Medicare High Deductible Plan F

You are here:

High Deductible Plan F works the same way other Medigap plans work. The only difference is you agree to pay the deductible first. Once you reach the deductible, your plan covers the left-over costs going forward, keeping the monthly premium low. High Deductible Plan F is the alternative version to the standard Plan F. Once you reach the deductible, your benefits will kick in the same way the standard Plan F would.

What is Medicare Supplement High Deductible Plan F

Many beneficiaries like the benefits of first-dollar coverage plans, like the standard Plan F. However, those Medicare beneficiaries who are mindful of cost might choose the high deductible version of Plan F.

High Deductible Plan F is Perfect For Those Who:

  • Need a lower monthly premium
  • Are okay with paying a higher deductible before coverage kicks in
  • See the doctor or visit the hospital semi-frequently
  • Live in states that allow excess charges
  • Like to travel outside the United States

What is the Deductible for High-Deductible Plan F in 2020?

The deductible for 2020 is $2,340. Therefore, your maximum out of pocket costs is going to be $2,340. Once you reach this deductible, the plan will cover 100% of costs.

Real-Life Example

For example, let’s say it’s time for your routine colonoscopy cancer screening. Also, your Medicare Part B covers colonoscopies every four to ten years for those at average risk.

The average cost of a colonoscopy is around $3,000, depending on your geographic region. You’ll be responsible for the Part B deductible plus the remaining 20% coinsurance that’s left after Medicare pays their portion.

Once you reach the $2,340 deductible between the Part B deductible of $198 in 2020 and 20% co-insurance, your plan will pay 100% of your remaining medical costs.

Each year Medicare adjusts the deductible amount; it slowly increases year over year. Aside from the deductible, the costs for this plan is the monthly premium.

What Does High Deductible Plan F Cost?

The average premium for Medicare Plan F High Deductible is around $50. Depending on your state of residence, it could cost a little less or a little more. Many factors come into play when it comes to premiums. Factors include location, age, gender, etc.

What Carries Offer High Deductible Plan F?

Each carrier offers different plans in different states. One company might offer this plan in one region, but not another. Regardless of the company you go with, the benefits and deductible amount will remain the same. The difference between carriers is the premium. That’s why you need a licensed agent to help you compare rates in your area. We work with all the top companies; we can compare prices side by side to help you find the best plan for your needs and budget.

Who’s Eligible for High Deductible Plan F?

If you have Part B, you’re eligible for this plan. Medicare Supplements don’t have specific enrollment periods like Original Medicare, you can join anytime. However, the best time to enroll is within the first six months your Part B is in effect. During this time, you get Guaranteed Issue, which means that regardless of any pre-existing conditions, a carrier must approve your application.

Again, you can still enroll after this time. You’ll just have to answer health questions during the application process.

High Deductible Plan F Medicare Supplement Plan Chart 2020

High Deductible Plan F Medicare Supplement Plan Chart 2020

Why is High Deductible Plan F Being Discontinued?

Many Medicare beneficiaries have probably heard the news about first-dollar coverage plans. In 2020, all first-dollar coverage plans are going away. The discontinuation includes Plan C, F & HDF.

However, this change will not impact beneficiaries who already have one of these plans. They’ll be grandfathered in, and the benefits will remain the same. You’ll continue to have zero out of pocket costs.

Can I Enroll After 2020 if I’m Medicare Eligible Before 2020?

Yes, beneficiaries that are Medicare “eligible” before 2020 can still join in one of the first-dollar coverage plans after 2020. If you turned 65 in 2019 but didn’t enroll in Part B until after 2020, you’re still able to join since you were technically Medicare-eligible before 2020.

Is there an Alternative to High Deductible Plan F?

There is a new high deductible plan available starting in 2020, the new High Deductible Plan G. High deductible Plan G works pretty much the same as high-deductible Plan F.  If you’re not eligible for Medicare until after 2020 and cannot enroll in this plan, then the new High Deductible Plan G is your best option.

Does High Deductible Plan F Make Sense?

The deductible for high-deductible Plan F can seem a bit outrageous, so why would anyone get it? The best explanation, it’s a lower monthly premium option. It can save you money when you’re not really using your health coverage and provide you with great coverage after you spend a little out of pocket. This plan also appeals to those who had employer coverage with a high deductible and a lower premium. This plan is a similar concept.

How to Compare High Deductible Plan F Rates

Our licensed Medicare agents are here to help at no cost to you. It’s like having your Medicare planner in your back pocket. When you sign up for any Medicare Supplement Plan through us, we’re in it with you for the long haul. You’ll get on-going support from our expert Client Service Team.

If you have any problems with your coverage or submitting a claim, we’re here to help. Give us a call now at the number above. You can also see a comparison, side by side, of all the rates in your area by using our online rate comparison tool here.

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment