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How Does High Deductible Plan F Work?

How Does High Deductible Plan F Work?

Medigap policies are the perfect way to fill in the holes left by original Medicare and save you from begin left with hundreds of dollars in medical bills.  There are ten separate Medicare supplemental plans to choose from, each of them offers different coverage and various fees. Deciding which one works best for you is an important decision.

Plan F is the most inclusive Medicare supplement plan. The plan covers just about any added expenses you can think of. The plan includes Part B coinsurance, excess charges, deductible, Part A hospital coinsurance costs up to an extra 365 days, Part A hospice care copayment, deductible, three pints of blood, and several other services. Because Medigap policies are Federally-standardized, no matter what state you are in, you can receive these benefits. For anyone that would rather pay out-of-pocket expenses, there is a high deductible Plan F alternative.

The high deductible plan offers all of the same benefits as the benefits as the traditional policy, but could save you hundreds of dollars on monthly premiums. The policy is designed for people that think they cannot afford the regular Plan F but want all of the benefits Plan F has to offer.

How do these Plan F alternatives plans work? High deductible Plan F works just like every other Medigap plan but it has a much higher annual deductible, $2,180. You will be responsible for paying the full price of treatments and visits until you meet the annual deductible. After you’ve met the deductible limit, Medicare and your Medigap policy will begin to pay for 100% of your healthcare costs.

The high deductible is what sets this plan apart from all the others plans, hence the name. One important thing to remember is everything that is leftover after Medicare pays its portion goes towards meeting that deductible. Payments like copayments, coinsurance, and individual deductibles go towards reaching the annual limit.

For some Medicare enrollees, the high deductible Plan F is the perfect option for supplementing their Medicare plans. This plan is great if you are healthy and don’t expect to be visiting the doctor often but still want the safety net there in case. The plan is also a great plan for anyone that has the savings to cover the $2,180 deductible. The money you pay for in deductible you could save in the lower monthly premiums versus the other Plan F alternative.

Who shouldn’t get a high deductible Plan F? Anyone with any serious illness or health complication this Plan F option probably isn’t the best idea. Anyone that will spend a lot of time in hospitals or doctor’s offices, the high deductible will counteract the money you save on monthly premiums.

Another factor to consider is your future eligibility. Although you may be in great health now, if you do develop health problems, you may not be able to get a more comprehensive plan later, as you do have to qualify medically to change outside of your initial open enrollment period. So, if you do opt for high deductible Plan F initially, you should be secure in the decision for the long-term.

Each Medigap policy is different; there is no perfect policy for every Medicare enrollee. Spend some time researching each policy and decide which one works best for you. Don’t let confusion or the thought that you can’t afford it stop you from getting the health care coverage that you want and need. If you have any questions, we can help walk you through each plan to find the perfect one for you.
MedicareWallet.com is an unbiased, online resource for individuals turning 65 or already on Medicare. Our utmost goal is to provide information in a way that is user-focused, informative and ethical. With a combined 40 years of experience in the Medicare market, we can answer any questions about Medicare and Medigap insurance. Feel free to reach out to us at 800.376.0824 or by email at [email protected].

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