prime example amongst other competitors for expertise and assistance. Mark has held his Florida Health & Life Insurance License (E051889) since 2003. View his license profile on the Florida Department of Insurance website.