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That's surprising news. Yet another golden nugget from SCG. Thank you!! UHC's absence in the HD market, given its huge market share for Medigaps, was conspicuous, imo. They must be noticing an increase in demand for the HD product. With bells and whistles of dental, vision, hearing, gym, the premiums won't be bare bones, more in the area of Humana++, I expect.
I had the full F plan for several years. I'm now on the HD G plan. I am quite pleased with it.
Medicare is more complex than most people realize. My suggestion to anyone new to Medicare: if your state allows changes down the road, go with the Full G initially. Once you've gotten settled in, reconsider the HD plan.
I have to make a decision soon regarding Medicare Supplement. I am dithering between High Deductible Plan G and Plan G.
This is the data that is confusing me:
1. The High Deductible Plan G deductibles have been as follows: 2020 $2,340, 2021 $2,370, 2022 $2,490, 2023 $2,700 and 2024 $2,800. It seems to increase in step with the CPI and has increased 19.6% since 2020.
2. I've spoken to a very helpful person at AARP United Heathcare. I asked her to give me the monthly premium for Plan G based upon if at this moment I was age: 65 $135.20, 70 $145.04, 75 $169.62, 80 $194.20 and 85 $270.41.
3. I've spoken to an insurance agent and was told HD Plan G would be about $45 per month
Here is my thinking: If I am 65 at this moment and paying $135.20 per month for Plan G over the course of the year, I would be paying $1,622.40 for my health insurance (excluding Medicare deductible of $240 and which I am not bothering to include) and medical expenses. On the HD Plan G I would be paying $45 per month ($540 annual) and would have a cap of $2,800. If my math is right, that means I would need $14,000 of medical bills paying my 20% share to cap out at $2,800 deductible. The difference between the annual premium for HD Plan G and Plan G is $1,082. I would need medical expenses of $5,410 paying my 20% share to reach $1,082.
The fly in the ointment is that I don't know what medical tests costs. So, if I went to see specialists (endocrinologist, dermatologist, cardiologist) say a total of 6 visits in a year, had a Dexa test and an Echo do you think I would come close to incurring $5,400 of fees?
When I pretend that I am currently 85 years old at this moment, I would be paying $3,245 for Plan G, but the deductible for HD Plan G is only $2,800. I'm not seeing how it benefits me to be paying for Plan G in this case, even if the High Deductible Plan G increases to more than $45 per month. And when I look at the deductible increasing 20% in 4 years but the premium doubling by age 85, that is of concern.
However, despite all of this playing with math, the insurance brokers are telling me that it is a mistake to pick the High Deductible G because when I am older the deductible may become unaffordable. This neglects to take into account that the premium for Plan G may also become unaffordable.
Does anyone who has chosen High Deductible G regret the decision? What is your age? How is your health?
Does anyone see mistakes in my math or my logic?
Thank you for being my sounding board and helping me to finally make a choice.
I have a handful of clients with an HDG (High Deductible G). The ones that like it most have an HSA with a bunch of cash built up in it already. They use the HSA to pay any claims until the the plan itself kicks in (which almost never happens).
The ones that didn't like the plan, bought it for the wrong reason (usually against my advice). They were enticed by the low premium, and didn't actively put money aside for claims.
Do not be cheap. Do not buy it because of the low premium.
If you have an HSA its not a bad idea. If you are disciplined with money, and in good health, its not a bad idea (just be sure to put money aside every month for the inevitable). If neither of those two sentences describe you, then look at plan G or plan N.
Consider that the deductible is per year and a serious illness can span more than one year. I have a friend, active and healthy, until cancer struck. Treatment has spanned multiple years -- chemo, surgery, chemo, MRI's, follow-up scans, then a recurrence six months later and a new regimen starting.
The deductible only applies on the portion that is sent to the supplement and not on part B that Medicare pays. Since finding this out I have decided to switch to a HD G plan.
I have the HD-F that I got six years ago when we moved to Tennessee (went through underwriting to change companies when we moved from Florida). Premium is currently at $54 per month. Have only hit the deductible once when I had a knee replacement. I look at it is being catastrophic insurance. I can handle paying the deductible but if I run into a drastic situation anything over the deductible will be handled 100%.
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