If you’re exploring Medicare Supplement plans to help cover some costs not included in Medicare, you may have encountered Supplement Plan G. However, have you considered there’s another version of this plan that could potentially save you money? 

Allow us to introduce you to the Medicare Supplement High Deductible Plan G. This plan offers the same benefits as the standard Plan G, but with a higher deductible. Understanding how this plan operates can assist you in making an informed decision about your Medicare coverage.

In this blog post, we’ll delve into the workings of the High Deductible Plan G and discuss whether it could be the right choice for you.

What is the High Deductible Plan G?

The High Deductible Plan G, also known as Medicare Supplement Plan G+, is a specific type of Medicare Supplement plan designed to supplement Original Medicare. It helps bridge the coverage gaps and out-of-pocket costs that Medicare doesn’t cover. This plan is configured to offer the same benefits as the standard Supplement Plan G, but it features lower premiums in exchange for a higher deductible.

How Does the High Deductible Plan G Function?

The High Deductible Plan G is a Medicare supplement plan that provides the same benefits as the standard Supplement Plan G, albeit with a lower premium. Here’s how it operates:

Step 1: Enroll in the High Deductible Plan G

To enroll in this plan, you must first be eligible and already enrolled in Original Medicare Part A and Part B. You need to be at least 65 years old or qualify for Medicare due to another reason, such as a disability. After meeting these criteria, you can purchase this plan from any insurance company in your state that provides this type of Supplement Plan.

Step 2: Fulfill the Deductibles

The key distinction between the High Deductible Plan G from Medicare Supplement and the standard Supplement Plan G is the deductible amount. For 2023, the deductible for the High Deductible Plan G is set at $2,700. This implies that you are responsible for paying this amount out-of-pocket before the plan commences covering its share of Medicare-approved costs.

Step 3: Start Receiving Coverage

After you’ve met the deductible, you gain access to the same benefits provided by a standard Supplement Plan G. Your plan will therefore cover the following:

• 100% of your Medicare Part A coinsurance and hospital costs
• Medicare Part B coinsurance or copayments
• Blood (first 3 pints)
• Part A hospice care coinsurance or copayment
• Skilled nursing facility care coinsurance
• Part A deductible
• Part B excess charges
• Emergency care during foreign travel (up to plan limits)

Taking the above into account, let’s say you have a medical bill of $5,000 and you’ve already met your high deductible of $2,700. In this case, your High Deductible Plan G from Medicare Supplement will cover the remaining $2,300.

Step 4: Continue Paying Monthly Premiums

As with all Supplement Plans, you’re required to keep up with monthly premium payments for the High Deductible Plan G, alongside your monthly Medicare Part B premium. The premium for the High Deductible Plan G is typically less than that of a standard Supplement Plan G. However, this can vary depending on your geographical location and the insurance company that is providing the plan.

What Are the Benefits of Medicare Supplement High Deductible Plan G?

The High Deductible Plan G from Medicare Supplement offers a range of benefits from Original Medicare to beneficiaries seeking ways to supplement their Medicare coverage.

Lower Premiums

The premiums for the High Deductible Plan G are typically significantly lower than those for the standard Medicare Plan G. This can result in substantial monthly premium savings.

Ease of Use

The High Deductible Plan G is straightforward and easy to use. There’s no need to fret about filing claims or if claims will be processed or paid. The Medicare “crossover” feature ensures that everything functions seamlessly once you’ve met your deductible, making it a convenient choice for hassle-free coverage.

Freedom to Choose Providers

With the High Deductible Plan G, you have the liberty to select any doctor or hospital that accepts Medicare. There are no limitations or restrictions regarding the providers you can see, as Medicare serves as your primary insurance.

Guaranteed Renewability

Similar to other Supplement plans, the High Deductible Plan G offers guaranteed renewability. This implies that as long as you pay your premiums punctually, your coverage can’t be canceled, regardless of your health condition or the extent of benefits you use.

Potential Downsides of the High Deductible Plan G

While the High Deductible Plan G may seem attractive due to its lower monthly premium, there are a few potential drawbacks to consider before enrolling in this plan.

Significant Initial Deductible

The most noticeable downside of the High Deductible Plan G is its high initial deductible. The plan doesn’t cover any healthcare costs until you meet this deductible. This means you’ll be responsible for out-of-pocket costs for all medical expenses not covered by Medicare (the 20%) until you’ve met your deductible. For some individuals, this high deductible may be a financial challenge.

Constraints on Plan Switching

Switching to another Supplement plan may not be guaranteed after the initial enrollment period due to medical underwriting. If you enroll in the High Deductible Plan G and later decide to switch, you could face restrictions.

Not Ideal for Regular Medical Visits

The High Deductible Plan G may not be the best fit for individuals with frequent medical appointments or ongoing treatment. If you anticipate substantial medical expenses, a plan with a lower deductible or higher coverage percentage could be more cost-effective in the long run.

In conclusion, it’s essential to carefully consider the benefits and drawbacks of the High Deductible Plan G before making a decision. While it may be an appropriate choice for some, it may not be the best fit for everyone, depending on their healthcare needs and financial circumstances.

Discover Your Ideal Medicare Plan Today with Plan Medicare

At Plan Medicare, we take pride in being a team of seasoned insurance advisors in New York. We offer our clients a comprehensive consultation service, completely free of charge. Our team is committed to walking you through all the available plans, providing in-depth guidance, and helping you select the best coverage to meet your unique healthcare needs.

You can speak to our licensed agents by calling us at 516-900-7877. They will gladly provide you with all the information you need. Alternatively, you can also schedule an Appointment with us.

FAQ’s

What Does Medicare Supplement High Deductible Plan G Cover?- The High Deductible Plan G of Medicare Supplement provides the same benefits as the standard Medicare Supplement Plan G. It encompasses 100% coverage for the Medicare Part A deductible, hospice co-payments, coinsurance, and Medicare Part B excess charges, all of which take effect after you have met your $2,700 deductible in 2023. Furthermore, it offers additional emergency coverage for foreign travel, all while maintaining a lower monthly premium.

What Is Not Covered By Medicare Supplement High Deductible Plan G?- The High Deductible Plan G of Medicare Supplement does not cover the Medicare Part B deductible, nor does it cover costs related to dental, vision, hearing, or prescription drugs. However, there are additional coverages available that can assist with these expenses.

How Much Does Medicare Supplement High Deductible Plan G Cost?- The price of the High Deductible Plan G from Medicare Supplement can vary based on several factors, including age, gender, geographic location, and tobacco usage. The cost also depends on when you sign up, as well as the state in which you reside and the insurance company from which you purchase the plan.

What is the Out of Pocket Maximum for High deductible Supplement Plan G?- For 2023, the out-of-pocket maximum for Supplement Plan G is $2,700. Once this deductible is met, the plan covers all Medicare expenses.

Unlock Your Health Potential with Plan Medicare

At Plan Medicare, we understand the importance of comprehensive health coverage tailored to your unique needs. Our team of professional New York Medicare insurance advisors is here to guide you every step of the way, ensuring you get the coverage you deserve. Best of all, our consultation service is 100% free!

When you choose Plan Medicare, you can expect personalized service from licensed agents who will take the time to understand your healthcare requirements. Our agents will provide expert advice, answering all your insurance-related questions and keeping you informed about the latest developments. We aim to simplify the enrollment process and make it hassle-free, handling all the paperwork and ensuring a smooth experience.

Take the first step towards securing your health and well-being by calling us at 516-900-7877 to speak to our licensed agents. Alternatively, you can Book an Appointment now and start your journey with Plan Medicare today!