Why? NEVER GET Medicare Supplement HIGH Deductible PLAN G in 2023
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- Опубліковано 2 лис 2022
- Call Now: 1-844-552-7426
Why do some people say never get Medicare Supplement Plan High Deductible G in 2023? The top 3 medigap plan g vs plan HDG is a huge debate about the benefits. Medigap plan hdg g has a high deductible and a copayment which can be the best. The Medicare plan F is not for everyone but it does cover hospital and doctor benefits. The medicare supplemental plans are the best plans. Aetna and Cigna sell a Med sup plan N. The medicare advantage plan is not better than a plan g with a high deductible in 2023. This is a very important question for medigap high deductible plans.
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Disclaimer: This video is for entertainment purposes only. If you want advice on Medicare or any of its plans, please speak to a licensed agent, whether it is me or another licensed agent. No advice should be taken from this video. If you don't speak to me about your individual concerns, I can't give you my 100% opinion.
Keywords: medicare supplement plan, medicare supplement plans, medicare supplemental insurance, medicare supplement, medicare supplement plan g, medigap plans, medicare explained,
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Thanks for your stories. They are amazing!
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Age 68 Male (NS) 2024 rates in Florida from A-Rated carriers: HDG = $63/month Regular G = $210-$226 (AARP)/month. Plan N = $163-$193 (AARP)/month. Annual premium savings for HDG versus Regular G ~ $1,900 HDG versus N ~ $1,200. Running those numbers through the spreadsheet produces a different picture. I expect those variances to only get larger over time. HDG will tend toward favorable selection as it will appeal to customers with better health situations, versus Regular G. Therefore HDG prices should grow more slowly from a smaller bases versus Regular G and, to a lesser extent, N. HDG should be viewed as low priced Stop Loss coverage. It's not for everybody, but may be best for many. Interestingly, many of the N plans are now almost as expensive in FL as Regular G (e.g AARP-UHIC, United American, FL Blue, Humana)
5:48 If your MAX out of pocket in HD-G (catastrophic year) is $1300 worse than plan G, but the premiums are $1200 less EVERY year, all you have to do is stay healthy for a couple of years and save that money for the bad years. I was kind of sold on regular Plan G, until I thought about those premiums that will continue to increase and the difference in premiums vs a potential loss of $2700 a year. If you have less than $6000 care ($1200 oop), you will break even or better. I think I like the HD-G plan more and more. Thanks!
Yes sir… I always love when comments compare numbers
The plan G high deductible is $2800 which is based on inflation and can increase more in the long run.
@@Rooster_Crows How about regular Plan G premiums…did they stay the same? If they only went up by $10 a month, the savings for each year would more than offset the $100 each year you don’t max out your high deductible Plan G. It’s definitely not ideal, in either case, and each individual needs to evaluate their own situation to see what makes the most sense for them.
Also, remember that Medicare will still pay 80% of most costs, so to max out at $2800 in a year, you will have gotten billed for $14,000 in medical bills that year. Sure, it’s more likely the older you get, but banking the savings in the early years of retirement might save you more than the maxes that might eventually happen.
@@Rooster_CrowsyYes, the deductible will increase, but so will premiums, and premiums for a G or N plan are likely to increase at a higher rate than those of a high deductible plan. If there were a guarantee that N wouldn’t become the guaranteed issue plan (as G did when F was phased out), going with N over HD-G might be less of a gamble. Remember, too, that under all plans, we still have to pay the first $240, so that narrows the difference to $2550 in a bad year. And N, which I’ve also been considering, also has copays that further narrow the difference.
The top reason for my $34 HDG is the incentive to stay healthy to avoid medical costs.
If I had G I would probably be as unhealthy as when I was working that had very good coverage. The incentive to not eat junk food was low.
I can easily afford less than nutrient-rich foods but the incentive keeps me from being stupid about the health of my body and brain.
Great video. For me, HDG is the way to go. Why? I have a well funded HSA that I never touched in 10 years. So I can pay down my deductibles tax free with that. I also go to the doctor, on a bad year, only a few times a year. I do work hard to stay healthy... eat right, exercise, etc- but I understand that good health is also a blessing. I live in a state that allows me to switch Medigap plans anytime I want without underwriting. So if I find myself in a situation where I am going to the doctor more often, I can switch to another Medigap plan. Switching from an Advantage plan to a Medigap is another matter... plus there are very few Advantage plans in my area. With any Medigap plan, I can go anywhere that accepts Medicare. Because I live in a rural area with limited choices of providers, that is great peace of mind for me.
HD G is great for a couple. We save $200 a month. That's enough savings to pay the MOOP for one of us every year and still break even. I think providers charging excess charges will grow, making N value less. The savings can pay for your Part D plan and a separate dental plan.
Fantastic comment. Great points.
HDG is the way to go. The MOOP is still less than Advantage and you keep your freedom to choose healthcare. If you are healthy, see your doctor a couple of times a year, you keep your premium savings as “self insurance” for when you need it. It’s a no brainer!
Definitely a good argument
😂EXACTLY I'M NOT PAYING FOY GPLAN 150 DOLLARS A MONTH WHEN I ONLY GET A CHECKUP 2 TIMES A YEAR, OR SEE THE DOCTORS 3 TIMES A YEAR
A healthy person in NY would be insane not to take a HD G plan. INSANE!
Thanks for confirming my calculations. Wife & I have little current need for medical services beyond checkups. HD-G is my plan when she hits 65 next Feb & I do three years later. We've been on HSA for a few years, so have enough there to cover a decade of maximum deductibles available when that need arises. And heck, if it doesn't arise for a while, that will likely grow faster than the deductible does.
Brian you are doing a great job educating people who are turning 65 and needs to decide what plan to go for. Looking forward to working with you. Once I get my Plan A and B from Madicare.
Thanks for the info. Someone check my math, but it looks like you'd have to spend ~ $14,000 in medical bills to pay the max $2700. If you're generally a healthy person, High Deductible G is a great option.
Can be yes.
Yes, except if you have an inpatient stay they will hit you with the hospital deductible up front. Otherwise for outpatient it is a “copay” not a deductible. My wife has a $46 HDG plan and a $8 Plan D. Note on his example the max difference is $1280 between a plan G and a HDG, and that assumes full use of the HDG deductible. Most years you will be way ahead! In our area the difference is $120 per month, making it even better.
Ten office visits @ $200 each costs me $400 on the HDG, so total annual cost is $880, vs$1906, or $1698. I would need to incur $6,000 in medical costs to overcome the rate difference between G and HDG. I don’t think the “scam” you implied in your thumbnail was explained very well. But you did get a view and a comment. 😂
I am still working but doing my homework for when I retire. 3 agents have not even mentioned HDG, time to find an agent that looks out for ME, instead of their commission. I am in the Phoenix AZ area and love the information you provide, thank you!
I am licensed in AZ. Give me a call 1-844-552-7426
Thanks Brian
The rates are much higher in Minnesota. In Minnesota the G plan starts at $212. If you want a gym membership thrown in 252 for AARP and BCBS. N plan starts at $146 and with gym membership $186. High deductible lowest and with Gym membership $60. BCBS. I went for the High deductible with Gym.
I really appreciate your spreadsheets. ❤
If I could make one suggestion, I would add a comparison of a year where you just went to the doctor just once for a $100 yearly checkup (a min year). That way, it would give a more balanced view of what will be a choice for the rest of our lives. We can figure how much savings you get from a min year (which is closer to the mean than a max year) compared to the worst case you present, which is not catastrophic with many folks’ retirement savings. Thanks again!
Always good feedback Scott. Noted
HDG is way better. With regular G you are paying an extra $100/mo. to insure against that remaining $1300 max out of pocket. Not smart. Only if you plan on maxing out more than every other year is regular G better.
I started plan N in April this year when I turned 65. So far, only my eye doc has charged me a $20 copay. No charges from my primary doc or specialists.
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Lizett you’re back! Hello
That darn Medicare Advantage really messed me up 😢 for 12yrs with Humana. I was paying 130.00 monthly. Advantage plans are for young well people. Not the elderly with health issues and they don't pay for ambulances and I had no peace of mind I have many health issues especially my AFIB.
I tend to agree 👍🏽
Dont forget you have to add the cost of B premium of at least $174.00 to ALL those numbers. It would be great if all you had to pay was JUST the medigap plan whatever letter you get,but its not just that.
My question is if i choose
Plan G HD and decide after 3 months 6 or a year that I want to go with plan G will I have to go through underwriting?
20 visits a year is quite a stretch. My wife and I only go twice a year. I do know a person on Medicaid that goes more than that though.
HDG is an excellent plan, especially if you're in good health, why pay for a full med supp when you most likely not going to need a full med supp plan. The older you are the more sense the HDG makes, see how much you're paying for a full G vs a HDG. My grand mother is 84 years old, HDF was less expensive then a Full F, or Full G even if she max out the deductible.
Thank you for the info .This will help me make an informed decision.
Appreciate the feedback
This was a great video - thank you. The title seems disjointed to the content, though. I'm still trying to figure out what you mean by the title...
Good analysis - Avi Deshmukh MD FACS MBA MHA
Illinois, G is 300+, HDG is 115+, at age 65. Still unaffordable. i'm seriously considering saying no to B. In my life I've been to the doctor maybe 5 times.
I’ve seen different numbers than that but it always depends on the zip code.
Nice video, love the plan HDG like you. There are two companies that have the two year anniversary rule. Keep doing what’s right.
Different ball game in NYC. G is around 300 a month. HG is 67 a month. The deductible if met becomes a push. If you don't even come close to it, you keep premium. In my case i save near 3 grand a year. If i use it to max it's like i had G anyway. I'm betting on myself. If i win i keep premium. If i lose it's like i had G anyway. Last year i kept my whole premium difference.
NYC is definitely a different bal game
My friends all have plan n and they like it.
Thank you for posting this helpful video
Glad it was helpful!
The difference between G and HD-G is about $1,300 MOOP, thats less than the premium of plan G, if you're in decent health HD-G is the way to go
Definitely what I will do when I'm 65, if it's still available
The billing by providers and facilities to the insurance company and the payout by the insurance company to those providers and facilities doing the billing may not be done in an orderly timeframe to track the $2700 deductible. Example is a patient has fullfilled the $2700 deductible by March 1st including a $1450 bill for services on March 1st. However that $1450 billed by provider to the insurance company for March 1st services is not paid by the insurance company to the provider until August 2nd due to delays caused by corrections to billing errors. Is that $1450 not factored into the $2700 deductible until August 2nd because it was not processed and paid quickly? If that is the case where the $1450 is not factored into the $2700 deductible then does the patient that had already paid out of pocket for their $2700 deductible by March 1st now has an extra $1450 to pay out of pocket until the insurance company pays out that $1450 to the provider? Is this correct or does medicare use the non-processed and not paid amount of $1450 billed on March 1st and factor that into the deductible on March 1st or is August 2nd the actual day that the deductible of $2700 has been met because that is when the payment of $1450 was made to the provider/facility?
I think it's a more helpful analysis to compare "healthy years", where I only go to the doctor once, with "sick years", where I max out my deductible. Using the rates published by CareFirst BCBS, I figured out that their HDG is a better deal than their N even if I have SIX "sick years" out of the next ten! I'm going with HDG.
(I have to pay for the "healthy year" doctor visit regardless of which plan I get because of Part B deductible.)
I agree. Set up an account where you put the 100 a month you are saving. In a bad year, you have the deductible amount.
If all I can afford (barely) is HDG then that is what I'm getting. No brainer.
Go for it
The difference between N and G hdg in my area is over $100 a month
Plan G premium for under 65 is $325 for us. Maybe need to look into HD-G?
I think you need to evaluate the difference in HDG and G after the $226 is met. Assuming both people had claims of $226, the HDG is $1200 per year cheaper. Since Medicare covers 80% of all claims above this amount, you are only responsible for 1/5th of the remainder. That means you would need $6,000 of expenses to cost you the $1200 difference ($6000/5). So unless you often incur more than $6000 of medical claims frequently then the HDG is a better plan.
Plan N is different because of co-pays and the risk of Medicare excess charges so is not directly comparable to the other plans.
It even gets better. It's common for doctors to bill Medicare between $400 and $500 for an office visit in my area. Medicare approves around $60, leaving just $12, twenty percent after the part B deductible.
@@yeahright532 if medicare only pays 60 how is the 400-60 handled? Does the doctor just eat it? Not clear what you are saying.
@@halfglassfull You pay 20% of the Medicare approved amount for the visit.
@@halfglassfull They either walk away from it or they make it up in another ways. When we had commercial insurance, meaning we were too young for Medicare, my first wife had brain surgery for a non-cancerous tumor at a major hospital. Following surgery she spent 10 days in the ICU. The bill was $108,000. The insurer approved $23,000. We paid a $1500 co-pay. The insurance paid$21,500. The hospital simply didn’t get the other $85,000. They do, however, I have a very aggressive fundraising campaign which is how they raise the money to cover the other expenses.
The simple way of understanding this for me is that at age 65 if I have under $5,000 medical bills per year plan HDG will save money up to around $1300 per year. If medical bills are $5,000 to $11,500 HDG will cost up to around $1300 more per year as you reach $11,500 in medical bills compared to plan G. After $11,500 of medical bills all 3 plans pay everything and are the same. From what I have seen the premium doubles about every 10 years of age. Currently at age 65 plan G premium is around $100 per month or $1,200 per year more than plan HDG. That would mean at age 85 I would be paying around $400 per month or $4,800 per year more premium for plan G than plan HDG. At some point as premiums increase with age plan HDG plus the deductible of $2,700 will cost less than plan G or N premiums and save money even if your medical expenses are $11,500 or more per year. If you look 20 years out, I don't see how you would not save a lot of money with plan HDG, and even more if you currently have less than $5000 per year medical bills in most years.
This come out of you check like A and B or you pay it separate.
It's state contigent, in NYC HDG makes a ton of sense due to the high premiums for regular med supps in NY.
Very true. State to State can be different.
So with a HDG, would I be responsible for the $1600 if I was hospitalized or just 20% of it. If medicare doesn't cover it will medigap?
what about the part a deductible? if needed is the @$1600 part a deductible paid out of pocket and applies to the $2700 max? or is there no part a deductible with hd plan g?
What are the best choices for those that move from state to state, it appears that the HDG may not be the best choice? If you have the supplemental high deductible plan G (HDG) in Florida and move to Nebraska where the HDG is not available what options are there? Also if you move from Florida to another state that does offer HDG how does your deductible factor in? If you had spent $1800 of the $2700 deductible in Florida and now move to another state and enroll in another HDG does the $1800 amount count towards the $2700 or do you have to start over with the deductible?
The HDG plan is offered in all states and the benefits are identical.
yeah
Good job Brian, but the title did get me to look at the video. Couldn't see why anyone wouldn't consider this plan if it was the best for their circumstances. I am a licensed agent and will explain the choices to let the prospect decide what is best for them. Commissions are nice, but shouldn't be what guides the recommendation.
I live in NYC. How different my calculation looks. Premium for plan G is $400, plan N at least $300. HDG average $60 - $70. Saving $250 per month on premium will let you fill you refrigerator.
Yes… New York is a different animal. It’s one of the highest priced areas.
Brian, you said at you don't recommend Advantage at 65 because the Supplement Plans will require underwriting. Is it not true that with an Advantage Plan taken at 65 you can "test drive" it for a year and during that year you can switch to a gap plan with no underwriting? Thanks.
Yes, but why Waste your trial right on the first year? That’s my take on it
Can you provide info on average historical yearly rate increases you've seen between these three plans? Is rates increasing faster on say a G plan then an N plan ?
You can plan on 4-7 % increase on all plans each year on “average”.
I was thinking that the high deductible plan or the plan N would be more cost efficient for me because I avoid doctors like the plague. BUT THEN, I thought about chiropractic visits. That could easily be 5-10 visits in a year if my back decides to act up. Now, I'm thinking G might make more sense.
Check the medicare site for Chiropractic visits as some treatments may be covered by the plan at 80%. My husband is planning to use his HSA from work for those visits and we will go with the G-HD plan. Premiums always go up and to start at $140 today could easily be $300 at 80 yrs old due to inflation IMO.
I can't imagine 5-10 visits to Chiro would justify a more expensive plan. My chiro is only $40 visit.
I am not seeing these rates, more like $200 in Florida for 65 year old male.
Plan G is $200 range, HDG is $50-$60 range.
Does plan G pay for out of state care - ie you're on vacation and need to see a doctor?
Yes it does. As long as the Hospital/Doctor accepts Medicare...Plan G will pay also. Great question
Medicare covers throughout the country.
The headline on this video sounds like you don't recommend high deductible plan G, but I got the opposite message from the video.
I only show 3 plans to my clients and usually they go with G or N. I do present HDG
I agree, the title makes it sound as if there’s some big drawback to high deductible that we didn’t know about. Misleading.
@@lgoldman Yes the title of this video does not match the content!!
click bait.
How often does the deductible under HDG increase?
Less often than the plan G that jacks up prices 2 to 6% per yr.
Every year, it follows the August inflation report. On average, it’s 1-2%. Unfortunately, inflation has been high the last 4 years and bigger than normal increases. Part A&B deductibles have not and that is actually more important. Medicare negotiates rates extremely well and it takes a really bad year to hit $2800.
I must correct a mistake made here. He stated that with a plan N you are charged $20 for every doctor visit. That is incorrect. This is a common mistake. The $20 is the max that you will pay. The average cost per doctor works out to less than that; the average cost per doctor visit works out to about $14.
How about your opinion about HDG ?
If you get the high deductible plan G, will the deductible go up over time as well as the premium?
Yes, you will have two things working against you, instead of one.
Depends, for our plan in FL no recent rate increase, and past ones have been small. The problem is more the deductible rising.
Is it possible for the high deductible amount to increase yearly with this plan?
Yes. But it usually doesn’t by much
Go with United American, they're pricing is more stable then United Health, Gerber, Mutual of Omaha, Aetna, Cigna and especially Humana. We use to sell United Health a lot, but switched over to United American because of lower pricing and their stability in pricing year over year. Plan N, HDG and HDF are pretty much all we sell now when it comes to med supp's.
@@oveidasinclair982 Thank you for the help.
I heard that many Agents won't mention HDG because the commission is low.
Who do you work for?
@@kim.in.nature. Many agents won't mention Medigap/supplements, period, as they earn a much higher commission off Advantage plans.
@@oveidasinclair982 Amen, but still consider plan G
G plan in Minnesota $250
Minnesota is different than other states.
Where are these cheap drug plans? I haven't found them?
At around 13:17 he states one company will let you switch from their High Deductible G Plan to their regular Plan G without medical underwriting after 2 years. Does anyone know which company this is?
Call my office and we can help! 1-844-552-7426
@@medicare365 It's United American and it's a one-time offer at the 2 year mark.
That’s great, thanks for info. That’s the company in my state that has the lowest premium!
HD G, not only does it have the threat of rising price, but also an expanding deductible . Two things working against you, instead of one.
Possibly, we’ll see
I’m a SHIIP Medicare counselor in NC, but of course refer clients to brokers such as yourself for Medigap enrollments. You’d mentioned a company that will switch a member on a high-deductible G to a regular G after 2 years without underwriting. Are you able to say in the comments section what company that is?
I am a SHIP counselor as well in CA. My HDG with United American offered me Plan G w/out underwriting after 2 yrs with the company. Who knows if they will continue though, it isn't guaranteed so I don't usually discuss it.
BUT they also have a Reserve Annuity where you can deposit the high deductible amount (or more). They pay interest on your deposit and the best part, they pay the balance to the providers on your behalf.
Each fall you can "top it off" to the new high deductible amount each year. I love that! I didn't take them up on the switch to G. I haven't been offered that switch again. I'm still keeping more than the annual G premium. My husband unfortunately is meeting his high deductible; at age 80 it is still less than the G premium in our area.
All those factors come in to play...your medical use and expense vs your medigap premium in your area, and your ability to change your medigap without underwriting. When your total (high deductible + annual premium) equals your plan G annual premium it's a No Brainer. It's the only medigap plan where you can save money by being healthy.
I suggest a name change to this video - it sounds like you say never get the high deductable. my understanding is Afib is one of the things that will get you denied.
Afib can get you denied. Depends
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.
It will be interesting to see if you leave this post up.
Why would I not leave the post up? Did you watch the video or just look at the thumbnail. I have tons of clients on the HDG plan. I always appreciate long comments. Don’t always assume agents are afraid of the numbers. You must have thought I was a donut and tried to glaze me. 😳
@@medicare365
Thanks for taking the time to respond Brian.
Hmmm... why would I think you might not leave my comment up?
Well when you start a conversation (which is what a thumbnail does) with ALL CAPS.
"PLAN HIGH G -
SCAMS"
subtitled
"Why? NEVER GET Medicare Supplement HIGH Deductible PLAN G in 2023"
It made me wonder?
When that thumbnail didn't really align with the info in your video, I found myself pondering your integrity.
When I was first shopping the dizzying array of Medicare Options I know I scanned many more thumbnails then I watched whole videos. So, given my very positive experience of Plan G high deductible, it seemed you weren't being entirely accurate, AND you are a UA-cam influencer. Headlines not backed by data can do a lot of damage, even if they do gain you clicks. I think good communicators like yourself would do well to prioritize good information rather than garnering clicks. I don't think you're afraid of numbers, but given the nature of being human, and that agents get a percentage of premiums, it's not a surprise that an agent might prefer to sell a $200/mo plan to a $50/mo plan - which might have influenced that misleading thumbnail? Just guessing here.
I went on ss disability and medicare in 2004.........last 4 years on medicare disadvantage........my supp plan, UNC.......is $409 a month, I have adfib, on xarelto......are you saying I am a sucker? By the way, I am a multimillionaire, and I paid $1.2 million in taxes in the last 2 years. Is my plan G never worth $409 a month? I have no major hospital nor charges. My drug plan is $9 a month.
If you're aging in look at United American, United Health rates increase 2%-3% annually, where United American stays pretty stable. Plus United American has better pricing for their Plan N in FL. and they offer an HDG where United Health doesn't.
opt completely out, don't even pay for B. Why would you? (Of course you are probably full of it) but if I was self insured, no way I'd hand over 175/month to the government. just write a check to the hospital that you own. Everybody takes cash.