Understanding Medicare can be confusing, especially when trying to figure out how much different plans cost. Medicare Plan G is a popular choice because it covers a lot of what Original Medicare doesn’t. But many people wonder: how much does Medicare Plan G cost per month? In this article, we’ll explain the monthly cost of Medicare Plan G, what affects the price, and help you decide if it’s the right plan for you.
The cost of Medicare Plan G can vary depending on several factors, such as where you live, your age, gender, and health.
Here are some estimates
- In 2023, the average monthly premium for Plan G was $135.
- For a 65-year-old woman who doesn’t smoke, the average cost is $148 per month.
- Generally, Medicare Supplement premiums are higher in areas with a higher cost of living, ranging from about $100 to $300 per month.
Now Medicare Plan G, also known as Medigap Plan G, is a supplemental insurance plan that helps cover costs not paid by Original Medicare (Part A and Part B).
Here’s what it typically covers
Medicare Plan G offers comprehensive coverage for various medical expenses beyond what Original Medicare provides. Part A Hospital Coinsurance and Costs entail covering coinsurance for hospital stays beyond 60 days and paying for hospital costs after the 90th day of a benefit period, including an additional 365 days of hospitalization post-exhaustion of Medicare benefits.
Part B Coinsurance and Copayments handle the 20% coinsurance for outpatient services, cover the Part B deductible, and facilitate blood coverage for the initial three pints required for medical procedures.
Moreover, it covers skilled nursing facility care coinsurance after the 20th day, hospice care coinsurance or copayment, and provides emergency medical care coverage during foreign travel (up to plan limits). However, it’s important to note that Plan G doesn’t include coverage for the Part B deductible or prescription drugs (Part D), which individuals must pay out of pocket.
Reminder: Medicare Plan G excludes coverage for the Part B deductible, requiring you to cover this expense upfront before the plan begins covering your Part B costs. Furthermore, it lacks coverage for prescription drugs (Part D).
Keep in mind that the specifics can differ among insurance providers, underscoring the importance of comparing plans and comprehending their terms prior to selecting a Medigap policy.
Read more: Medicare Travel Reimbursement
Conclusion
The cost of Medicare Plan G per month can vary based on several factors, including your location, insurance provider, age, and any additional coverage options you choose. And about How Much Does Medicare Plan G Cost Per Month, premiums for Medicare Plan G typically range from around $100 to $200 per month. However, it’s essential to remember that this is just the premium cost and doesn’t account for other potential out-of-pocket expenses like deductibles, copayments, and coinsurance.
While Medicare Plan G may have a higher monthly premium compared to other plans, it often provides more comprehensive coverage, including coverage for Medicare Part B excess charges and foreign travel emergencies, which can result in potentially lower overall healthcare costs.
Ultimately, when considering Medicare Plan G or any other Medicare plan, it’s crucial to carefully assess your healthcare needs, budget, and preferences to choose the option that best fits your individual circumstances. Consulting with a licensed insurance agent or Medicare advisor can also provide valuable guidance in selecting the right plan for you.
