High-deductible Plan G offers all the same coverage as the original Plan G, but with little to no monthly premiums. Instead, you will pay a much higher yearly fee.
High-deductible plans are identical to typical plans, but are paid in a different way. Both the high-deductible and regular Plan G feature these same benefits:
No matter what, then, you’re getting the same coverage.
When you have a supplement Plan G, you will pay both a premium and, yes, a deductible. You will pay the premium on a regular, month-to-month basis, but only pay the deductible a maximum of once a year when you receive a benefit covered by the plan.
A high-deductible version of Plan G is easy, then, because you do the exact same thing. You will, however, pay more for the yearly deductible, and less for the monthly premium. In 2023, the average high-deductible for both Plans F and G is $2,700.
High-deductible supplement plans work because they make keeping up with your payments easier. The more coverage you have with a plan, the more you’re going to have to pay. More often than not, this is accounted for in your monthly premium.
In fact, when most companies and websites refer to the cost of a Medicare plan, they are referring specifically to the monthly premium. While, by those standards, the high-deductible plan costs significantly less, the costs, for the most part, even out.
However, you may end up paying less out-of-pocket with a high-deductible Plan G. Like all supplement plans, when you receive a healthcare service, Medicare pays it share first, then the supplement plan. With a high-deductible plan, you will have to cover the entire deductible first before you can receive any of its benefits.
This can be very flexible for those who can prepare for this cost and just “get it out of the way,” then only have to worry about a small number of monthly payments. On the other hand, some people may have a harder time paying more upfront, and benefit more from the traditional monthly structure. Whether or not it benefits you, then, simply depends on your need and preference.
High-deductible Plan G is one of the highest-coverage supplement plans, along with its regular-deductible counterpart. It is, then, more expensive than some of the lower-coverage supplements. However, this is currently one of the best plans you can purchase.
A similar alternative to Plan G is Plan F, which also provides a high-deductible option. This plan also covers your Part B deductible, but it may be removed from the supplement list in a few years or so. So, for a stable high-coverage option, high-deductible Plan G is an excellent option.
A Medicare supplement plan, specifically high-deductible Plan G, can help you out a lot. But, finding a plan that works for you takes time and insight you may not have on your own. Schwenker Senior Insurance can help. With our expertise, you will get the best, most cost-effective coverage for your needs. Call us at 563-579-6116, or email us at jon@schwenkerins.com, to get started today.
