A high deductible plan is not for everyone. If, for example, you are rarely in need of healthcare or medical services or treatments and tend to find that you only require your healthcare insurance on a sporadic basis, a high deductible plan can work against you as, unless you meet the deductible fee set as part of your plan, it can leave you with bigger bills than a standard Medigap supplement insurance plan.
However, a high deductible plan can make your life easier and cheaper if you frequently require medical attention or if you like to travel outside of the United States regularly. Offering typically lower monthly premiums, a high deductible plan essentially does what it says – offering lower monthly payments in exchange for a high deductible, which is set on an annual basis.
This high deductible is the payment you will pay before your Medigap plan kicks in. The High Deductible Plan G deductible fee for 2021 is currently set at $2,370, meaning that the consumer is liable to pay this amount before their Plan kicks in and covers the remainder of all eligible expenses.
What Does High Deductible Plan G Include?
The features associated with High Deductible Plan G are the same as those linked with Medigap’s standard Plan G, including:
- Medicare Part A coinsurance and hospital fees for up to 365 days after the Medicare benefits have been used up
- Medicare Part A hospice and palliative care coinsurance and copayments
- Medicare Part B coinsurance or copayments
- Coinsurance payments for skilled nursing care
- Medicare Part B excess charge (any charge above the Medicare-approved fee)
- Foreign travel coverage (up to 80% of healthcare emergency fees accrued when traveling)