Pros and Cons of High Deductible Medigap Plan G
Medicare Supplement High Deductible Plan G works similarly to other Medicare Supplement plans and provides premium savings of up to 70%. With this plan, you must pay an annual deductible of $2,700 before your benefits begin for the year, but your premium is much lower than regular Plan G.
Pros and Cons
- It provides the most comprehensive coverage for medical expenses, including coinsurance and copayments.
- The monthly premiums can be up to 70% lower than other Medicare Supplement plans.
- Still provides complete network freedom.
- No annual benefits changes.
- Still covers Part B Excess charges.
- Covers Foreign travel emergencies.
- You must pay your $2,700 deductible before your benefits kick in.
High Deductible Plan G is an excellent option for those seeking to reduce out-of-pocket costs while maintaining comprehensive coverage. You can save on premiums compared to Plans F or standard Plan G while maintaining full coverage and network freedom. In addition, with High Deductible Medigap Plan G, you can use any healthcare provider, with no referrals required to see specialists.
How Does High Deductible Plan G Work?
- Has significantly lower monthly premiums compared to other Medigap plans.
- Provides access to any medical facility that accepts a Medicare assignment without referrals.
- Does not replace your Original Medicare coverage but instead pays the "gaps" left by Original Medicare.
- Will start paying your Medicare claims after you pay the annual deductible.
- You are still responsible for your Medicare Part B deductible, which is $226 for 2023.
- No annual plan changes.
How Much Does High Deductible Plan G Cost?
Mutual of Omaha offers the best price on Medicare Supplement High Deductible Plan G in Alabama at only $43 per month – making it the most affordable Medicare Supplement plan available.
Your age and plan choice will have the most significant impact on your premium.
Here you can see how the prices compare for two different plans:
High Deductible G
Standard Plan G
Quotes are for sample purposes only. Prices are the average monthly rate in Ohio for a 65-year-old female nonsmoker. Part B start date and or medical underwriting may affect your rate.
What Does It Cover?
- Medicare Part B excess charges
- Medicare Part A deductible
- Medicare Part A coinsurance
- Doctor's office visits
- Skilled nursing facility care
- Foreign travel care in emergencies
- 3 pints of blood when needed for a medical procedure
What Is Not Covered?
These are some of the things that will not be covered:
- Cosmetic procedures and cosmetic surgery
- Vision care, such as eye exams, eyeglasses, or contact lenses
- Hearing care, such as hearing exams or hearing aids
- Dental care, such as dental appointments or dentures
- Prescription medication
- Medical equipment that is not deemed medically necessary
When Can I Enroll?
The Medigap Open Enrollment Period is the ideal time to apply for a plan, allowing you to compare plans and pricing with the insurer.
Here are a few key tips:
When turning 65, a Medicare beneficiary can enroll on the effective date of the first day of the month they turn 65. This begins a six-month enrollment period.
At 65 or older, you can enroll in a Medicare Supplement insurance plan once enrolled in Part B (it can't be changed or repeated).
The Bottom Line
In our expert opinion, High Deductible Medicare Supplement Plan G is an excellent option for Medicare beneficiaries seeking to reduce out-of-pocket monthly premiums while maintaining comprehensive coverage. You can save up to 70% on premiums compared to Plan F or Plan G while maintaining full comprehensive coverage and network freedom.
You can change at any time, but if you do not have a guaranteed issue circumstance or are outside of your Medigap Open Enrollment Period, in that case, you can be denied coverage if your health conditions cannot pass the underwriting process.
If you do not have a guaranteed issue circumstance or are outside of your Medigap Open Enrollment Period, in that case, you can be denied coverage if your health conditions cannot pass the underwriting process.
Despite offering the same coverage, the High Deductible version has lower monthly premiums, but you must pay a higher initial deductible ($2,700) before receiving complete coverage.
One of the downsides to Medigap plans is that they can be expensive, but the trade-off is they offer comprehensive coverage.
In 2023, United Healthcare is expected to be the largest Plan G provider in the United States. The company is projected to serve over 6 million members making it the nation's largest Medicare health insurer.
Please note that the average quotes provided are for demonstration purposes only. Your actual premiums will be determined based on several factors such as your health conditions, age, location, tobacco status, gender, and insurance provider.
Call to speak with a licensed insurance agent now.(888) 414-4547
Or enter your zip code to shop online