You’ve been doing a lot of research regarding your Medicare coverage. As you may know by now, Plan F is going away in 2020. With this, High Deductible Plan F is also going away. If you are among the group of people who love their high deductible plan, or you were planning on switching to a high deductible plan, don’t worry. You still have options. After January 1, 2020, a High Deductible Plan G option will be available to purchase.
What are the Medicare Changes in 2020?
To provide a quick recap of the events happening in 2020, Medicare supplement Plan F and Plan C are going away for those who are not eligible for Medicare before January 1, 2020. This information is buzzing among Medicare beneficiaries, because for years, you have learned that Medigap Plan F is the most comprehensive plan.
While Plan F historically was the most comprehensive plan, Plan G doesn’t fall far behind. The only difference between Plan F and Plan G is the fact that Plan G does not pay the Part B deductible ($198 in 2020), while Plan F does.
Overall, this won’t hurt your pocket. Many seniors find they still find a substantial amount of savings with Plan G, even though they have to pay the Part B deductible.
Because Plan F is going away, it’s counterpart, High Deductible Plan F will also go away. The only difference between regular Plan F and High Deductible Plan F is just that – the deductible. With this plan, you must pay Medicare-covered costs such as copayments and coinsurance up to the deductible amount before your plan will pay anything. In 2020, the deductible for High-Deductible Plan F is $2,340.
Once you meet the deductible for this plan, you’ll have the exact Plan F coverage as a standard Plan F plan. Because the deductible is so high, you can expect to pay a much lower premium for a High Deductible Plan F plan.
Think about it this way: you’re paying more up front to, in turn, pay less each month. We expect this type of structure in High Deductible Plan G once it’s released in 2020.
What is High Deductible Plan G?
Starting in 2020, once High Deductible Plan F goes away, High Deductible Plan G will become an option for current and new Medicare beneficiaries. High Deductible Plan G has the same deductible as High Deductible Plan F ($2,340 in 2020) and works in a similar way. For example, once you meet the high deductible for High Deductible Plan G, you will receive all the traditional benefits of a regular Plan G. We can also assume that much like the High Deductible Plan F, the premium for this plan will be much lower than a regular Plan G because of the steep cost of the deductible.
Medigap Plan G High Deductible Coverage
The most crucial aspects of the High Deductible Plan G plan are the benefits you will receive and the deductible amount. Your benefits will cover:
- Part B excess charges
- Foreign travel emergency (up to plan limits)
- Skilled nursing facility care coinsurance
- Part A hospice care coinsurance or copayment
- The first 3 pints of blood
- Part B coinsurance or copayment
- Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used)
- Durable Medical Equipment (DME)
High Deductible Plan G Eligibility
Wondering if you’re eligible for a High Deductible Plan G? First you must see if you’re eligible for Medicare. Because you’re looking for a Medicare Supplement, you’re probably already eligible for Medicare or well on your way to being eligible. When you’re enrolled in Medicare Parts A and B, you can then enroll in a Medicare Supplement, and that includes High Deductible Plan G.
How Will High Deductible Plan G Compare to High Deductible Plan F?
The main difference between High Deductible Plan F vs. High Deductible Plan G will be its coverage options. Currently, High Deductible Plan F covers the Part B deductible, whereas High Deductible Plan G doesn’t. If you’re wondering if that’s a huge difference, we find that most people don’t feel that big of an impact from paying the Part B deductible. In fact, most times, people even find massive savings through choosing High Deductible Plan G.
Why Choose a High Deductible Plan G?
Most of the benefits that you’d get from a High Deductible Plan F, you’d get from High Deductible Plan G. The best reason to choose High Deductible Plan G would be because of the lowered premium. If you feel like you need treatment frequently and could easily hit the deductible, this might be the right plan for you. In 2020, deductible for High Deductible Plan G will be $2,340.
We Can Help
Ultimately, we want to make sure that you’re choosing the best plan for your needs. Whether that’s staying on your current High Deductible Plan F or switching to a new High Deductible Plan G, we’re here to help you compare the pros and cons of both options. It’s important to get the best deal for your situation and keep this process as worry-free as possible. You deserve to relax during this part in your life, not worry about your Medicare coverage.
Nothing on this website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.