Like the other supplement plans, the goal of Plan G is to fill in the gaps left by Original Medicare. Medigap Plan G is nearly identical to Medigap Plan F, except it does not pay the Part B deductible. Medicare beneficiaries enrolled in High Deductible Plan G will only pay the plan’s premium and deductible and the $203 Part B deductible.
This high deductible plan is one of the most comprehensive plans out of all Medigap plans, just like standard Plan G. Because of the higher deductibles, Also, with this plan, you have the opportunity to avoid higher monthly premiums because of the higher deductible. Benefits provided by High Deductible Plan G are similar to the benefits of Medicare Supplement High Deductible Plan F and standard Plan F, as well. If you became eligible for Medicare after the plan’s cutoff date in 2020, consider this High deductible Plan G as it is a very good alternative.
The benefit of the lower premium due to a higher deductible can be a con, depending on what works for you. The deductible is already pricey for many, and it is important to mention that the amount of the deductible itself tends to rise over time. This means that your possible out-of-pocket costs will probably go up as you get older. Finally, if you decide to change plan providers, your deductible doesn’t transfer to other carriers.
There are a few minor differences in these two plans. As far as coverage goes, the only difference is that Plan F pays the annual Part D deductible. That being said, the deductible that an individual pays towards the Plan G version also goes towards meeting the Part B deductible, which is less than the plan’s deductible. Because of that, these two plans are even more similar.
Otherwise, the differences are just between the premiums and eligibility. The premiums for the Plan G version are less than for the Plan F version. Also, Medicare beneficiaries who turn 65 after January 1, 2020 are not eligible for either the standard version of Plan F or the high deductible option.
In 2023, the deductible for this plan will be $2700. Beneficiaries will pay this amount out-of-pocket before the plan’s benefits begin.
There is a lot of information about each plan online, but to get an accurate quote, you’ll need to enlist the help of a licensed Medicare agent. Instead of calling each insurance carrier to get a quote, we can compare premiums across many different carriers, ensuring that you enroll with one that gives you the best rate.
We’ll need to collect some information from you in order to provide quotes since your premium is based on your information and health history, but our services come at no additional cost to you! If you choose to enroll in a Medigap plan through our agency, we also offer unlimited support. If you have problems with your coverage or have questions about how your plan works, we will be here to help.
The only difference in coverage is the deductible that comes with the first plan. The high deductible version will also have lower monthly premiums.
Obviously, the downside of this plan is the high deductible. For that reason, it’s not for everyone. However, those who wish to lower their monthly premiums without sacrificing other areas of coverage will find this plan very beneficial.
This plan often appeals to individuals who are coming off of an employer’s coverage that also had a high deductible. As long as you have some money set aside for the deductible, this plan is a great option.
