Medicare high deductible Plan G vs. Medicare plan G
Insurance companies can give you many plan options. The most popular is Plan G. Here, we will tell you about Medicare high deductible Plan G vs. Medicare plan G. We will brief about Plan G first and then High deductible plan G. After reading this article, you will choose one of them easily.
What is Medigap Policy?
Before jumping towards plan g, we will tell you what Medigap policies are. Basically, there are 11 basic types of Medicare supplement insurance policies. If you have a Medigap policy, then you can easily use it for any doctor, hospital, etc that accepts original Medicare.
Let’s elaborate on what plan G is and what is it for? How can it help you, and how can you sign in for it?
Plan G connects to original Medicare parts A and B to cover almost all of your hospital and doctor medical bills. But the Part B deductible is not included in it. If you pay the deductible, you won’t have to pay anything extra for services after this. There is a deductible for Medicare plan G and also for the high deductible plan g.
Not only this, but the regular Medicare plan G also covers the excess charges. Sometimes, the doctors do not accept full payment as an approved Medicare plan. So, they can charge you up to 15%, which is more than the approved amount. This extra 15% is known as an excess charge. But luckily, excess charges are now illegal in some states. If you live in New York, Ohio, Pennsylvania, and Vermont, etc., there will be no extra charge for you.
Cost Of Plan G
The cost depends upon what package you want. If you want to purchase a premium Plan G, then its cost varies. The cost will vary depending upon your location, gender, and whether you vape or smoke.
The cost of Plan G ranges from almost $99/month (someone who is 65) to almost $500/month (someone who is 80).
Below are the approved costs in the US:
- The lowest male cost starts from around $109/month.
- Similarly, the lowest female cost starts from around $99/month. It is the average cost, but it will range from state to state.
Eligibility Criteria for Plan G
Being Eligible for Original Medicare means you can easily qualify for Plan G as well. Moreover, if you are an American citizen, you can qualify. And if you are a resident for at least five years, you can still qualify.
If you have been working in America for ten years, then you will easily qualify for it. But suppose you have not worked for ten years, you can still qualify by paying for Part A premium.
Similarly, if you are 65 or disable, then you are still eligible. The disabilities also include cancers. Because some cancers are also considered as disabilities, and you can qualify for this plan.
For Enrollment, there are specific things that you need to know. There are special times when you can enroll too.
There is Medigap Open Enrollment Period, also known as OEP, where you can enroll for plan G. This Open Enrollment Period starts when you are 65 years old. At this stage, your plan B must be active.
If you are a Medigap enrollee and are 65 years or more, you can buy Medigap anytime you want to. You will undergo health screening and medical underwriting too.
If you are healthy and want to apply for Plan G in OEP, you will pay the same amount as the company will tell you.
Suppose you are under 65, then you can also apply for a Medicare Supplement plan. It will depend on your location. There are several conditions that states set for Enrollment. You will see that some states require Medigap insurance providing companies for selling Medigap plans to the enrollees who are younger than 65.
The rules for health screening, OEP, and rates will be different in each state for people younger than 65 years. Even in some states, you can start a new plan from the first day of the coming month.
After Open Enrollment
As we stated above, there are different rules in different states. So, in few states, if someone signs up outside OEP. Then they might be subject to medical underwriting as well. This thing means that they have to pay a high premium if they have any preexisting health conditions.
Sometimes, you might face rejection of the application. So, you have to be careful in such cases. The states like Massachusetts, Connecticut, Maine, and New York, etc., require health insurance providers for offering different policies. These policies are offered to those people who or eligible, and it does not matter if they have preexisting conditions or not.
Is Plan G Considerable?
Suppose you think about whether to consider plan G or not. Then here is the answer to that question. Plan G is considered the best and top-of-the-line Medigap option. Even if you are newly eligible, you will still have many options.
The plans range dependant upon where you live. Usually, they can range from $99 to $500 per month. And this is for the premium part. So, for each year, you will have to pay from $1,108 to almost $6000.
The premium of plan G is a bit high than other policies. But you will get the best and most comprehensive coverage through it.
Moreover, this plan covers many of the pocket costs for any service and treatment you have already paid for. And if you have paid for Medicare Part B deductible, you do not have to pay extra. As a result, there will be no coinsurance and copays.
High Deductible Plan G
High Deductible Plan G is one of the best plans. It is better than High Deductible Plan F. However; plan F will not be available for new beneficiaries this year. This plan is almost $2,370. When you have got High Deductible Plan G, then you can get coverage for regular plan G.
Why Is It Better?
If you are the one who has done a lot of research for medical coverage, then we will help you a lot. Plan F was considered as the better option, but there are some restrictions from the year 2020. Not only this, but high deductible plan F is also being restricted.
Suppose you want High Deductible Plans, and you want to sign up for those. Then High Deductible Plan G is the best plan for you. Even if you are new to Medicare, then this plan is best for you. Anyone can purchase this plan efficiently.
These plans can help you save a lot of money. You will have to pay less, but still, the plans are best. After reading the description below, you will know the difference between both plans, and then you can choose the one.
The Main Thing in High Deductible Plan G
In 2020, this plan was launched for new beneficiaries of Medicare, and it is one of the best options. The best part is that High Deductible Plan G has almost the same deductible as High Deductible Plan F. It works similarly.
Suppose you will start High Deductible Plan G and start receiving its benefits. And then, you will also start getting benefits of regular Plan G. This premium plan will have less amount than regular Plan G. This happens due to the steep cost of the deductible.
Medigap Plan G High Deductible Coverage
If you are wondering about High Deductible Plan G coverage. Then we are here to help you. The best part of the High Deductible Plan G that makes it better than Regular Plan G is that you will receive more benefits rather than a deductible amount.
There will be a lot of benefits that you will know soon.
Eligibility for High Deductible Plan G
The eligibility for regular plan G is difficult. But here, you can easily be eligible for High Deductible Plan G. If you think you will qualify for High Deductible Plan G, then here is a simple thing you must know.
If you have qualified for Medicare on or even before January 1st, 2020. Then you are eligible for High Deductible Plan F but not for this plan. You can only be eligible if you applied after that date.
High Deductible Plan G Is Better Option Than Plan G
If you think about why you should choose it, then it comes with the best benefits. Most of the benefits are the same as High Deductible Plan F. You can get all of those by High Deductible Plan G. Another best reason is that it has lower premium rates than regular plan G.
If you do not have any medical complications, you do not need to visit the doctor regularly. Then this plan is best for you. This is because Plan G is suitable for those suffering from any illness that requires regular doctor visits.