In 2024 this deductible amount is $240, and it's paid only once per year. The high deductible Medicare Plan G deductible amount for 2024 is $2,800. So, starting each January, you will be billed the first $240 of any medical bills.
Effective January 1, 2024, the annual deductible amount for these three plans is $2,800. The deductible amount for the high deductible version of plans G, F and J represents the annual out-of-pocket expenses (excluding premiums) that a beneficiary must pay before these policies begin paying benefits.
The 2024 Part A deductible is $1,632 for each inpatient hospital benefit period before Original Medicare starts to pay. The 2024 Part B annual deductible is $240 before Original Medicare starts to pay.
What is the Plan G deductible for 2023? Medicare Supplement Plan G doesn't have a deductible and covers the beneficiary's Medicare cost-sharing. You must pay the Medicare Part B deductible of $240 before Plan G covers the remaining costs.
Medicare Plan G, also called Medigap Plan G, is an increasingly popular Supplement for several reasons. First, Plan G covers each of the gaps in Medicare except for the annual Part B deductible. This deductible is only $240 in 2024.
Your exact price for Plan G will also be determined by your location, health, age and gender. The high-deductible version of Plan G costs an average of $48 per month. Remember: with this plan, you have to pay the first $2,800 of your medical costs before the plan starts paying.
Yes—the deductible is the annual amount you pay for covered services before Medicare starts to pay. The Centers for Medicare & Medicaid Services has released the 2024 Medicare Part A deductible ($1,632) and Part B deductible ($240).
The only out of pocket you'll have with Plan G for medical costs is your monthly plan premium plus the annual Part B deductible of Medicare. This amount can change every year, and it usually will go up a few dollars each year. The Part B deductible applies toward your medical costs starting January 1st every year.
High Deductible Plan G Product Details
Provides the same level of coverage as Plan G, but coverage kicks in after you meet the calendar year deductible. Lower monthly premium than other plans. High Deductible Plan G may be a good fit for you if you expect to have fewer health expenses throughout the year.
Premiums and deductibles
For 2024, the Part A deductible will be $1,632 per stay, an increase of $32 from 2023. Beneficiaries with Medicare Advantage plans should check with their insurer for hospital charges. Part B: The standard monthly Part B premium is rising by almost $10 — from $164.90 to $174.70.
The amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself.
Summary: High Deductible Plan G is a good alternative to High Deductible Medicare Supplement Plan F, which won't be available to new beneficiaries in 2024. The plan deductible is $2,700. Once the deductible is met, you get the same coverage as a regular Plan G.
Medicare Plan G out-of-pocket costs and maximums
With a Plan G, your out-of-pocket costs for covered services are reduced to just your annual Part B deductible ($226 in 2023). There's no out-of-pocket maximum for Plan G because costs are reduced in a way that it's not necessary.
Plan G is almost identical to Plan F, with only one exception. That exception is that Plan G does not cover the Medicare Part B deductible. For 2024, the Medicare Part B deductible is $240/year. All other benefits are identical to Plan F.
Plan G covers nearly all out-of-pocket costs for services and treatment once you pay the Medicare Part B $226 deductible. This means you pay no copays or coinsurance. If you don't need that level of coverage, though, you might want a plan with less coverage.
“You do pay a monthly premium for Plan G, but after you pay the Part B deductible, Plan G kicks in to pay remaining costs—copays, coinsurance and out-of-pocket expenses.” Medicare Plan G may be helpful for people who have health problems or think they may develop certain health conditions due to family history.
Thanks to the Inflation Reduction Act, in 2025, annual out-of-pocket costs will be capped at $2,000 for people with Medicare Part D.
For a qualifying inpatient stay, Medicare Part A covers 100 percent of hospital-specific costs for the first 60 days of the stay — after you pay the deductible for that benefit period. Part A doesn't completely cover Days 61-90 or the 60 “lifetime reserve days” you can use after Day 90.
One significant exclusion of Medigap Plan G is that it does not cover the Medicare Part B annual deductible, which is $240. This means that you would have to pay this amount out of pocket each year before your Medigap Plan G would start covering non-preventive costs associated with Part B.
For years with high use of medical care including hospitalizations, the total cost (including premiums) of a Medicare Supplement Plan G approach will usually be less expensive. For years with low use of medical care, a Medicare Advantage plan approach will be less expensive.
If you don't get premium-free Part A, you pay up to $505 each month. If you don't buy Part A when you're first eligible for Medicare (usually when you turn 65), you might pay a penalty. Most people pay the standard Part B monthly premium amount ($174.70 in 2024).
In response to the new Medicare Part D reform that will place a cap of around $3,250 on prescription out-of-pocket costs for all Medicare Part D drugs starting in 2024, we are adjusting our grant amounts beginning on January 1, 2024.