The High Deductible Plan F (HDF) is very similar to the standard Plan F.
However, a deductible must be met before the first-dollar type coverages start.
If you’re willing to have a high deductible, about $2240 per year, then this plan may be the plan for you.
Medicare Supplement Standard Plan F is the most comprehensive coverage option for Medicare beneficiaries. This plan boasts the most benefits.
The cost of a Standard Plan F is much higher than that of the High Deductible Plan F, this can make the High Deductible plan more appealing, especially for those on a fixed income.
Original Medicare, won’t pay the full cost of your healthcare; there are a copay, coinsurance and deductible responsibilities that you’ll have.
Medicare Supplement insurance pays healthcare costs that Medicare doesn’t cover.
High Deductible Plan F Reviews
While Medigap High Deductible Plan F is one of the 10 federal Medicare supplement options and it’s up to the insurance company to sell it or not.
Luckily, this policy is pretty easy to find since many insurance companies offer it.
In the post about Medicare Supplement Plan F Reviews, we explain why all Medicare Supplement plans get A+ ratings.
Medicare is your primary coverage and your supplement is secondary insurance. So, if Medicare covers the healthcare expense then the supplemental insurance company must also cover their portion.
Once Medicare pays their share of a claim, they send the balance to the insurance company, then the insurance company will send any remaining balance to you.
From the feedback we receive from policyholders, many of the High Deductible Plan F reviews have been great.
Although, some have complained about the deductible and feeling like they are being nickeled- and dimed.
If the deductible concerns you, ask an agent to compare Medigap High Deductible Plan F with Medicare Supplement Plan N or Plan G.
After you get a quote for these plans, that may help you decide which policy will be best for you and your situation. An agent can also help you select a company with a strong financial history and low rate increases.
Medicare is Primary
When you have a Medigap policy, Medicare is primary, and the Supplemental company is secondary.
This means Medicare pays its 80% and the balance is sent to the insurance company, or you.
When you have a Medicare Supplement plan F, you don’t need to worry about Medicare-covered healthcare expenses, just your monthly premium expense.
When you have the High Deductible Plan F, you only need to worry about 20% of the costs until the deductible is met.
Once you reach the deductible, you will have the same coverage as a Standard Medicare Supplement Plan F.
This means the Maximum out of pocket on High Deductible plan F is $2240.
Which is incredible, especially if you have about of poor health.
The word deductible can be confusing, especially if you’ve never had a deductible or needed to pay a deductible.
Basically, a deductible is a specified amount of money that you must pay before the insurance company will pay your claim. Once you pay your share, the insurance company will start paying their share.
So, let’s say you end up in the hospital. Medicare Part A covers your hospital stay except for the $1340 Part A deductible that you will owe.
Since the High deductible plan F has a $2240 deductible, you will pay the $1340.
The $1340 that you paid will be applied towards your deductible. Then as the year continues you will pay the other charges until you reach your deductible amount.
Should I Get a High Deductible Plan F
That deductible can seem a bit outrageous, so why would anyone get a Medigap High Deductible Plan F?
The best explanation, it’s a lower premium option. This can be a great option for those with a significant amount of retirement savings.
It can save you money when you’re not really using your health plan and provide you with great coverage after you spend a little out of pocket in a year of poor health.
This plan also appeals to those who had employer coverage with a high deductible and a lower premium. This plan is a similar concept.
Every Medicare beneficiary has a different situation; health, budget and amount of desired healthcare coverage.
Considering these things should be a priority when selecting a Medicare Supplement policy.
Each of these needs to be considered when making an important decision, like which Medicare Supplement to choose.
High Deductible Plan F can be a great plan for those that understand what paying a deductible means.
This plan can be difficult for some people long term, as they ultimately realize they don’t want to pay the other 20% until the deductible is met.
If you want to change your policy, talking with a licensed agent in your state is the best way to find the right plan and company for you.
Working with a broker means you information on different insurance carriers.
Our agents can look at each company’s financial ratings, rate increases and even walk you through potential spending.
Not every insurance carrier offers the High Deductible Plan F. Talking with an agent can help you decide if this less popular plan is the plan for you.
Medicare Supplement High Deductible Plan F in 2020
As of January 1, 2020, newly eligible Medicare beneficiaries won’t have access to Plan F, HDF, or Plan C. However, since these plans are going away, a new policy is coming to town.
Medicare Supplement High Deductible Plan G is like the HDF; however, we won’t have specific information until this new option is ready for purchase. Unfortunately, nobody has begun to sell these policies for 2020 yet.
Although, it’s only a matter of time before the High Deductible Plan G is available nationally to newly eligible and not new to Medicare beneficiaries. Beneficiaries eligible for Medicare before 2020 can enroll in HDF, Plan F, and Plan C.
Signing Up for High Deductible Plan F Medigap Policy
Enrolling in the High Deductible Plan F is easy, and you can do it online. The most difficult part is selecting an insurance company.
Medicare FAQ simplifies this process by getting your quotes from top insurance companies in your locality. We help you understand all your Medicare options.
Standardizing Medigap plans meant High Deductible Plan F always provides the same set of benefits, no matter the insurance company.
Although, different insurance companies set their premiums differently.
In order to compare High Deductible Plan F rates in your area, give us a call at the number above. One of our Licensed brokers can help you find a company that offers coverage in your budget.
Additionally, our free online quotes can help you compare High Deductible Plan F costs.