The two most popular plans today are Medigap Plan G and Medigap Plan F. Let’s take deeper dive into these two plans and what kind of coverage they can offer their members.
Medicare supplement plan G
Medigap Plan G is nearly identical to Plan F, except that it does not pay the Medicare Part B deductible. However, it is still a popular, comprehensive Medigap option.
Plan G includes:
- Part A coinsurance and up to an additional 365 days of hospital costs after Medicare benefits are exhausted
- Part B coinsurance/copayment
- Blood (3 pints)
- Part A hospice coinsurance/copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B excess charge
- 80% of foreign travel exchange
- No out-of-pocket limit
View the whole comparison here: Medigap policies compared
Eligibility for Medigap plan G
Everyone who is eligible and enrolled in Medicare Parts A and B is eligible for Plan G. Even those who are eligible for Plan F may want to consider switching to Plan G as it will have lower premiums. The difference in premiums may even completely offset the fact that individuals with Plan G will have to pay the Part B deductible.
Medigap plan F
Medigap Plan F is a Medicare Supplement Insurance plan that’s offered by private companies. It covers “gaps” in Original Medicare coverage, such as copayments, coinsurance, and deductibles.
Plan F offers the most coverage of any Medigap plan, but unless you were eligible for Medicare by Dec. 31, 2019, you can’t purchase Plan F. Even if you’re eligible, it can be significantly more expensive than its Medigap alternatives, so you may spend more than the additional coverage you’d get. If you’re not eligible to buy Plan F, you can purchase other Medigap plans with nearly as much coverage.
- Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
- YES
- Part B coinsurance or copayment
- YES
- Blood (first 3 pints)
- YES
- Part A hospice care coinsurance or copayment
- YES
- Skilled nursing facility care coinsurance
- YES
- Part A deductible
- YES
- Part B deductible
- YES (PLAN G – is not Part B deductible)
- Part B excess charge
- YES
- Foreign travel exchange (up to plan limits)
- 80%
- Out-of-pocket limit
- NA
It is important to notice that Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of$2,490 in 2022 before your policy pays anything. (Plans C and F aren’t available to people who were newly eligible for Medicare on or after January 1, 2020.).
Medigap Plan G: A Small Deductible equals Big Savings
Medicare Plan G, also called Medigap Plan G, is an increasingly popular Supplement for several reasons.
First, Plan G covers each of the gaps in Medicare except for the annual Part B deductible. This deductible is only $233 in 2022. In fact, if you have a Plan F that has been in place for years, we can probably help you on premiums by looking at Plan G. When we help you shop rates at Boomer Benefits, we can often find a Supplement Plan G that saves quite a bit in premiums over Plan F, usually substantially more than the $233 deductible that you’ll pay out. You pocket the difference.
Second, it has great coverage. For hospital stays, it covers all your hospital expenses. Most importantly, it pays the hospital deductible, which is over $1,556 in 2022. It also covers the expensive daily copays that you might encounter for a hospital stay that runs longer than 60 days. It provides an additional 365 days in the hospital after your Medicare benefits run out, and it covers your skilled nursing facility co-insurance, too.
For more questions about Medigap policies please feel free to call us at: (800) 414-2044
