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Medicare is a national health insurance program for people who are 65 or older, certain younger people with disabilities, and those with end-stage renal disease.
If you’re turning 65 soon, you’ll have some critical healthcare decisions to make.
If you aren’t sure as to what all the parts of Medicare are, we have compiled all of them for you.
Known as Medigap Plans, Medicare Supplement Plans fill in the “gaps” of medical costs that aren’t covered by Original Medicare, such as coinsurance, copayments, and deductibles.
Medicare Advantage Plans, or Medicare Part C, can be used to substitute Medicare Part A and B, as well as offer prescription drug coverage.
You can enroll in Original Medicare three months before you turn 65 until three months after the month of your 65th birthday.
We have acquired an abundance of knowledge, and we’re eager to share this expertise with you in the form of articles and blog posts.
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Not everyone has the budget for a traditional Medigap plan. The good news is that a high deductible version of Plan G is available for newly eligible and previously enrolled beneficiaries.
This plan is popular among cost-conscious people aware that Original Medicare can leave massive out-of-pocket costs behind. It’s similar to the high deductible plan F, but it won’t cover your Part B deductible.
Not all insurance carriers offer this particular plan. Fortunately, Midwest Trusted Benefit has access to the companies that do. And we can help you decide if a high deductible G would be a good fit for you.
This plan has the same benefits as standard Plan G. But, these benefits will kick in at 100% once out-of-pocket costs reach $2,370 for 2021. This amount is called your annual deductible, which Medicare adjusts each year. The deductible has increased by $30 from 2020.
-Original Medicare will still pay its 80% share.
-You’ll pay the other 20% until you meet the $2,370 deductible.
-After that, the plan will function the same as regular Medigap Plan G.
-The plan doesn’t cover the Part B deductible, which is $203 in 2021.
-This annual deductible counts towards the TOTAL out-of-pocket deductible.
When choosing a high deductible insurance plan, consider the following:
It’ll depend on your financial situation. While many seniors pick regular Plan G, some find the lower premium of high deductible G to be more valuable.
If you have stable retirement savings and don’t mind paying out-of-pocket costs, you can save a lot of money each year with a high deductible plan G.
If you’re ok with a higher monthly premium, you should enroll in standard Medigap Plan G.
If you’re not eligible for high deductible Plan F and have guaranteed issue rights, you can use them to enroll in high deductible G.
If you’re eligible for Medicare after 2020, you may use guaranteed issue rights to enroll in HDP G.
If you become eligible before 2020, you won’t be able to use guaranteed issue rights — but you can use them for HDP F.
At Midwest Trusted Benefit, we get to know our clients’ situations and give them our best recommendations for Medigap coverage. Whether you want to discuss your options or compare rates, we’re ready to help. Call (402) 740-5505 or contact our team online.
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
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