High Deductible Plan G
As you may know by now, Medicare Supplement Plan F is no longer available to new Medicare beneficiaries since. With this, High Deductible Plan F also won’t be available. High Deductible Plan G has been created to serve as a good alternative to High Deductible Plan F and is available to new Medicare beneficiaries.
How High Deductible Plan G Works
As with all Medicare Supplement plans, High Deductible Plan G works alongside Original Medicare plans to cover some of your major healthcare costs. With the standard Medicare Supplement Plan G, you will be paying a higher premium, but you will not have to worry about paying a high deductible.
When you purchase this policy, Medicare pays its 80 percent share, while you cover the remaining 20 percent of all medical costs until your out-of-pocket costs reach $2,370 (2021 deductible). Once you reach the deductible for the year, your plan kicks in and covers the remaining costs for the rest of the calendar year.
High Deductible Plan G Coverage
High Deductible Plan G provides the same amount of coverage as the standard Medicare Supplement Plan G, but only once the deductible is met. After meeting the high deductible, your High Deductible Plan G will cover the following items:
- Medicare Part A deductible
- Part A hospice care copayment or coinsurance
- Medicare Part A hospital costs and coinsurance
- Medicare Part B copayment or coinsurance
- Medicare Part B excess charges
- First three pints of blood
- Coinsurance for skilled nursing facility
- 80 percent of foreign travel emergency costs
The only difference between High Deductible Plan F and High Deductible Plan G is that, unlike Plan F, Plan G does not cover the Medicare Part B deductible.
Benefits of High Deductible Plan G
This plan is a good option for those aware of the high deductible and can afford it but also want a lower monthly premium. High Deductible Plan G is also the perfect option for people that are looking for a comprehensive Medicare Supplement plan. However, it is important to pay attention to your budget. Would you rather pay a lower monthly premium and a higher deductible, or a higher premium and not as much in out-of-pocket costs?
High Deductible Plan G is not for everyone, but Simple Retirement Benefits can help you determine the coverage you need and what plan can help with that. Give us a call today to learn more!
