The Difference Between High Deductible Medigap Plans
What are high deductible medigap plans? A high deductible medigap plan is a type of supplemental insurance that covers some of the expenses for medical care after you have already met your annual out-of-pocket maximum. There are two types: Preferred and Standard. To figure out which type to choose during Medicare Annual Election Period, it’s important to know what each one will cover and how much they cost.
Standard medigap plans have a deductible of up to $4000, however they cover 80% after the deductible is met. Preferred Medigap Plans have no deductibles but only covers 65% after meeting the annual out-of-pocket maximum. The cost for standard high deductible plan ranges from about $2300-$4750 per year and preferred range from about $1500-$2200 per year. So, if you’re looking for more coverage at an affordable price then choose a standard policy with your desired amount of monthly premiums . If you are trying to save money by choosing less coverage that will suit your needs over time, consider buying a preferred type policy instead!
Also, be aware that even if you have a high deductible plan, it will not cover routine doctor visits. It only covers care from the time your out-of-pocket limit has been met and medical expenses incurred beyond this point. For routine doctor visits, you’ll still have to pay the full cost.
Make sure to check if you’re currently eligible for Medicare! It’s best to review what you need and how much coverage from the high deductible medigap plan. If needed, consult a professional to help you make the right decision. They can help you compare policies and plans.