Is Medigap Plan G the Greatest Value Medicare Supplement?

Senior couple dating outdoors as they discuss Medigap Plan G as the best value Medicare Supplement.

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Medigap Plan G Best Value – If you are looking for the best value Medigap plan, Plan G is probably at the top of your list. But what makes it such a great deal? This article will discuss the many benefits that come with Medigap Plan G and why it might be the best choice for you. Keep reading to learn more!

Which Medigap plans offer the most value in 2022?

Three plans stand out as the most popular supplements: Plans F, G, and N. They are popular because they have the least out-of-pocket expenses and provide the most value. But which has the most value? Let’s look at each one.

Medicare Supplement Plan F

Until recent years, Plan F was the most popular Medicare supplement insurance plan. It offered extensive coverage, including:

  • Part A deductible
  • Part A coinsurance and hospital costs
  • Part B deductible
  • Part B coinsurance and copayments
  • Part B excess charges
  • An additional 365 hospital days after Part A benefits are exhausted
  • 3 pints of blood
  • Skilled nursing facility coinsurance
  • 80% of a foreign travel emergency (up to plan limits)

To put it more simply, Plan F helped pick up every expense that remained after Parts A and B.

If the coverage is so great, why is it not the most popular now? The federal Medicare program made some changes to what Medicare supplements were allowed to cover. New Medicare beneficiaries can no longer enroll in a Medigap plan that covers the Part B deductible, which Plan F does. Anyone who turned 65 on or after January 1, 2020, cannot enroll in Plan F.

Another reason it’s losing popularity is due to rising premiums. Many beneficiaries find that the increased premiums do not offset the benefit of having the Part B deductible paid. (The Part B deductible is $233 in 2022, and most find that their total premium for the year is much higher.) The average premium for Plan F is between $130 – $230 per month.

Plan F may not be the best value in Medicare supplement plans any longer. So, what other choices do you have?

Senior couple on a walk in autumn forest as they discuss medigap Plan G.
New Medicare beneficiaries can no longer enroll in a Medigap plan that covers the Part B deductible, which Plan F does.

Medicare Supplement Plan G

Medigap Plan G has quickly taken the place of Plan F for those who either aren’t eligible for Plan F or would like a lower monthly premium. The coverage is nearly identical to Plan F, with just one exception.

  • Part A deductible
  • Part A coinsurance and hospital costs
  • Part B coinsurance and copayments
  • Part B excess charges
  • An additional 365 hospital days after Part A benefits are exhausted
  • 3 pints of blood
  • Skilled nursing facility coinsurance
  • 80% of a foreign travel emergency (up to plan limits)

See what’s missing? The Part B deductible. That is the only coverage difference between the two plans. This small difference makes Plan G premiums quite a bit less than Plan F. The average premium for Plan G is between $100 – $200 per month.

Medicare Supplement Plan N

There is one more contender for the best valued Medicare supplements: Plan N. Plan N includes:

  • Part A deductible
  • Part A coinsurance and hospital costs
  • Part B coinsurance and copayments
  • An additional 365 hospital days after Part A benefits are exhausted
  • 3 pints of blood
  • Skilled nursing facility coinsurance
  • 80% of a foreign travel emergency (up to plan limits)

Compared to Plan G, there are a couple of differences in Plan N. First, Plan N does not include coverage for Part B excess charges. An excess charge is an amount above what Medicare allows for the service or procedure. Providers can include excess charges if they have not agreed to accept Medicare assignment. However, eight states prohibit excess charges altogether.

Probably the biggest difference you’ll notice is when it comes to copays for office visits. With Plan N, you’ll be charged up to $20 for an office visit and up to $50 for an emergency room visit. (Notice the use of “up to,” which means your copays could be less.) The copay for an emergency room visit will be waived if you get admitted to the hospital.

The average monthly premium for Plan N is $120 – $180.

Which Medigap plan has the best value?

Now that you know what each of the three plans offers and have an idea of their monthly premiums, you should be able to start determining which one offers the most value to you.

The truth is, there is not one that is more valuable than the rest. Choosing any of these three will provide you with excellent coverage and a great way to minimize your healthcare costs.

Many people find that Medicare supplement Plan G has the best value since it offers such predictable costs. If you enroll in Plan G, you know your annual expenses for covered services will be just $233. That knowledge makes Plan G a solid aspect of any budget.

If you’re still unsure if Medigap Plan G is the best value for you, speak with one of our licensed insurance agents. Our consultations are complimentary, and we would be happy to help you find the coverage that fits your needs.

Justin Brock

Justin Brock

The CEO and President of Bobby Brock Insurance. A nationally syndicated Medicare advisor, best-selling author of Medicare Breakdown: The Alphabet Soup of Medicare, and pacesetter for over 20,000 senior market insurance agents. Featured in many insurance-related publications for his Medicare and Health insurance... Read More »

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