Medicare Supplement Plan G is commonly known as the plan with the best value for your money (at least by us). Plan G has almost the same exact benefits as Plan F, although Plan G requires you to pay the annual Medicare Part B Deductible ($198 in 2020). Supplement Plan G covers the 20% Left by Medicare, Medicare Part A Deductible, 100% of Excess Charges, Skilled Nursing Facility Co-Insurance, Foreign Travel, and all of the other major gaps left by Medicare.
To learn more about Medicare Plan G visit our comprehensive explanation here.
The reason why Medicare Supplement Plan G is more favorable is that, on average, the Supplemental Plan G costs approximately $25 – $50 less per month than the more comprehensive Plan F, thus saving roughly $240 – $500 per year.
The only difference between Plan G and Plan F being the annual Medicare Part B Deductible ($198 in 2020), the premium savings on Plan G usually outweigh the additional cost of paying for the Plan F, and you can still enjoy virtually all of the same benefits.
One of the nice things offered with Medicare Supplement Plan G, is that you are able to choose any doctor or hospital that accepts Medicare. Your claims are generally automatically filed as well so there is no need for you to submit claims paperwork and go through all of that hassle. Medicare Plan G is a very easy plan to manage, and there is little to no expenses that you will need to pay out of pocket.
If you are an individual looking for the best value out of any Medicare plan, in most situations, we would certainly recommend Medicare Medigap Plan G as being the most cost-effective and cost-efficient–getting the best value for your money.
As always, the cost of Medicare Supplement Plan G can vary greatly from company to company, so it is a good idea to compare Medicare Plan G prices with many insurance companies to get the best deal possible.