High Deductible Medicare Plan G

Did you know that there is a High Deductible Medicare Plan G? Some beneficiaries find this a surprise since most carriers do not advertise it. But how does it compare to the ever-popular Medigap Plan G?

In this video, I will compare Medigap Plan G vs. High Deductible Plan G, so you can decide if either of these plans is the one for you.

Getting started (0:00)
What is a Medigap plan? (0:49)
How does regular Plan G work? (2:15)
How is High Deductible Plan G different from regular Plan G? (3:56)
Why would someone choose High Deductible Plan G? (5:18)

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[Paul-GrnHil]

I chose the HDG plan because it was over $1000 per year cheaper than the G plan. Remember that Medicare always pays 80% of a claim so 1/5th of a bill is my responsibility. To put it another way; I need to incur greater than $5000 in medical claims to incur $1000 of additional out of pocket to eat up the savings. That may happen on occasion but not likely routinely.

[charlesluck]

Maybe I'm confused, but this is the way I see it.
For me, in my county, one particular company offers a High Deductible Plan G (HDG) for $64/mo.
The same company offers a regular Plan G for $284/mo.
The total difference in the premium cost for the year $2, 640 more for the Regular Plan G.

The high deductible plan comes with a $2, 700 deductible; the difference between the high deductible and the premium cost of the regular plan is $60-
If you opt for the regular Plan G, you have no choice but to pay the full premium, an additional $2, 640 for the year.
Whereas, the total premium for the HDG comes to $768, and if you happen to be relatively healthy, you can set aside the other $1, 900 for a future year, or some other investment. If you have the misfortune of becoming very ill during the year, you're Max Out Of Pocket is capped at $2, 700 for the year; after which everything will be covered in full.

[robertleewhitt]

Danielle trains her people extremely well.
In fact Danielle’s staff is helping me right now with a Medigap G plan claim .

[latriciapowell]

Been wanting a video like this to understand what the difference is with High G! Thanks

[carlsilverman]

I chose HD-G for both mentioned reasons. I'm cost conscious and the premium here in South Florida is much lower than for regular G or N. And also because I'm not expecting a huge amount of medical care. Even if it turns out that I will need a lot of care, the premium savings of HD-G will almost make up for the higher deductible, so it won't be a great loss.

[vistamutual]

Your content always delivers value, Well done!

[alexroland]

What a great explanation! Definitely can be confusing sorting out the difference.

[NoelLudvigson]

Great video! Nice to know that HD-G might be available. Peace & Love to you all!!

[bobm]

Informative video. Thank you. Medigap Plan G-HD is a no brainier in NY (and I believe Connecticut & Washington). Cost for G plans in NY are between $250 & $480 a month compared to $60 a month for a G-HD. In NY we can change plans at anytime of the year with no underwriting. So if you're expecting big bills or get sick you can just change to another plan the first of the next month. It's the best kept secret in medigap polices for us in NY!

[BoomerBenefits]

📌Learn more about regular Medigap Plan G here:

📌Join our exclusive Medicare Q&A Facebook group to have your questions answered by Danielle and her team:

📌New to Medicare? Attend our FREE Medicare 101 Webinar:

[robannmateja]

Thanks for the video. Many of us who have been in the workforce in recent years have access to Health Savings Accounts. I contributed many years to an HSA, and plan to retire early next year. In fact, I have not touched my HSA at all, although I have stopped contributing due to my impending retirement plans. The HSA leaves me with a nice cushion to use for a high deductible Plan G policy, which is what I plan to do. So I can pay my high deductible with tax free dollars, which seems like a big win to me. My state also allows me to switch medigap plans any time throughout the year without underwriting (and plans must be community rated only), so I feel a high deductible Plan G is the best choice for me when I apply next month, and if I find it is too expensive (in good health now, knock on wood!), I can switch to another medigap plan.

[coreyparker]

Great explanation! It's so confusing learning the differences between Medicare plans

[butopiatoo]

Good video, sad that it is so difficult to get down to the actual cost of HDHP Plan G vs Regular Plan G so that we can compare these two options if offered

[JA-gxhb]

Good info. Can I get an eqivalent plan to HD-G in Wisconsin?

[sharoneh]

I also chose HD-G plan due to my budget through Boomers. I have selected plan D with Anthem for medications. I still need dental insurance, I'm doing research into best options for me.

[vertigohan]

Hello Great explanation.

I'm trying to learn Medicare. Do you have a training video about explaining the Part D stages to a beneficiary? What to say and what to avoid? Thanks.

[thiagosantiro]

1 - If you are enrolled in a HDG plan in Florida and have used $1900 of the $2700 deductible and move to another state and enroll in another HDG does your $2700 deductible start from $0 or does the previous $1900 get factored in? 2 - If you are enrolled in a HDG plan in Florida and move to a state that does not offer a HDG plan is there an exemption to choose a new plan possibly G without underwriting involved?

[KatieLibby]

Most brokers will not mention HD plan G.

[glennkopriva]

Hi, always enjoy your videos. I'm 63 and planning ahead for a medical plan here in Florida. What concerns me is a 2700 high deductible plan seems to be a higher cost from a regular plan G as I'm seeing monthly G rates here today at 215 per month.... the high deductible plan would have to be close to free to make sense unless you are super healthy.... that being said, would you be able to switch to regular plan G in later years or are you stuck in the HD plan? Thanks

[DavidBeede]

Plan G high deductible in my case cost $50/mo while G costs $215/mo. My wife and I live in Florida and we've run the numbers. My wife and I have saved over $4000 in our first two years.
For us the annual cost of Plan G would be, premium $215 x 12 = $2, 580 + $226 = $2, 806/yr
That's $2806 per year every year no matter how much health care we need.
With Plan G high deductible it's premium of $600 + $226 = $826yr plus our 20% share of any healthcare.

The "high deductible" is achieved from paying the 20% Medicare B doesn't cover. So to hit my $2700 deductible I'd have to have $13, 500 in care.
My MAX pay at that point is $3300 for that year. It stays at that point even if I use $200, 000 of care. It is the most I will pay in any year.

To break it down monthly, our cost in a high use year is $275/mo
Cost in Plan G every year is $234/mo
Our "risk" if every year is a high healthcare year is $41 more per month.

In a healthy year where little medical care is needed you can save a lot. That's how my wife and I have saved over $4000 in our first two years.
I know plan G's are cheaper in some states, just do the math. Your mileage may vary!

Glad you're talking about HD G at all!