Medigap Plan G vs. High Deductible Plan G
Medigap Plan G and High Deductible Plan G are both Medicare Supplement Insurance (Medigap) plans that can help cover out-of-pocket costs under Original Medicare. However, there are some key differences between the two plans.
Medigap Plan G covers all out-of-pocket costs under Original Medicare, with the exception of the Part B deductible. This includes the following:
- Part B coinsurance for doctor visits, outpatient care, and preventive care
- Part B excess charges
- Part A coinsurance for hospital stays
- Skilled nursing facility care coinsurance
- Hospice care coinsurance
- Blood coinsurance (first three pints)
High Deductible Plan G covers all out-of-pocket costs under Original Medicare after you meet the annual deductible. The deductible for High Deductible Plan G in 2023 is $2,700. Once you meet the deductible, High Deductible Plan G covers all of the same costs as Medigap Plan G.
Which plan is right for you?
The best plan for you will depend on your individual needs and circumstances. If you are looking for a plan that will cover all of your out-of-pocket costs under Original Medicare, then Medigap Plan G is a good option. However, if you are willing to pay a higher deductible in exchange for a lower monthly premium, then High Deductible Plan G may be a good option for you.
Here is a table that compares Medigap Plan G and High Deductible Plan G:
| Feature | Medigap Plan G | High Deductible Plan G |
|---|---|---|
| Monthly premium | Higher | Lower |
| Deductible | $203 in 2023 | $2,700 in 2023 |
| Out-of-pocket costs | Covers all out-of-pocket costs except for the Part B deductible | Covers all out-of-pocket costs after the annual deductible is met |
Things to consider before choosing a plan
- Your health: If you have health problems that require frequent doctor visits or hospital stays, then you may want to choose a plan that covers all of your out-of-pocket costs, such as Medigap Plan G.
- Your budget: Medigap plans can be expensive, so it is important to choose a plan that fits your budget. High Deductible Plan G may be a good option if you are on a tight budget.
- Your future needs: If you are planning on retiring in the next few years, you may want to choose a plan that is guaranteed renewable. This means that the insurance company cannot cancel your policy or raise your premiums due to your health.
It is also important to note that Medigap plans do not cover prescription drug costs. If you need prescription drug coverage, you will need to purchase a separate Medicare Part D plan.
If you are not sure which Medigap plan is right for you, you should talk to a licensed insurance agent. They can help you compare plans and choose the one that is best for your needs.
