Medicare Plans by Turning 65 Solutions

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Medicare Supplement (Medigap) High Deductible Plan G

Medigap Plan G can be sold with a new high-deductible option. This version is available to those who are new to Medicare on or after 1/1/2020. This is because Medigap plan G is the second most comprehensive option for new beneficiaries because it provides the most amount of coverage next to plan F which is no longer available for new Medicare enrollees. Plan F and Plan C are no longer available if you weren’t eligible prior to January 1st, 2022. High Deductible version is great for those who want all the benefits of Plan G but would like to pay lower premiums.

Annual Deductible Amount Explanation

A deductible is an amount that beneficiaries are obligated to pay out-of-pocket annually before their coverage kicks in 100%. In 2023, the cost of the deductible is 2700$. You have to pay this before your policy becomes effective, and you start to get your coverage. Because you have higher costs at the beginning, which includes Part B deductible too, you will pay less for your monthly premium. A monthly premium is an amount that you have to pay whatsoever to keep your policy active. The average cost for it can range from 40$ to 90$ a month. This can be a great choice for beneficiaries that wouldn’t mind paying a higher deductible to keep their premiums low.

However, not every company offers high-deductible versions, so check before you are deciding to purchase it.

High Deductible Plan G Benefits

After you meet your deductible you will get the same benefits as regular plan G as follows:

  • Medicare Part A coinsurance costs of hospital stay up to 365 days after benefits are used
  • Medicare Part B coinsurance or copay
  • Part A hospice care coinsurance or copay
  • skilled nursing facility care coinsurance
  • Medicare Part A deductible (1600$ in 2023)
  • Medicare Part B excess charges
  • Medicare preventive care coinsurance
  • foreign travel emergencies
  • first three prints of blood

    The only thing that is not covered in the Part B deductible amount is included in your 2700$ that you need to pay upfront.

High Deductible Plan G Eligibility

Every beneficiary who is eligible for Original Medicare coverage and their part B effective date started is eligible for this version of Plan G. This plan is the second most comprehensive plan on the market but a first plan that has the most amount of coverage for new Medicare beneficiaries. The only plan that provides more benefits is plan F but it is no longer available for those who weren’t eligible prior to 1st 2020, nor is its high-deductible version.

The best time to apply is during Medigap Open Enrollment Period which is a six-month window and begins when your Part B becomes effective. If you enroll during this time you have guaranteed issue rights which means that you cannot be turned down based on pre-existing health conditions.

 

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High Deductible Plan G or High Deductible Plan F?

The only difference between those two plans is that Plan F covers Part B deductible, whilst this is the only thing plan G doesn’t cover.  However, with the high deductible version, the Part B deductible amount is included in the total cost of the deductible you have to pay before your benefits kick in 100%. The deductible cost for both plans is 2700$ which means that technically there is not much difference in coverage. So if you thinking about this policy there is no reason not to consider it if you are new to Medicare.

Why Choose This Plan?

Most of the benefits that you would receive from a High Deductible Plan F you would also get from this Plan G option. The main reason to choose High Deductible Plan G would be the lowered premium. This plan is a very good option for those who don’t visit doctors and hospitals very often but would like to get a large amount of coverage, whilst they are paying a lower premium. But, secondarily, don’t mind paying a higher deductible for their coverage, which is, to remind you, 2700$ in 2023.

We Can Help

At Turning 65 Solutions, we want to ensure that you are choosing the right plan for your needs. This might mean staying on your current High Deductible Plan G or switching to a new High Deductible Plan F. Either way, we are here to help you compare the benefits and drawbacks of both options. It is important to get the best arrangement for your situation and keep the process as stress-free as possible.

Call our San Antonio, Texas office today at 830-217-6711!