High Deductible Plan G vs Advantage plans

Medicare Advantage Plans vs Medicare High deductible Plan G

There are many people who are trying to choose whether to purchase a High Deductible Plan G vs Advantage plans in 2023, or to simply go with a Medigap plan G.  Medicare supplemental coverage can be confusing and most people will want to speak with a Medicare supplement agent to get information about Medicare, especially if they are in their initial enrollment period.  The initial enrollment period for Medicare is when you first are eligible for Medicare and sign up for Medicare part b.  If you have worked for 40 quarters in your lifetime, you will automatically receive Medicare Part A

for free.  Medicare Part B will be issued to you without having to sign up if you are currently receiving a social security benefits check.  If you are not receiving a social security check, then you will have to sign up for Medicare part b if you want the coverage.

Both Medicare Advantage plans and Medicare supplemental plans have pros and cons.  Here is the breakdown:

Medicare Advantage Plan Benefits

Medicare Advantage plans can have inexpensive premiums.  There are Medicare Advantage plans that are PPO plans that have a $0 premium in 2023, and most likely will in 2024.  This means the plan is free to purchase.  The kicker is that you will have to pay to go to the doctor and hospital in the form of a copayment or deductible.  The doctor visits could be $25 and the hospital visit could be $300.  If you don’t go to the doctor’s office often and don’t visit a hospital this could be a very good way to cover yourself insurance-wise.

When comparing the infamous advantage plans vs high deductible plans people must understand that Medicare Advantage plans have Medicare part d plans attached to them.  Many people on Medicare are taking prescription medications.  Advantage plans have part d plans attached to them so you will also get Medicare part d coverage.   You will still have a copayment to purchase your drugs from pharmacies such as Walgreens and CVS but you will have Medicare part d coverageAdvantage plans also have a vision, dental, and hearing attached to them so many people enjoy having one plan with all these benefits.

Medicare Advantage Plans Drawbacks

Medicare Advantage plans don’t have underwriting so if your health has deteriorated you can still get the coverage every year during the annual enrollment period or AEP.  Medicare recipients are worried if they are sick or ill if they will be covered.   With Medicare advantage plans you will always be able to purchase them during the enrollment period.

Medicare Advantage plans have a high total out of pocket cost.  This is the one downfall of the Medicare advantage plans that people struggle with.  The total out of pocket can be more than $7,000 a year and if you go out of network it could be more than $10,000 per year.  This can be a great deal of money for most people.

Benefits of High Deductible Plan G vs Advantage plans

Medicare supplement high deductible plan g is an alternative to an advantage plan because the premiums are lower than most supplemental plans that are Medicare approved.  They still have a total out of pocket cost of over $2,700 in 2023 but it is much lower than the advantage plans which are over $7,000.

High deductible plan G doesn’t cover Medicare Part D plans for prescriptions.  With the high deductible plan g you will have to get a separate part d plan.  The good news is, if you don’t take expensive drugs, you can get a plan for under $10 a month.  This leaves you with low-cost coverage that is the best medical coverage on the market.

High Deductible Plan G Takeaways

Medicare high deductible plan G gets you into a Medigap plan and once you are in, they can’t throw you out.  If you are in bad health and you want a Medigap plan, you might want to consider a supplemental Medicare plan such as the G plan or high g.  This will give you the best coverage for Medical and grandfather you into a Medigap plan for life.

Why choose a high deductible plan?

High deductible health plans (HDHPs) typically have lower monthly premiums and higher deductibles. People choose HDHPs because they can save money on their monthly health insurance bill and potentially lower their overall health care costs if they are generally healthy and don’t expect to use much medical care in a year. However, they also have to pay more out of pocket for medical expenses before their insurance starts covering the costs. It’s important to weigh the potential savings against the possibility of having to pay large amounts if an unexpected medical issue arises.

High Deductible Plan G vs Advantage plans for 2023

For the year 2023, the deductible for Medicare High Deductible Plan G is $2700. This means that the policyholder must pay all Medicare-covered expenses out of pocket up to this amount before the insurance coverage kicks in. After the deductible has been met, the policyholder is then responsible for paying a portion of the remaining costs, while the insurance plan covers the rest. The exact details of the coverage, including the coinsurance amounts, can vary based on the insurance provider and specific plan.

If you have additional questions feel free to contact us.