If you have Medicare benefits, you may have noticed that Original Medicare does not cover all of your health care costs, leaving you to pay some amount out-of-pocket. These gaps can become quite burdensome if you have a period where you require frequent medical care. High Deductible Medigap Plan G can help you lower your out-of-pocket costs significantly, making it more affordable to receive the health care you need.
If you are interested in purchasing High Deductible Plan G, here’s what you need to know.
Medicare Supplement Insurance, or Medigap, is a form of insurance that helps Medicare beneficiaries pay their out-of-pocket health care costs. There are ten different primary plans, as well as two high deductible versions of the most comprehensive plans. Each plan offers an array of benefits that are designed to make healthcare more affordable for Medicare recipients.
Some of the plans are basic, while others are more comprehensive. Plan benefit structures don’t change from company to company because Medicare Supplement Insurance plans are standardized. To ensure that each plan provider follows the correct rules, you must be approved by Medicare to sell Medigap plans.
With Medigap Plan G, you are receiving nearly comprehensive coverage of your Medicare-related costs. With traditional Plan G, the only thing you will be required to pay is the Part B deductible. In 2021, this deductible was $226.
Plan G covers the following benefits:
With Plan G, you will still need to pay your Part A and B premiums, as well as your Part B deductible. These costs don’t amount to much, so Plan G really makes health care a lot more affordable when you need it.
Plan G’s high deductible version offers the same benefits as traditional Plan G, but your benefits won’t be active until you pay a set deductible amount. In 2023, this deductible is $2,700. Therefore, you must pay for the first $2,700 of your healthcare costs before you receive coverage from your Medigap plan.
This plan is not right for everyone. The high deductible can be off-putting, especially if you don’t have adequate retirement savings available to pay the deductible when you need care. This plan is best for individuals who prefer lower premiums and have the financial assets necessary to afford the deductible.
Whether High Deductible Plan G is right for you depends on your financial situation and health condition. The Medicare professionals at Texas Medicare Advisors have the answers you need to move forward with purchasing Medigap coverage. Call us at 512-900-3008 to get started with a free quote.
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