High Deductible Plan G works like standard Plan G once you meet the $2,370 deductible, but it doesn't cover the Part B deductible.
Considering a high-deductible Medicare Supplement? If so, you've landed in the right place.
For anyone who became eligible for Medicare on or after January 1, 2020, a high-deductible version of Plan G is on offer. It resembles High Deductible Plan F, except it won't pay your Part B deductible ($203 in 2021).
Under High Deductible Plan G, Original Medicare continues to cover 80% of your healthcare costs. You handle the remaining 20% until you reach the $2,370 deductible.
Once you've satisfied that out-of-pocket deductible, the plan behaves like the standard version of Medigap Plan G and pays the same benefits. The annual Part B deductible you're responsible for DOES apply toward the $2,370 total.
Whether you're newly eligible or were already enrolled in Medicare, you can purchase a High Deductible Plan G policy.
Once you've met your yearly deductible, the plan delivers the same coverage as regular Plan G:
If High Deductible Plan G interests you, the ideal moment to enroll is during Medigap Initial Enrollment — a six-month window that opens when you turn 65 and sign up for Medicare Part B. Miss this window and you may be unable to obtain the Medicare Supplement you want, or it could cost more.
Every Medigap plan carries a monthly premium. The exact figure can vary by location, gender, and tobacco use. Insurance carriers use one of three approaches to price their policies:
You might ask yourself, why would I choose a plan with such a steep deductible?
Whether this plan makes sense for you comes down to your financial picture. In certain circumstances, it can be a smarter choice than relying on Original Medicare by itself.
The trade-off with high-deductible health insurance is that your premiums stay low. So think it over: Would a smaller monthly premium fit your budget, even knowing you could spend an added $2,370 out of pocket? Or would you rather pay more each month and avoid dealing with out-of-pocket expenses over the course of the year?
It's wise to do some homework and weigh these factors before deciding. If you'd like some direction, connect with a broker such as Quottes!
Quottes has access to top-rated insurance companies, making it simple to compare and pick a Medigap plan. Browse our site for more details, or call 941-894-6460.
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