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Medicare Supplement Plan G Deductible for Part B

In Today’s Episode, Ruth asks, “Are there going to be any changes in 2017?”

Watch to learn the changes that are taking place in 2017 for Medicare Part B’s deductible, which affects the Supplement Plan G.

Here’s the rest of the transcription:

(…continued from YouTube)

Tripp: But again, starting January the first, that deductible will now be a hundred and eighty three dollars instead of a hundred and sixty six. So some people go, “I will just switch to that plan F because it makes economic sense.” But let me give you an example which is a real life case study from a lady I talked to the other day.

She was actually…we were saving her eight hundred dollars a year, but now she has got to that increase in the deductible there so she still comes out so far ahead with a plan G even though that deductible is going to be going up seventeen dollars a month that it wouldn’t make sense for her to stay on a Plan F. Why would you?

Again Plan F, don’t be fooled, they are paying the deductible of one eighty three for you, starting in January, plus they are charging you a convenience fee for doing that.

Most of my clients I think are smart enough to know I can pay that on my own and save another six, seven hundred dollars a year even after the deductible taken is into account.

Wendy: Right, but it doesn’t mean…for those of you who are watching this and think, “I don’t care, I don’t care if it is saving me any money, I just am adamant about not having a deductible I just absolutely don’t want a deductible, even if it is cheaper, and more economical.”

Then you can still go with the Plan F, that is not a problem.

Tripp: It is still the most popular plan, some of them call it to the Cadillac of plans.

I spoke to a lady the other day and explained to her the difference in Plan F and Plan G deductible; she is still coming out ahead with the Plant G… didn’t want it and I’m not going to make her take it. She said “I don’t want any deductible, I don’t want to walk out of a doctor and them say ‘Hey do you have a deductible?’ And me say ‘Yes.’ I want to say no every time.” I said a great, Plan F would be fine for you.

Switched her from a carrier that she had to another one, saved her thirty eight dollars a month from Plan F to Plan F, she stayed on the F and it was still a good value for her, so no problem.

Wendy: So it is really whatever is most important to you. And just a side note on the Plan F, and we cover this in our workshops that we do; there is some recent legislation that was passed and that plan F as of right now, unless Trump changes things, is going extinct in a couple of years, two, three years.

Tripp: 2020.

Wendy: 2020 yes.

Tripp: Now if you are already on a Plan F, you can keep your Plan F, but if somebody is aging in in say 2020 like your father might be and he is a great example of that, then he will not have Plan F as an option.

Wendy: Yes, I think he turns sixty five, October 2020, so he will miss it.

Tripp: That is right, he cannot get a Plan F at that point.

Wendy: It has to be in January…

Tripp: So I hopefully we made the change on the Part B Medicare deductible understandable.

Now the second change is the Medicare Part D drug plan for your prescription drugs the deductible amount is four hundred dollars starting January 1st, 2017.  It was a little bit lower, a lot of the companies out there that offer the prescription drug plans, some of them do offer deductible, some of them don’t.  I am personally not a big fan of the ones who do charge that four hundred dollar deductible.

When you’re looking at drug plans what you want to focus on is the total out of pocket, your deductible, your monthly premium and then all your medicines. But good lord if somebody throws that initial four hundred dollar deductible, that has to be met before the plan will start paying anything at that point.

So the two biggest changes, Part B deductible going from one sixty six to one eighty three; Part D drug deductible is now going to four hundred dollars on some plans, depending on if they built that into their plan.

Wendy: So some very important updates for you guys to be aware of. Hopefully that answers your question, Ruth.

Tripp: But again, that is January 1st, 2017. So right now you are safe, you are okay for the next whatever days…

Wendy: Good point. Okay so if you would like to learn anymore, we also host workshops a couple times a week. There should be a link beneath here that you can register.

And other than that, we will see you on the next video.

Tripp: Yes, see you soon.

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