Personal Finance

What Is Medigap Plan G? What You Need to Know

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Medigap Plan G is one of 10 plans. Medigap assists with fees such as coinsurance, copayments and deductibles that aren’t covered under Medicare Part A and Part B, also known as .

After Medicare pays its approved portion of medical costs, Medigap Plan G helps supplement remaining out-of-pocket expenses. You must pay a separate monthly premium for Medigap coverage, which is privately insured but standardized across all states except Massachusetts, Minnesota and Wisconsin.

Since Plan F is no longer available to new applicants, Medigap Plan G is one of the more comprehensive Medicare Supplement plans on the market. According to Medicare.gov, here is what Medigap Plan G covers and doesn’t cover.

Since Medigap Plan G coverage is privatized and regulated by the state, the price varies by age, location and such factors as tobacco use. In 2021, in one representative California ZIP code (92589), plan prices for a nonsmoking 65-year-old man range from $120 to $284 monthly.

Some states also offer a high-deductible Plan G, with a 2021 deductible of $2,370. Monthly premiums for the same 65-year-old nonsmoker in ZIP 92589 range from $30 to $68.

The best time to buy your Medigap Plan G policy is during the six-month Medigap Open Enrollment Period, which starts the first month you have Medicare Part B and once you’re 65 years of age or older. Medigap policies can cover only one person, regardless of marital status.

To find out the cost of Medigap Plan G in your area, visit Medicare.gov.

There are plenty of options and types of coverage when it comes to Medicare benefits. Out of the 64 million people in the United States who receive traditional Medicare benefits, 81% use some sort of Medicare supplement insurance, according to Medicare.org, a nongovernment resource for health care information.

If you have questions about Medicare, visit Medicare.gov or call 800-633-4227 (TTY: 877-486-2048).

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