High Deductible Plan G
The high deductible version of Medigap Plan G offers the same benefits as Plan G. The difference between the two is that in the high deductible version, the coverage only begins once you have met certain out-of-pocket expenses for that year. This high deductible option offers a lower monthly premium.
Plan F and its high deductible option are no longer being offered to newly eligible Medicare consumers as of January 1, 2020. Medicare is no longer allowed to offer options that cover the deductible of Part B, which is why Medigap Plans C and F are being taken off the market. Therefore, the high deductible version of Medigap Plan G is the new option. It functions in much the same way as the high deductible Medigap Plan F, just without the Part B deductible coverage.
What is the high deductible?
While the deductible itself changes every year, in 2020, the deductible was $2,340. This means you must pay for all Medicare-covered costs, such as coinsurance, copayments, and deductibles up to this amount. After you pay $2,340, your plan benefits kick in. This option is suitable for people who anticipate fewer health expenses throughout the year but still want full coverage in the event of unforeseen hospitalizations or skilled care.
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What Plan G covers
The high deductible version of Plan G offers the same benefits as Plan G after you meet the deductible. While the benefits in more detail can be viewed here, the benefits are briefly listed below.
- 100% of Medicare Part A coinsurance and hospital costs
- 100% of Medicare Part B coinsurance or copayment
- 100% of the first 3 units of blood
- 100% of Part A hospice care coinsurance or copayment
- 100% of Skilled Nursing Facility coinsurance
- 100% of the Part A deductible
- 100% of Part B excess charges
- 80% of foreign travel emergency up to the plan limits.
Check with the policy in your state to understand the specifics of that policy.
Is High Deductible Plan G worth it?
Medigap Plan G is a comprehensive Medigap policy that follows new Medicare guidelines. The high deductible option allows people to pay the deductible first in exchange for a lower monthly premium. Be sure to check with insurers in your state to understand the standardization of each plan specific to your state.