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May 12, 2021
Is Medicare Supplement Plan G Going Away?

Is Medicare Supplement Plan G Going Away?

After the effort researching different Medicare Supplement plans, hearing that your chosen Medicare Supplement Plan G may be getting the boot is nothing short of terrifying. However, we’re here to quell those worries before they get the best of you.  

Medicare Allies are your tried-and-true experts on all things Medicare, so you are in the best possible hands. If you’re looking for an honest rundown of the status of Medicare Supplement Plan G, you’re in the right place.  

What is Medicare Supplement Plan G?  

As a Medicare Supplement Plan (also referred to as Medigap), Plan G helps to fill in the payment gaps in traditional Medicare coverage. While traditional Medicare is sold by government entities, Medigap is provided by private companies in order to lower out-of-pocket costs. Medicare Supplement Plan G is one of the most popular Medigap plans on the market.

This well-loved plan is known for its five-star coverage and reasonable premiums. Because all Medicare plans are federally regulated, Medicare Supplement Plan G is going to have the same coverage no matter what carrier provides it, so you always know what you are going to get.  

Pro tip: If you live in Massachusetts, Minnesota or Wisconsin, Medigap policies are standardized in a different way. Be sure to speak to your agent before operating off of national standards.  

Each company that sells Medicare Supplements can charge different premiums, so be sure to talk with a trusted, objective agent before settling on one plan from one specific carrier.  

Is Medicare Supplement Plan G still available?  

The short answer: yes!

If a little birdie told you that a certain Medicare Supplement plan is going away, they would be correct. However, Medicare Supplement Plan G is here to stay, while Medigap Plan F is on its way out.

There are several different Medicare Supplement plans, which can cause a bit of confusion while doing your own research on how to protect your wallet from those pesky premiums.

There are currently 10 Medicare Supplement Plans which include:  

  1. Plan A
  2. Plan B
  3. Plan C
  4. Plan D
  5. Plan F
  6. Plan G
  7. Plan K
  8. Plan L
  9. Plan M
  10. Plan N

Though these plans skip a few letters in the alphabet, they cover quite a bit of ground — each giving you a piece of what you need. Because each plan offers varying levels of coverage, it’s important to talk to an agent who can listen to your specific needs and find the plan that’s right for you.  

Medicare Supplement Plan F and Plan G are the most popular, which is why they are so easily confused. As of January 1st, 2020, anyone who was not already eligible for Medicare can no longer sign up for Plan F. However, Plan G is standing strong and is still available for anyone who is Medicare Supplement eligible.  

What is the difference between Plan G and Plan F?  

Plan F and Plan G are both Medigap plans, which means they (you guessed it!) fill in the gaps that your original Medicare coverage leaves.  

Plans F and G both provide 100% coverage, with an 80% foreign travel exchange up to plan limits. As of January 1st, 2020, a federal regulation (MACRA) passed, which means that Medigap plans sold to new people cannot cover a Medicare Part B deductible. As a part of that group, Medigap Plan F is getting phased out.

Plan F’s Medicare Part B deductible coverage is the only key difference between the two policies, aside from the new decreased availability of Plan F.

Is Medicare Plan G guaranteed issue?  

Luckily, yes!

Guaranteed-issue rights protect you from medical underwriting, which are the questions that certain health insurance companies ask to determine your eligibility for coverage and plan pricing.  

Guaranteed-issue rights are a huge win for anyone with health concerns that may limit your coverage or leave you with higher bills based on your liability.  

By choosing guaranteed issue Medigap Plan G, there will be no medical underwriting as a barrier to your coverage.

Is there a high-deductible Plan G?  

Once again, yes!  

Depending on which state you live in, there may be a high-deductible Medigap Plan G available, which means that you must pay for Medicare-covered costs, including:  

  • Coinsurance
  • Copayments
  • Deductibles  

However, once you reach the deductible amount of $2,370 (in 2021), your policy starts to pay.  

High-deductible Medigap plans offer lower premiums, so they are an option depending on which state you live in and where you prefer to put your money for your healthcare costs.  

Conclusion  

We are pleased to inform you that the trusted Medicare Supplement Plan G is still in business, providing great coverage to fill in the gaps of your traditional Medicare plan.  

If you’re wondering which company might be best to give your business, rest assured that Medicare Allies can help. Because we are not married to any specific provider, we can provide the most objective, helpful service on the market. Our only priority is you.  

Call us today to get a FREE Medicare Supplement comparison.

Luke Hockaday
By
Luke Hockaday
Luke Hockaday is a Customer Success Rep here at Medicare Allies. Luke has been helping Medicare-eligible clients with their insurance and retirement-planning needs since 2011. Luke is passionate about 3 things, and 3 things only: senior insurance, football, and food!

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