High Deductible Plan

A high deductible plan consists of a high deductible. By enrolling in a high deductible plan, you are agreeing to the terms of paying and meeting a high deductible for your coverage to take effect. There are two Medicare Supplement plans that offer high deductible options.

Costs

Premium costs of a High Deductible Plan are usually lower compared to its traditional counterpart. However, this often includes a high coinsurance, and of course, a higher deductible. As of 2021, the deductible amount for high deductible Medicare Supplements is $2,370. That means you would need to pay this much in out-of-pocket costs before your Medigap policy covers any excess healthcare expenses. 

Traditional vs. High Deductible

A traditional plan does not require a high deductible amount for you to begin receiving coverage like a high deductible plan does. Until you reach the said deductible, you will not receive coverage. 

If you go to the doctor frequently, a traditional health insurance plan may be best for you as it has a lower deductible. If you are wanting to cut costs by paying a lower premium or you do not visit the doctor frequently, then a high deductible plan would be best.

If you are an eligible Medicare recipient who is seeking to enroll in a high deductible Medigap plan, you should reach out to an insurance provider in your state. If you are unsure whether the high deductible plan is the right fit for your unique needs, a consultation with Grutz Financial will help you explore your options and make an informed decision.

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