Medicare Supplement High Deductible Plan F is an alternative version of the standard Medigap Plan F. The difference between the two plans is that the high-deductible version requires you to pay a deductible before full coverage kicks in.
Once you reach its deductible, this plan covers the left-over costs, keeping the monthly premium low. Below, we explain the benefits this plan offers and how it works.
What is Medigap High Deductible Plan F?
Standard Medicare Supplement Plan F is the most comprehensive Medicare Supplement (Medigap) plan available. However, with more coverage comes higher monthly premiums.
Thus, with its lower monthly premiums, this could be a good choice for cost-conscious beneficiaries who find standard Medicare Supplement Plan F‘s benefits attractive.
This Plan is Perfect for Those Who:
- Need a lower monthly premium
- Are comfortable paying a higher deductible before receiving full coverage
- See the doctor or visit the hospital semi-frequently
- Live in a state that allows excess charges
- Like to travel outside the United States
Listen to this Podcast Episode Now!What is the Deductible for Medigap High Deductible Plan F in 2022?
Each year, the deductible for the high-deductible Medigap plans changes. Every fall, the Centers for Medicare & Medicaid Services (CMS) announces the deductible for the upcoming year. In 2022, the high deductible is $2,490. Therefore, you must pay this out-of-pocket cost before the plan covers 100% of your expenses.
Medicare Supplement High Deductible Plan F Costs
The average cost of Medigap High Deductible Plan F is around $40-$80 per month, depending on several factors. Your monthly premium cost is determined by your location, age, gender, health status, and more.
In addition to monthly premium costs, when you enroll in this plan, you are responsible for out-of-pocket costs up to $2,490. The first $233 out of pocket covers the standard Medicare Part B deductible.
After that, Medicare Part B will cover 80% of your healthcare costs. Then, you will pay the remaining 20% of the expenses until you pay a total of $2,490 out-of-pocket. Below, you can compare this plan to other available Medicare Supplement options.
High Deductible Plan F Medicare Supplement Plan Chart 2022
The chart below shows how Medicare Supplement High Deductible Plan F compares with other Medicare Supplement plans.
When Can I Enroll in High Deductible Plan F?
You can enroll in a Medicare Supplement plan anytime during the year. Yet, the best time to sign up is during your Medigap Open Enrollment Period. You will need to answer underwriting questions outside of this window if you do not qualify for guaranteed issue rights.
It is vital to apply for a Medigap plan while you have guaranteed issue rights. Guaranteed issue rights mean a carrier cannot deny issuing you a policy for any reason. If you were to answer underwriting health questions, a carrier might deny your policy due to pre-existing health conditions.
Is High Deductible Plan F Being Discontinued?
Recently, all first-dollar coverage plans were discontinued. This means that any plan covering benefits from the first dollar you spend are no longer available to those new to Medicare.
The discontinuation includes Medicare Supplement Plan C and the standard Medigap Plan F. However, this change does not impact beneficiaries who already have one of these plans. Those on the plans are grandfathered in, and their benefits will remain the same.
To be eligible for the high-deductible version of Medigap Plan F, you must have received any part of Original Medicare before January 1, 2020. If this is the case, you can freely enroll or disenroll in standard Medicare Supplement Plan F, or the high-deductible version. These plans are only discontinued for those new to Original Medicare.
Is There an Alternative to Medicare Supplement High Deductible Plan F?
If you received Original Medicare on or after January 1, 2020, then High Deductible Plan G would be an alternative plan for you. High Deductible Plan G works the same way as the high-deductible version of Plan F and shares the same high deductible dollar amount.
Does Medigap High Deductible Plan F Make Sense?
The high deductible for this plan can seem steep, so you may wonder why anyone would choose it. As a lower monthly premium option, this plan can help you save money when you are not using your health benefits often. After spending a bit out-of-pocket, it can provide you with excellent coverage.
This plan appeals to people who had employer coverage with a higher deductible and a lower premium. Medigap plans like this one are a similar concept.
Medicare Supplement High Deductible Plan F FAQs
How to Sign Up for Medicare Supplement High Deductible Plan F
We understand that choosing a Medigap plan can be complicated. That's why our licensed Medicare agents are here to help at no cost to you.
You get a free, no-obligation Medicare consultation when you call the number above. To compare premium rates in your area, fill out our online rates form.
We do more than just make sure you understand your coverage when you sign up with us. We're here to help throughout the life of your policy. For example, if you have any trouble submitting a claim, we'll assist you. We have been a partner to many on their Medicare journey; let us do the same for you.
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Sources:
MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.
- Medigap Plan F and J, CMS. Accessed May 2022.
https://www.cms.gov/Medicare/Health-Plans/Medigap/FandJ - High Deductible Plans, United American . Accessed May 2022.
https://www.unitedamerican.com/white_paper/UAI3342HighDeductible.pdf
I currently have a High deductible F plan through Blue Shield, what are my options for 2022?
Hi Marcella – as long as you pay your premium each month, your Medigap plan is guaranteed renewable every year. However, if you wish to switch plans, your options vary based on your area. If you’re interested in learning more, fill out our online rates form.