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I’m going to share a spreadsheet comparison of some Medigap options: Plan G, a High-Deductible Plan G, and Plan N. I’m discovering that the lowest premium is not always the best buy.
In my last video, I showed you this chart from the Medicare’s Guide to Shopping for a Medigap Policy, which outlines the standardized plans. I’m most interested in Plans “G” or “N.” But then I started to look at the very low premiums for the high-deductible version of Plan “G.” As this footnote shows, it will pay everything that Plan G pays - after you meet an annual deductible of $2,370 in 2021. That number will go up to $2,490 in 2022.
Plan G HD might cost less if you never go into the hospital, but if you do reach the high deductible limits a few years, it will surpass the Plan N option. Plus, Plan N copays for office visits are hard-coded into law and not subject to the inflation factors of the Part B and high deductible limits.
That means Plan G HD has more inflation risk than the other two options. For that reason, I’m going to stick with Plan N. It will save me money compared to Plan G, but without the inflation risk of the high-deductible option.
I’ll conclude with my standard warning: I am not an accountant, or a financial planner. I don’t have any special initials after my name. So take this as entertaining ideas from one educated consumer to another. Always do your own due diligence and seek out professional advisor if you need one.