Part D IRMAA Rates in 2022
The income-related monthly adjusted amount (IRMAA) is the amount Medicare beneficiaries have to pay on their Part
December 14, 2021
High Deductible Plan G
Whether you’re a newly eligible Medicare beneficiary or a previously enrolled beneficiary, you’ll be able to get a High Deductible Plan G.
This new plan will be similar to the High Deductible Plan F, but it won’t cover your Part B deductible.
Things to Know About High Deductible Plan G
- Original Medicare will still pay its 80% share
- You’ll pay the other 20% until you liquidate the $2,340 deductible
- After the deductible is fulfilled, the plan will award the same benefits as regular Plan G
- Just like Plan G, this plan doesn’t cover the Part B deductible
- The annual Part B deductible, which you’ll pay, goes toward the total out-of-pocket deductible
How It Works
To best understand your coverage, look at Medigap Plan G and think of that as the parent plan for a High Deductible Plan G.
In summary, Plan G covers your whole share of medical benefits that are left behind after Original Medicare has paid its share — except for the Part B deductible.
Medigap High Deductible Plan G Benefits
After you meet your annual deductible, your coverage is equal to Medigap Plan G:
- Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are exhausted)
- Medicare Part B copayment
- First 3 pints of blood
- Skilled nursing facility coinsurance
- Part A hospice care copayment
- Medicare Part A deductible
- Medicare Part B excess charges
- Foreign travel emergency (up to plan limits)
Is a High Deductible Plan G a Good Option?
The answer depends on your financial situation. Due to the large deductible, this plan may not be our first suggestion. However, in certain situations, it can be a better option than the substitute of Original Medicare alone.
These plans typically work for frugal consumers who:
- Don’t have the funds for a traditional Medicare Supplement plan
- Are aware of the potential for hefty out-of-pocket costs with Original Medicare on its own
High deductible plans usually involve low premiums. That’s the exchange.
So, would a lower monthly premium suit your budget better even if you know you could be spending an extra $2,340 out-of-pocket? Or, do you prefer to pay a higher monthly premium and not have to pay out-of-pocket expenses throughout the year?
Before you enroll in a high deductible plan, do some research to understand what you’re getting into before making a selection.
Our Agents Will Review Your Options
Not every insurance carrier is required to offer this plan, and premium prices will deviate among the ones who do. You can relax knowing the brokers at Cornerstone Senior Advisors will become familiar with your situation and give you their best advice for coverage. Call (316) 260-3331 to discuss your options with a licensed Medicare agent.