Why High Deductible Plan G Should Be a Top Choice

Senior African American exciting about his High Deductible Plan G

Beginning in January 2020, Medicare Supplement Plan F was no longer available as an option to individuals who were turning 65 and new to Medicare. Plan G then became the most robust option. Beneficiaries who purchased Plan F’s ONLY paid their monthly premiums, and the plan paid 100% of the 20% original Medicare did not cover.

The only difference between Plan F and Plan G is that with Plan G, you pay your monthly premium plus your $203 2021 Part B deductible. After that $203 deductible is met, the supplement pays 100%.

What is Plan G

Plan G’ has been extremely popular over the past few years, but like many other things, Medicare coverage is not “one size fits all”.

While Plan G checks off all the boxes for many beneficiaries, there are a large number of people aging into Medicare who finds themselves in a unique position. They may be in excellent health with no pre-existing conditions or diagnoses, which means they don’t see a doctor frequently.

Many of the baby boomers who are aging into Medicare are leaving extremely high-paying jobs, and have substantial savings and expendable income. Having to pay a high deductible does not pose a financial hardship for them.

Baby Boomers enjoying lunch.
Baby boomers who are aging into Medicare.

The 2021 Medicare Supplement High G Plan has a deductible of $2370 but comes with a much lower monthly premium. Beneficiaries who don’t see doctors regularly will see substantial savings in premium that would allow them to pay the High G 2021 deductible of $2370 – then pays at 100% like regular Plan G.

Basically, it comes down to the individual’s personal preference and financial situation. If you’re healthy and don’t see a doctor regularly and don’t mind paying out $2370 if and when you do need to see a doctor, then this may be a good option for you.

As we mentioned earlier, Medicare coverage isn’t one-size-fits-all. That’s why we recommend you sit down with a trusted Medicare advisor and allow them to show you all of your options, and help you choose the plan that meets your individual needs and budget.

Request an advisor contact you TODAY!!