There are two ways to save money on your Medigap Plan G premium. The first is to shop around and see how the price may change based on where you live. Buying a policy from an off-brand company may offer you a more affordable option. Also, a community rated plan offers the same premium as everyone in your age group, so you may not have to pay as much.
It is also possible to enroll in a high-deductible plan. This type of insurance plan allows you to save on your premiums, but will also require you to pay a large deductible in the beginning. For instance, the average deductible for high-deductible Plan G is $2,490 for 2022. Fortunately, your savings will offset the cost of the deductible.
Before you sign on the dotted line, however, make sure you are eligible for this Medigap Plan G – Two Ways to Save plan. You need to have both Medicare Part A and Part B to sign up. Similarly, you must have been covered under another type of health insurance plan for a minimum of six months before you can enroll in a Medigap plan.
If you are a new Medicare beneficiary, you can sign up for Plan G during the Medigap Open Enrollment period. Otherwise, you will have to wait until the following year to enroll in Plan G. To find out whether you qualify, check with your state’s insurance department.
In addition to the deductible, Plan G offers several other benefits. One of these is a free annual physical. Getting a Medicare physical is important for maintaining your health and reducing long-term spending. Other benefits include bone mass measurements and vaccines. But, Plan G doesn’t cover routine dental services or vision care.
Medigap is an excellent way to cover your health costs, but it doesn’t cover everything. The plan covers only 100 percent of the cost of co-payments and coinsurance for Medicare Part B. Prescription drugs are not covered.
Plans are also subject to annual increases. Premiums will vary based on your age, where you live, and other factors. However, if you get a good deal and are willing to hold off on any future premium increases, you may find a Medigap plan with a lower monthly premium.
Another way to save on a Plan G is to choose a plan with a low deductible. Most people will be able to save a couple hundred dollars on their premiums with a low-deductible plan. Additionally, there are no copays to pay when you visit the doctor or hospital.
While there are many plans available, Medigap Plan G is one of the best options for saving money. If you are a new Medicare beneficiary, this plan is the logical choice. With this type of plan, you can save a bundle on out-of-pocket costs, especially for your Part B deductible.
To sign up for Plan G, you will need to complete an application and pay the monthly premium. The premiums are tax-deductible on your federal income tax return.