As always, those on Medicare are looking for insurance coverage to take care of their healthcare expenses. Anyone who is eligible for Medicare in 2020 can start picking out plans now and applying for those plans during Open Enrollment later this year.
A relatively new plan that got created is High Deductible Medicare Supplement Plan G.
This is very similar to the conventional Plan G, but we will go in-depth here as to what it does for you and how it will differ from the regular Plan G.
We’ll also talk about how new changes to Medicare are affecting Medicare Supplements, so you can be informed as you prepare to pick your coverage plan.
Compare High Deductible Medicare
Supplement Plan G
What to Know about High Deductible Plan G
This particular Medicare Supplement is designed with a lot of coverage and low up-front costs. The monthly premium is much lower than that of the regular Plan G, but the tradeoff is that the deductible is higher, as the name suggests.
In 2021, you will need to pay $2370 in medical costs before a high deductible Plan G would start paying anything.
You can also use our website to compare prices on other plans and see which one is the most affordable for you.
Each insurance company offers its own prices on Medicare Supplements, and we help you compare them by sourcing quotes for you and giving you vital information to save you money.
This High Deductible Plan G will cover you just as well as the regular Plan G after the deductible is met, so let’s talk about what that coverage is. This will give you a better idea as to whether it is right for you or not.
Plan G covers all of the following supplemental expenses:
- The Deductible for Medicare Part A
- The Copayment for Medicare Part A in-hospital care
- The Coinsurance for Medicare Part A hospice care
- The Copayment for Medicare Part B outpatient services
- The Medicare Part B excess charges
- The Coinsurance for nursing care
- The first three pints of blood you use each year
- Foreign Travel Exchange (an 80% coverage on each incident for foreign emergency medical transport, with a $ 50,000-lifetime limit)
All of these items are covered by both High Deductible Medicare Supplement Plan G and traditional Medicare Plan G. The difference between the two plans is the price, and you can see what those prices are here on our site, as soon as all that information becomes available.
Who Is Selling High Deductible Plan G?
Some pricing information is available already, such as the monthly premiums on Plan G and other Supplements.
High Deductible Plan G may not be listed here and priced just yet at the time you are visiting this site, but you can always keep coming back and checking until the price is listed.
Because High Deductible Plan G hasn’t reached the market yet, we cannot say for certain which insurance companies will sell it, but we can make an informed guess as to which ones will have it.
The following are insurance companies that are likely to offer this new Supplement plan, and the more you know about these insurers, the better you will be able to make an informed choice as to who you would like to have as your insurance provider.
Aetna– (NYSE: AET)
This healthcare company is currently owned by CVS, making it a great choice for seniors who use multiple prescription medications.
This company offers numerous kinds of healthcare insurance plans beyond just Medicare Supplement plans, and many seniors save money by getting all of their coverage in one place under one provider.
Mutual of Omaha–
This insurance company is based out of Omaha, Nebraska, and is known around the country for its excellent customer service. They are responsive and stable and offer lot of benefits for seniors to take advantage of.
Mutual of Omaha is also one of the longest-standing medical since providers in the country, and that reputation and history make them appealing to Medicare subscribers.
United Healthcare– (NYSE: UNH)
From Minnetonka, Minnesota comes one of the largest companies in the country. They own AARP and provide people of all ages with healthcare products and health insurance.
They are one of the most likely companies to offer the new High Deductible Plan G, since they will be appealing to the widest range of consumers.
Cigna– (NYSE: CI)
This Bloomfield, Connecticut-based insurance company operates globally and sells a wide range of insurance plans.
They offer Medicare plans of some kind in every state of America, and they are very receptive to the customers and are likely to see the need for a High Deductible Plan G to replace Plan F.
Why was High Deductible Plan G created?
A lot of Medicare Supplement Plan F subscribers are going to be dropping their plan in the near future.
That’s because on January 1st, 2020, The MACRA act will be instituted. This limits some of the current plans like Palm F and Plan C. Those two plans can no longer be picked by new subscribers.
Only people who already have them in 2019 can continue to sign up for them.
This new legislation creates High Deductible Plan G as a replacement essentially for Plan F.
The reason that Plan F is being dropped from the lineup for any new subscribers is because of its high cost.
This is a plan that offers full coverage and carries some prestige with it.
That has been used by many insurance companies as a reason for them to overcharge for it, and legislation had to be enacted to keep new subscribers from being taken advantage of with this plan.
So, Plan F is now part of a closed risk pool that limits who can sign up for it.
This also affects the price of the plan, and it will likely increase very fast and become unaffordable for most in short order.
Since Plan F is going away, for most intents and purposes, then High Deductible Medicare Supplement Plan G is a suitable replacement. It offers nearly the same coverage and costs less initially.
Yes, the deductible is quite high, but it should still be a cheaper plan than Plan F currently is.
If you are curious about what Plan F offers, then let’s lay out the coverage for you. It will cover all of the same items as Medicare Supplement Plan G (or High Deductible Plan G) with one addition- the Medicare Part B deductible.
This is a $203 expense in 2021, so most people can afford to pay that out of their own pockets. It’s not something that you usually need a coverage plan for, which makes Plan F unnecessary when other, similar options are available.
Plan F is the one Supplement plan to provide full coverage for all supplemental expenses, but it really offers too much coverage for most seniors and definitely costs too much to be a worthwhile plan for most.
If you have Plan F right now and would like to continue to receive its coverage, then you can do so.
The MACRA act allows that, but it also limits your ability to switch plans to Plan F or to sign up for it as a new subscriber. So, if you decide to give up Plan F for the coming year, you won’t be able to sign up for it again later on.
It simply won’t be available to you, and this is a way of phasing out Plan F.
Some people will still benefit from it, but the rising costs will quickly limit the advantages of staying subscribed to Plan F.
How High Deductible Plan G Compares
We don’t want to give you the impression that High Deductible Plan G is the right choice for every senior, because that is not the case. You will want to compare its coverage to the other plans and, most importantly, to your own needs.
When you examine your own medical expenses and what you are paying for out of pocket, then you can determine if you are getting the kind of coverage you need right now and if you need additional coverage.
High Deductible Plan G offers the most coverage of any Supplement plan that new subscribers can sign up for to cover them in 2020.
Other plans come fairly close, but nothing quite matches what Plan G is offering.
This is true of the regular Plan G as well, and the coverage between the two plans is identical.
You simply need to weigh the monthly premium and deductible costs to see which one will be a better fit for your healthcare needs and your financial situation.
You may not be able to afford the coverage you want, but you can find the most affordable version of any plan by visiting our website and using the free quote comparison tools we have here.
You’ll save money on your medical insurance and have a plan that fits your budget and your healthcare needs.
How to Sign Up for High Deductible Plan G
Call us today to get started! Our phone number is 1-888-891-0229.