What is Medicare Plan G?

Medicare Supplement Insurance, also known as Medigap, is a type of private health insurance that helps fill in the gaps left by Original Medicare (Medicare Part A and Part B). Medicare Supplement plans are designed to cover certain out-of-pocket costs that Medicare beneficiaries would otherwise have to pay, such as deductibles, coinsurance, and copayments.

Medicare Supplement Insurance Plan G:

Medicare Supplement Insurance Plan G is one of the standardized Medigap plans available in most states. Plan G offers a comprehensive set of benefits to help cover expenses not covered by Original Medicare. It's worth noting that while Medigap plans are standardized in terms of coverage, the costs can vary depending on the insurance company and location.

Deductible for Medicare Supplement Insurance Plan G in 2023:

$226 – the annual Part B deductible in 2023 is what you will pay for your Plan G deductible. However, Plan G does not have its own deductible separate from the Part B deductible. There is also a High Deductible Plan G which has a deductible of $2,700 in 2023. 

Coverage of Medicare Supplement Insurance Plan G:

Medicare Supplement Insurance Plan G covers the following expenses:

1. Medicare Part A coinsurance and hospital costs.
2. Medicare Part B coinsurance or copayment (except for a small copayment for certain office visits).
3. Blood (first three pints).
4. Part A hospice care coinsurance or copayment.
5. Skilled nursing facility coinsurance.
6. Part A deductible.
7. Part B excess charges (charges from providers who don't accept Medicare assignment).
8. Foreign travel emergency coverage (up to plan limits).

Difference between Medicare Supplement Plan F and Plan G:

Medicare Supplement Plan F used to be the most comprehensive Medigap plan, covering all of the out-of-pocket costs that Original Medicare doesn't cover. However, as of January 1, 2020, Plan F is no longer available to newly eligible Medicare beneficiaries. Those who were eligible for Medicare before that date can still enroll in Plan F.

Plan G is often considered the next best option to Plan F. The main difference between Plan F and Plan G is that Plan G does not cover the Medicare Part B deductible, while Plan F used to cover it. Since the Part B deductible is typically an annual expense that is lower than the difference in premium between Plan F and Plan G, many individuals find that Plan G offers better value in terms of cost versus coverage.

It's important to compare the available Medicare Supplement plans in your area, consider your health needs and budget, and make an informed decision based on your individual circumstances.