Cost of Medicare Plan G in 2022

Cost of Medicare Plan G in 2022 issues in middle adulthood Medical Office Need Medical Appointment Scheduling Services

WorldExecutivesDigest | Cost of Medicare Plan G in 2022 | Medicare Plan G is one of the most popular Medicare supplement plans. Medicare supplement plans, also known as Medigap, fill in the gaps in coverage from Original Medicare. Original Medicare does not pat 100% for everything; you will be left with many out-of-pocket costs as a beneficiary. When it comes to the cost of Medicare Supplement Plan G, you will find out in this article what to expect. You will also learn about Plan G, the benefits, the significant savings, and how to enroll.

Cost of Plan G

The cost of Plan G can vary. There is no premium set for Plan G; policies can range in price. That’s why it’s essential to shop around and see the best deal you can find. Supplemental plans have standardized benefits, so it pays to shop around because all Plan G policies cover the same benefits. You can find a Plan G for the same coverage for cheaper just by shopping around. Find a good Medicare broker, like Boomer Benefits, and compare options in your state to see which plan is the best for you. Having a professional Medicare broker compare prices for you is extremely time effective.

Benefits of Plan G

What does Plan G cover? Plan G will cover your percentage of a medical benefit that Original Medicare covers, except for your outpatient deductible. It will help to pay for inpatient hospital costs and outpatient medical services. The purpose of Plan G is to cover those coverage gaps. All Plan G plans must give you the same coverage. Medicare will pay first, and your Plan G will cover the remaining amount after you’ve paid your annual deductible.

Here are the benefits of Plan G:

  • Medicare Part A coinsurance & hospital costs
  • Medicare Part B coinsurance
  • First 3 pints of blood
  • Part A hospice care coinsurance
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B excess charges
  • Foreign travel emergency (up to your plan’s limits)

As mentioned above, these benefits will be standardized, but you will want to shop around for the best plan price.

Big Savings

Plan G has become increasingly popular with Medicare beneficiaries because it’s an effective savings plan. You must pay the annual Part B deductible when you have Plan G. However, in 2022, that deductible is only $233. The $233 compared to the other bills you would have with paying your coverage gap costs is a considerable saving. You pocket so much more in the end. 

Also, if you end up in the hospital, your hospital deductible is covered, too. The hospital deductible in 2022 is $1,556. It covers expensive daily copays when you stay for over 60 days. The savings you will find here are immaculate. This can save you thousands of dollars just for being covered by Plan G.

Plan G can be a bit pricier than other plans, but that is because of the peace of mind and security you get compared to other plans. However, it all depends on where you live because the premium is based on your zip code as well as other factors. 

How to Enroll in Plan G

Once you decide you’d like to enroll in Plan G, the best time to get enrolled is during the Medicare Supplement Open Enrollment period. This period is six months from your Part B effective date. Suppose you qualify for Medicare before you turn 65 due to having a disability. In that case, you will have another open enrollment window once you turn 65.

If you enroll outside of your open enrollment period, you might have to answer health questions, and getting approved is not guaranteed. The insurance companies could also decide to increase your rate if you are approved.

California and Maine are just two states that have an exception to this. These states allow Medicare beneficiaries to change policies with no health questions asked. Rules vary between states, though, and between the supplement insurance companies.

Conclusion

Plan G is an increasingly popular plan amongst Medicare beneficiaries. While the cost of Plan G can vary, the plan’s benefits are standardized. You can shop around for Plan G and purchase the one with the best price. Plan G has many benefits; it helps pay for inpatient hospital costs, outpatient medical services, skilled nursing facility coinsurance, and more. Your out-of-pocket costs are predictable which many people find appealing. You can enroll in a Medicare Plan G any time during the year, so you can always find a cost-effective policy that fits your needs.