Medicare Supplement Plan G High Deductible / New
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- Опубліковано 19 кві 2020
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Medicare supplement Plan G high deductible
If you are researching Medicare and looking for a video that will help you understand the Medicare supplement plans G-high deductible and Plan F-High deductible (Medicare GHD aka Medicare G-HD), this video is for you. In this video I will Show an easy way to understand exactly what the high deductible Medicare supplement plans cover and how they work. At the same time, I have already seen other videos and heard other agents mischaracterize Medicare Supplement Plan G High Deductible. Which is a nice way to say they described its benefits incorrectly. I will clarify that confusion for you in this video. Then, in this video we will Review the Pros and Cons or strengths and weaknesses of a high deductible plan that may be different than other Medicare supplement plans Finally, We will look at when you should consider a high deductible plan instead of another Medicare supplement and how to tell if you are in a part of the country where High Deductible Medicare supplement plans are worth considering. There are some parts of the US where a Medicare supplement High Deductible Plan is a no-brained. There are other parts of the country where it is such a poor value relative to other Medicare supplement plans that it simply doesn’t make sense to seriously consider the high deductible option. I have a rule of thumb which I apply and teach my agents to use when quoting a high deductible plan to determine when it makes sense financially. I am going to share that rule of thumb with you in this video. There are two Medicare supplement high deductible plans. There is a Medicare supplement Plan F high deductible and a Medicare supplement Plan G high deductible. If you were eligible for Medicare, even if you didn’t enroll, if you were eligible for Medicare prior to January 01, 2020 you can choose either the Plan F high deductible of the Plan G high deductible. If you were not eligible for Medicare until January 01, 2020 or later, your only high deductible choice is the Plan G high deductible. Despite a common misconception, they both have the exact same benefits and should be the exact same price, or within pennies. I will go over that in detail in just a moment. First, with the high deductible plans, like all Medicare supplement plans, you get to keep the benefits of Original Medicare. You can see any doctor, go to any medical facility in the country as long as they accept your Original Medicare. Second, no insurance company has a say in what is covered. Medicare is your primary insurance coverage. The intent of Medicare is to cover everything that is medically necessary, and they rely on your doctor’s opinion and diagnosis to determine medical necessity. Simple enough
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Thanks. Good information. I am 74, wife 71 and we have had high deductible plan F since age 65. We love it. We like the security of a max out of pocket expense so we won't bankrupt with a horrible medical diagnosis. Also it helps us be choosy about going to the doctor unless we are really sick. My background as a retired physician of course helps that.
I’m 75 and my wife is 72 and we just discovered the HD Plan last year and switched to it in 2022. We cut down our premiums by 70% and our normal copays and coinsurance have been normal so we are literally saving over $2000 this year in our outofpocket expenses in NJ.
We have had the plan F high deductible for about 9 years now. Started out with plan F. After a couple years the price started getting very high. 78 and 75 now, and last year is the first time that I have had to pay the $2,450 because of my bill's. So far coming out way better than with a regular plan. Don't know about the future.
In 2022 we netted $1500 in outofpocket savings with this plan.
What he doesn’t say is how to decide which company to buy the HD Plan. I’d suggest asking the back office people at your doctor’s office who handle the insurance payments if there’s any company they like or really dislike.
@@nelsoncaldwell2758Ask your agent if your preexisting condition would prevent you from switch Medigap plans.
Your videos are the BEST on UA-cam for explaining Medicare!!! Thank You I will be in touch!!!!
The information you provide is second to none, and it’s free.
Love your videos. You have a soothing calm voice and provide clarity to the ever confusing insurance world.
I’ve been thinking I would get a plan G and be done with it. But the more I look at the HD plan G, the better I like it. Most years, I won’t come close to the max oop (otherwise, who cares?…I’d be too sick to enjoy life in general!). I would be able to keep the money I save in premiums in an S&P 500 fund (always keeping enough liquid assets to last for a four year market downturn, which would double as a two year max oop fund). The high premiums for plan g in my area (Tallahassee, FL) that will keep increasing are more of a threat to my wealth than the occasional year or two of high medical bills. Thanks for your informative videos!
Good idea especially if you live in a state with high Plan G premiums. In my case, there’s a 65% savings in premium with the HD plan.
OMG thank you for being so honest and telling us what we need to know.
These high duck plans are excellent plans, it just takes a little to get you your head wrapped around the plan. These are excellent plans if you're in relatively good health, why pay for a full medicare plan when a high duck plan works and considerably cheaper too, but like the man said here, it depends on where you live because the base price for this plan is zip code driven. A lot of agents don't like taking about High Duck plans is that they make LESS commissions on these plans verse a more traditional med supp plan. Medicare supplement plans are far better than Advantage plans and HDG/HDF plans beat these hands down, we use United American for our area of operation.
In some areas United American is a hands down best option. They also have features that make the decision and management easier. Too much to go into here, but one is allowing a person a 30-day window on their 2-year anniversary where they can change to any plan with UA with no medical questions asked. It's a very consumer friendly company. 800-847-9680
Last year, wife and I in our mid-70s, netted $1500 in outofpocket savings with the HD plan.
Good stuff; just what I was looking for. Clear and logically presented, no fluff. This is the fourth of your videos I've watched, and I'm understanding this stuff as never before. Thanks, Plan N is next.
I’m 76. Believe me, there’s a big difference in premiums. In my area it was $200/mo or $2400/year. That’s a big outofpocket savings.
Dear Mr. Claassen,
I learned more from your videos than the various seminars I attended to when my wife and I started our retirement and trying to look for supplements to our Medicare part A & Part B. Thank you for making them easily available. Had they been available then, we would have not made some wrong decisions in our health insurance.
Again, thank you. Will be in touch soon.
With our prayers,
Rod and Mimi Cabanban
Awesome video with great information. The explanations and examples are outstanding. It's invaluable when making Medicare supplement plan decisions.
Fantastic explanations~ THANK YOU!!!
Thanks, Matthew for the very specific and important information both from the videos and in personal communication!
You are welcome Helene
Well explained! This is the first-in-class video for explaining what Plan G High Deductible is and when it is worth considering. Thank you!
I had no idea there was such a thing as medicare gap high deductible plan or its value. Thank you for this information!
Same here. I discovered it 2 years ago at age 74. Convinced me to leave my very good employer sponsored MA plan.
You explain everything so well. I will be calling you when it's time to decide.
I look forward to it.
Thank you so much for all the info and clarification. I am always convinced that my personal preferences are validated after watching your videos. That is so comforting!
Best Medicare videos on line; very clear teaching.
Thank you!
Your videos are very easy to understand.. I will listen to all of them... I am a new agent.
The information you provide is second to none, and it’s free.. Very good explanation regarding inflation and the HD plans..
Very informative and educational thanks for the articulate and knowledgeable information.
Thank goodness there is a rewind option. Lots of good information, and had to listen to it several times.
In some areas of the country this is a great value.
@@MedigapSeminars , is Florida one of those states?
I watched this several times. Chock full of good information. Wish I had seen this video before I made some mistakes. Will be calling you.
We look forward to it.
this is, by far, the best explanation I've heard
Thank you Nick. I invest a lot of time in finding a way to help people understand these plans in the simplest of terms. I am glad you find value in my presentation.
My wife and I used Mathew to change supplement plans last year. So far so good and I've learned a lot about Medicare from his videos.
Keep in mind your health (preexisting conditions) can prevent you from changing your Medigap plans in the future.
You are so awesome! Your presentation helps me understand better. Thank you so much!
You are very welcome
I got the PART G hd ,becuse my s.s. check isn't so good at 55 dollars a month seems the best way to go. We have cash to cover the deductible if an emergency happens. Clinics visits no problem. Plus I'm in good health.
Good choice. Hope you have a good dental plan.
Great information. Thank you for being clear.
Best explanation I’ve watched. I am coming off med adv plan. Looks like I’m going to qualify underwriting. I was just interested in the explanation of high deductible. Thank you!
Qualifying medical underwriting is a MAJOR barrier for most seniors. That’s why it’s important to make the decision between MA/Medigap in the first 6 months after becoming eligible for Part B when you are protected by the “guarenteed issue” period.
Excellent explanation of inflation risk.
My Wife signed up with Matt last year and we felt his service was outstanding. I look forward to working with Matt again when I apply for Medicare supplements
Great video, and helps us our so very much! My wife and I will be calling you as well!
We both have the Anthem Mediblue Essentials Preferred.
And need a lower out of pocket maximum than what the Anthem plan has.
Thank you for your video
You are welcome T-Bone. We look forward to talking with you.
I had a low $3250 MOOP two years ago and left that plan for the “peace of mind” with Traditional Medicare.
No networks.
No referrals.
No refusals.
Great explanation, easy to understand.
Very good explanation regarding inflation and the HD plans.
I like your in depth presentation. One of the best out there. I was fortunate to switch from an Advantage plan to original Medicare with Plan G for this year in my early 70s. I was able to pass the underwriting questions, and thus make the change. I am surprised how Medicare negotiates down the fees submitted by providers, and thus the portion (20%) that I pay is modest. It would take a lot of visits, tests, etc. to burn through that $2300-plus deductible. So I see this new Plan G-HD as true insurance against a medical catastrophe that would include hospitalization as well as multiple visits with doctors and all the tests involved. It's something to consider. Given the potential savings involved in monthly premiums.
It would take a lot of visits, etc. to burn through that 2300 deductible. Exactly! There is no medical “catastrophe “ that could justify paying those monthly premiums., I have seen videos detailing a one million dollar medical bill that was handled with just Part A and B Medicare. Total patient responsibility was 15,000. So unless you are getting a liver transplant every year you are wasting your money,
Many retirees don't have that $15,000 in savings to pay for a catastrophic medical bill. That's a sad truth about our country.
@@Thom3748 yes but I was using that as a worst case example. Most people will never have such a horrible experience and that’s the point. The choice is between paying large , ever increasing premiums for a policy that pays co-pays from the start or getting a high deductible plan that doesn’t cost as much but will probably never pay out anything because you aren’t going to have a catastrophic event year after year.
@@johnscott2746 Yes, I am considering the switch to a high deductible plan, and save annual premium. Currently looking at the negatives. There is a doc from Berkeley, CA, who argues that supplement plans aren't needed, given the very, very low co-pays. The only threat to one's pocketbook is a lengthy hospitalization.
@@Thom3748 yes, a lot of people don’t realize how low the co-pays are. Medicare typically only allows about 17% of billed charges. The example I gave before was worst case scenario. But how about a more likely accident? If you had a serious fall and broke your arm and gashed your forehead, your trip to the emergency room would include x-rays and possibly an MRI. Your arm gets set and a cast put on. Plus they stitch (really glue nowadays) your forehead. If the total for all that came to $25,000 , the allowed charges would be $4,250 and your co-pay would be $850. A high deductible plan would not pay ANYTHING on this. And if you are paying for a regular plan at about $200 per month then you are paying $2400 per year to save $850.
So glad to have found your videos!
I pray others can find you~ I have found you at 10:00 pm, Dec. 7, 2020. I was ELIGIBLE for Medicare on Dec. 1, 2109 and NO ONE TOLD ME I COULD GET THE F PLAN; I am on Disabiliy and paid THOUSANDS this yr on straight Medicare Original~ so important to do research.
Exceptional presentation!
Very informative clearly explained!
Good info. Always like your details in describing these supplemental plans.
I enrolled in Florida for F-HD, then I move to North Carolina. I believe FL is an issue state, but NC is an attained state. Do I keep FL issue state or does it go by NC attain state?
@@Miguel195211 Much depends on the insurance company you used in Florida. The company I use in Florida has a net price decrease on the high deductible F-HD since 2010. No other company can touch that. If you have not had price increases on your high deductible plan and you want to keep that plan, just keep what you have. That said, prices are so low in NC that you can probably get a Plan G or Plan N for close to what you are paying for your Florida F-HD. Thank you for the nice comment and question.
Great information ! So glad I found medigapseminars .
We are glad you found us too.
I like yoyr presentation. You speak slowly enough for me to understand.
Thank you. This is more recent, same subject: ua-cam.com/video/uvbjxxAb2tg/v-deo.html
Clear, concise info…didn’t even have to turn down the speaking speed to fully absorb the info. Switching from Advantage to an F HD plan that even offers dental cleanings and vision exam! Have a Part D plan lined up too…only paying 60.00 per month total more than my PPO Advantage plan that didn’t even offer dental.
Hi, who is your provider? If you dont mind sharing the info. Thank you. I mean your Insurance carrier
I’ve never heard of any Medigap plan offering dental and vision. Can you provide PROOF please?
This is fantastic information, I think your site will help me make a good decision. Thanks you
Hi Randy. I am glad these videos help. Feel free to contact us for quotes or advice. 800-847-9680
Thank you very much sir ... greatly appreciate your videos, I learned a great deal from you ;-)
you are so awesome dude, very informative and very detailed
Thank you Gary. Feel free to reach out to me if you would like my recommendations 800-847-9680
Very informative. Thanks
This is a great video. Very easy to understand.
I love this guy and found the videos very helpful.
Thank you Dennis
Great information on supplement plans.
So informative!! Thank you...
finally an answer :) thank you
Thank you for this information 🙏
Good & valuable information, Thank-You.
Thank you Sir for the information......I'll call you soon for some inquiries.
Great video.
Here is an observation: I believe the note under "the benefits chart for supplemental plans" could be changed to become more accurate and not confusing. We know that Plan F and Plan F-HD cover the Part B deductible of $198, while Plans G and G-HD do not. Therefore, the last sentence in the note should not refer to plan F-HD and refer only to plan G-HD. I propose that the sentence reads as follows: "However, high deductible Plan G counts your payment of Medicare Part B deductible toward meeting the plan deductible." This change makes Plans F-HD and G-HD equivalent on the basis of deductibles, both with a MOOP of $2,340 for year 2020.
The HD Plan G covers the Part B deductible making it identical to HD Part F and therefore their premiums would be the same.
Good video! One thing I would point out about the COLA increases in the deductible for HD part G. Medical cost inflation is quite a bit more than the general inflation which is reflected in the COLA. Over time, it will be easier and easier to meet your deductible as prices paid are rising much faster than your deductible.Just saying...
Wages and income would have to rise faster than the COLA-U in order for that to be true. While other prices may rise at a faster rate than the COLA, income (especially retirement income) almost never does.
Easy to understand and good information.
Excellent and very informative video
Great Video on HD plan. My question is - if a person is healthy and rarely sees a doctor except for routine exams, wouldn't that person be better off to choose a HD plan?
S.May, I think in my opinion, if ur healthy, I would go get Plan N, u don’t have to go through Medical underwriter, cause once u start getting sick with diabetes, high blood, high cholesterol, u might get denied! Once ur in and get accepted, u can switch to F or G without going through medical underwriting.The risk on HD FOR G, like this video says,is inflation risk base on ur social security COLA, the annual deductible on HD F OR G.
Of course. That’s a no-brainer. Last year, in our mid-70s, we netted $1500 in outofpocket savings with the HD plan.
Very valuable information and the only one out there I trust!
Thank you.!
Thank you very informative
Thank you so much for sharing your knowledge
You are welcome
Thank you!! Very helpful
Thanks for another great video
You are welcome!
Hello Mr. Claassen, Thank you for your candid information to help people understand everything about Medicare. I didn't have any of the knowledge and understanding when I initially applied for Medicare and relied on an company to help me with that decision, and I still didn't understand what I was getting into
until too late. Please continue to help others whom have a lot of decisions to make at one time where there has to be a tremendous amount of research to be completed before retiring.
You are welcome!
You said “company”. Does that mean you accepted a Medicare Advantage plan from your employer? If you did, there is some good news. If and when you decide to leave your plan, you will be eligible to select ANY Medigap plan you want without worrying about passing medical underwriting cause you will be in a “guaranteed issue” protection.
@@vladimirl.5917 nope
Excellent discussion
You are so informative and I can't thank you enough for your teaching skills, clarity and very important information re Medicare! I'm at full retirement age and couple months away from retiring and I'm scared re Medicare. I need to become a student of this whole medicare madness before speaking to anyone about what plan I need and can afford. I feel like I need to take a written test first! God bless you Sir and God help me!
Hi Yvonne - when you call our company for help you will find we educate first. We make sure our client make an informed decision and understand the Pros and Cons of your choices. We then recommend the right insurance company for your area and the Plan you wish to get. Best fo all, our services are free to you, the consumer. 800-847-9680
@@MedigapSeminars thank you so much. I have to watch more of your videos so I can continue to educate myself especially re insurance terminology first before I decide to call. In my opinion, you should if you don't already have something like a quiz from each of your videos re Medicare with multiple choice answers on your website. I would love that because I learn best by writing. God bless you, stay safe and goodnight. I will be watching more of your videos tomorrow and throughout this week taking notes. Thank you again!
Provided me additional information on a plan that I currently have.
Very informative!
Thanks for all the valuable info! I have one question about HD plans having two components that can inflate over time (Premium and Ded) vs. only the Premium for regular plan. Wouldn't both the Ded and Premium be susceptible to the same inflation rate? Or, is there a reason why overall the potential benefit of a HD plan relative to regular plan will diminish over time?
Good Clarity!
Great info. Thanks
Great video!
Thank you very mucho 😃👍
It's 2023 and I have Plan F and am looking at Plan G. I don't go to the doctors often, I'm 72 and am researching my options.
Thank you for your expertise.
Have you contacted us for help? medigapseminars.org/contact-us/
@@MedigapSeminars Yes. I received an email totally unrelated to my question. Decided no help here and moved on.
@@irisandu2 That was an automated email we send out so you know we have received your inquiry. We then reached out to you by phone within 24 hours of your contacting us. I don't know what you expect, but 24 hours is a very reasonable turn around.
There’s very little difference in premiums between plan F and G. But there’s a very BIG difference compared to the HD versions. I’m my case the difference was 65%.
Great videos, I've gone through several and one thing I must have missed. I'm going to keep Original A & B and feel like G will be way to go when I turn 65 next year. Do I still need to pick a part D as well and if so is there anything else / options to look at. Thanks.
Unless you have VA (Veteran's) coverage you will need a Part D Plan. medigapseminars.org/medicare-part-d-2020/ That is all Medicare requires. You might consider a dental plan and / or cancer protection too. ua-cam.com/video/f7A0VidXeR4/v-deo.html
Best info. That I need. Thanks❤
Great info!
Important information.. thank you for posting
You are welcome
Great videos
Sir, I browsed thru your company's website and did not see an AARP Medigap Plan G listed. I live in California. Is there no such plan offered for Ca. residents?
Thanks for the information
You are welcome....more coming very soon
I like that you cleared up the fact that the Plan F HD and Plan G HD are the same.
Unfortunately, a lot of agents don't realize this.
Kinda obvious when you compare their premiums.
Easy to follow
great information
Matthew - many insurance plans give a discount for annual payment. I have not seen this with Med Supp plans. Is it something that is available, or is monthly payment the only option? (I’m 61...just planning ahead.)
Great information
Thanks for posting! 👍
You're welcome
C N
9
Very nice presentation.
Glad you liked it
GOOD VIDEO...
another great video
Thank you Thomas!
I have pension insurance through Federal Gov. Retirement for life. It seems plan G HD makes the most sense when combined with double coverage to eliminate out of pocket costs. Thoughts?
Thank you for a very informative video. If I choose a HD Plan G for 2021 and in 2022 I want to change to a regular Plan G, can I? Thank you
If you qualify medically, yes. You can change Medigap plans any day of the year as long as you qualify medically
TY.
Good stuff, man!
Thanks
informativeandhelpful
Great video
Thank you.
Love those Part A and Part B Detail Sheets for 2020 do you have an updated 2021?
yes medigapseminars.org/index-of-resources-articles/
I need help in deciding which plan is the best plan for me. I have expensive inhalers and have been in the donut hole since I believe March. Please help me. Virginia McCabe