Medicare HDHP Plan G 2023 Why You Should Consider It

Medicare HDHP Plan G 2023 Why You Should Consider It

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★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:48 What is Medigap
2:09 Plan G Benefits
5:16 Comparing Costs
11:34 Final Thoughts

If you’ve watched our videos in the past, you are probably familiar with Plan G. It is our clients’ favorite plan and even before Plan F was being phased out was often our number one recommendation. Did you know that Plan G also has a high deductible version? Let’s talk about that today and why you may (or may not) wish to consider it.

Medigap plans are also known as Medicare Supplement plans. They work in conjunction with Original Medicare to fill in the financial gaps. You can think of them as the all inclusive vacation approach to healthcare. You will pay an additional premium to cover the additional out of pockets costs like deductibles and copays or coinsurance.
Medigap plans, however, do not offer additional benefits not already offered by Original Medicare, for example dental, vision, hearing, and prescription drug. There are low cost options available for these benefits.

There are 10 plans to choose from and the benefits are standardized. So, the benefits do not vary from carrier to carrier. Your Medigap plan is also entirely portable so if you move there is no need to change plans. This is because although supplements are offered by private carriers, if your doctor or hospital accepts Original Medicare, they accept your plan regardless of your carrier. And almost all doctors and hospitals accept Original Medicare.

So, really the only difference here is how the cost structure breaks down. You may be able to save a little money with Plan G or possibly not. A lower priced regular plan G may save you money. If your premiums are on the higher end, then the HDHP may be the way to go. It’s really too close to call.

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[sustainablelifest]

this was incredibly helpful! Thank you!

[tammysimons]

Just found your video. I'm in NY and new to Medicare. I went with HDPG because I did not want a MA plan and I can't afford Plan G or N.

[kathyann]

I have hdg and have had quite a few tests and doctor visits this year and I have paid less than $200 towards my deductible so far. The ss negotiated amounts are so low that you probably won't reach the deductible unless you go to the hospital or get cancer. I think for some states it makes the most sense but a lot of people don't know about it because agents don't go over it with them.

[kathymclaughlin]

Doesn’t your comparison assume the worst case year for a HDG? If you are healthy and only go to the doctor a couple of times per year wouldn’t HDG be a better plan?

[KatieLibby]

Your assumptions are that the person would reach their full deductible in the year. You choose HD because you are healthy. Assuming you only see a doctor once or twice a year, the savings from having HD more than double. As you age you can always swutch to a regular Plan G.

[obwfsls]

The HD plan that my spouse has states the Part-B deductible does not get credited toward the $2700 deductible, therefore, it appears that what is said is this video is incorrect, in that the Part B deductible is in addition to the $2700 Gap deductible, below is how our plan documents read:

Additional Benefit Amount You Pay

Skilled Nursing Facility (SNF) coinsurance
$0 after plan deductible of $2, 700 is met up to 100 days. All cost for 101st day and after
Part A deductible $1, 600 (2023)

Plan covers after High Deductible is met; Medicare Part A deductible applies to plan deductible of $2, 700

Part B deductible $226 (2023)
Not Covered. Member pays Part B deductible; Medicare Part B deductible applies to overall deductible of $2, 926

Part B Excess Charges
$0 for Part B excess charges

Foreign Travel Emergency
$0 after overall deductible of $2, 926 is met

[hopespringseternal]

I am sorry. This is a bad presentation. You ignored the fact that if a person rarely sees a doctor, or only several times a year, the HDG is much more cost effective per year. And did you let the viewers know that you make a much higher commission selling a G plan vs the HDG?
I unsubscribed from you.