High Deductible Plan F
High Deductible Plan F is the alternative version to the standard Plan F. With Medigap Plan F High Deductible, once you reach the deductible, your benefits will kick in the same way the standard Plan F would.
Medicare High Deductible Plan F for 2019
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. With this plan, you consume the early costs.
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
How Medicare Plan F High Deductible Works
Medigap Plan F High Deductible works the same way other Medigap plans work. Medicare pays 80% of medical costs, the supplement plan takes care of the remaining 20%.
The only difference with Medicare Plan F High Deductible is you agree to pay the deductible first. Once you reach the deductible, your Medigap Plan F High Deductible covers the left-over costs going forward. This keeps the monthly premium low.
The deductible for 2019 is $2,300. Therefore, your maximum out of pocket costs is going to be $2,300. Once you reach this deductible, the plan will cover 100% of costs.
Medicare Supplement Plan F High Deductible Costs
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 $2,300 deductible between the Part B deductible of $185 ($197 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.
Plan F High Deductible Premium
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.
There are many factors that come into play when it comes to Medicare Supplement premiums. Factors include location, age, gender, etc.
Medicare High Deductible Plan F Carrier
Each carrier offers different plans in different states. One carrier might offer this plan in one state, but not another. Regardless of the carrier 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 carriers, we can compare rates side by side to help you find the best plan for your needs and budget.
Eligibility & Enrollment for Medigap Plan F High Deductible
If you’re enrolled in Medicare Part B, you’re eligible for this plan. Medicare Supplements don’t have specific enrollment periods like Original Medicare, so you can enroll anytime.
However, the best time to enroll is within the first six months your Part B is in effect. During this time period, you’re given Guaranteed Issue. This means that regardless of any pre-existing conditions, a carrier must approve your application.
Beneficiaries may also qualify for GI rights when losing coverage; those eligible for Medicare before 2020 can enroll in Medigap High Deductible Plan F, those eligible after 2020 can select Plan G.
Again, you can still enroll after this time period. Keep in mind, there are some medical questions during the application process. Your premium might increase if you wait to enroll as well. Our brokers are skilled at discovering eligibility options and plans, for an easier enrollment contact us today.
What Will Happen to High Deductible Plan F Come 2020
Many Medicare beneficiaries have probably heard the news about first-dollar coverage plans. Beginning in 2020, all first-dollar coverage plans will be discontinued. This includes Plan C, Plan F & HDF.
However, this change will not impact beneficiaries who are already enrolled in 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.
Enrolling After 2020 if Your Medicare Eligible Prior to 2020
Another important fact to note, beneficiaries that are considered Medicare “eligible” prior to 2020 can still enroll 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 enroll since you were technically Medicare-eligible prior to 2020.
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 is going to be very similar to Plan F High Deductible. While coverage details aren’t official, we expect beneficiaries need to pay the deductible before coverage begins.
If you’re looking for an alternative to Medigap Plan F High Deductible prior to 2020, your next best option is the standard Plan G. You’ll have to decide what’s more important to you, spending less in monthly premiums and having higher upfront out of pocket costs, or spending more in monthly premiums to have a minimum to no out of pocket costs.
If you’re not eligible for Medicare until after 2020 and cannot enroll in to this plan, then the new High Deductible Plan G is your best option.
Compare High Deductible Plan F Medicare Supplement Rates
Our licensed Medicare agents are here to help at no cost to you. It’s like having your own personal 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.