Recently, CMS announced the new changes to the 2018 Medicare High Deductible Plan F option. Many Medicare recipients are asking how these changes will impact their decision when choosing a plan. Below, we’ll discuss the coverage details of this Medicare Supplement plan and the changes made for 2018.
2018 Medicare High Deductible Plan F
How Does Medicare High Deductible Plan F Work in 2018?
Medicare High Deductible Plan F is the alternative option for Medicare Plan F. It’s the more affordable version, giving you the same benefits without the high cost.
With Medicare High Deductible Plan F, your policy won’t begin paying your Medicare covered costs until you meet the deductible amount. Once that deductible is met, you’ll have the same exact coverage as Plan F.
Original Medicare only covers 80% of your medical costs. Thus, leaving you responsible for the remaining 20% as well as other out of pocket costs. Plan F will pay for these out of pocket costs, including the 20% Original Medicare doesn’t pay.
What Does High Deductible Plan F Cover in 2018?
Since Plan F offers the most coverage benefits of all Medigap letter plans, it’s the most popular plan among Medicare recipients.
This plan covers:
- Medicare Part A Hospital Costs & Coinsurance
- Medicare Part B Co-payments & Coinsurance
- First 3 Pints of Blood
- Part A Hospice Care Co-payments & Coinsurance
- Coinsurance for Skilled Nursing Facility Care
- Deductible for Medicare Part A
- Deductible for Medicare Part B
- Excess Charges for Medicare Part B
- Overseas Foreign Travel Emergency Care
How Much Does High Deductible Plan F Cost in 2018?
The monthly premium is different for each individual Medicare beneficiary. Each premium is determined by many different factors. These factors include your age, location, company you purchase the plan under, gender, etc.
A company can rate your premium based off 3 different pricing methods. One method might seem more affordable at first glance. However, the premium could increase each year as you age. Thus, costing you more in the long run.
For example, with an issue age or community rated Medigap policy, your premiums won’t increase as you age. But with a attained age rated policy, your premiums will increase each year.
As stated above, your location is also one of the rate determining factors. A 65 year old female residing in the state of Florida will pay somewhere between $46-$83 in monthly premiums. Yet, a 65 year old female residing in Texas will pay somewhere between $27-$51 in monthly premiums.
Due to the High Deductible, the monthly premium is significantly lower than the traditional Plan F.
What’s the Deductible for Medicare Plan F High Deductible for 2018?
The deductible amount for Medicare Plan F High Deductible for 2018 is $2,240. That’s a $40 increase from $2,200 in 2017.
What Carriers Offer High Deductible Plan F in 2018?
This is dependent on the state you reside in. Some carriers will only offer this plan in certain states. However, some carriers will offer this plan in all the states they serve.
When Can I Switch to Medicare Plan F High Deductible?
You can switch to Medicare Plan F High Deductible at any time. However, if you’re no longer in your Medicare Open Enrollment Period, you may have to go through medical underwriting or answer health questions.
Some states do have special enrollment rules that allow you to switch policies at any time, regardless of your health. It’s best to speak to one of our licensed agents before making the switch.
How Do I Compare 2018 Rates for High Deductible Plan F?
For help in determining if this plan is best for you, it may be in your best interest to speak with one of our licensed Medicare agents. Their advice is 100% unbiased, they can help you find coverage that will best fit your lifestyle.
To compare 2018 Medicare High Deductible Plan F rates online, please give us a call or complete our online rate form here!.