High Deductible Plan F
High Deductible Plan F offers the same level of coverage as standard Medicare Supplement Plan F, except that you must pay your deductible first. This is the amount you are required to pay in out-of-pocket expenses before your Medicare Supplement plan begins its coverage. The plan is only available for those who first became eligible for Medicare before January 1, 2020. If you did not become eligible for Medicare before this date, this high deductible plan and its standard counterpart will not be available to you.
However, if you were already enrolled in this plan before January 1, 2020, you can still stay enrolled.
How High Deductible Plan F Works
High Deductible Plan F is slightly different than other Medigap plans. When it comes to High Deductible Plan F, Medicare pays its share first. Then, you are required to pay the $2,370 deductible (as of 2021). Once it is paid, High Deductible Plan F works just like the standard Medicare Supplement Plan F. It’ll cover 100 percent of your share on all Medicare Part A and B services.
High Deductible Plan F Coverage
When it comes to benefits, High Deductible Plan F provides the same coverage as the regular Medicare Supplement Plan F once you meet the required annual deductible. The coverage provided by the High Deductible Plan F includes:
- Medicare Part A deductible
- Part A hospice care copayment or coinsurance
- Medicare Part A hospital costs and coinsurance
- Medicare Part B copayment or coinsurance
- Medicare Part B excess charges
- Medicare Part B deductible
- First three pints of blood
- Coinsurance for skilled nursing facility
- 80 percent of foreign travel emergency costs
Benefits of High Deductible Plan F
High Deductible Plan F usually has lower premiums than other health insurance plans because of its high deductible. For those who don’t foresee a lot of medical expenses for the upcoming year, it is more beneficial to reduce their premium and purchase High Deductible Plan F. However, understanding the amount of coverage you need is beneficial in determining which supplement plan fits your needs most. Plan F and its high deductible option provide the most comprehensive coverage available in a Medicare Supplement. If you’re looking for the most coverage, this might be a plan to consider.
This plan can also be a good fit for those with high retirement savings and can afford the deductible. However, if you can’t afford the deductible and out-of-pocket costs, you could end up in medical debt, making it even more difficult to pay your bills.
While High Deductible Plan F may not be for everyone, the agents with Simple Retirement Benefits can help you find the Medicare plan you need. Give us a call today to get your coverage started.
