Medicare Supplement (Medigap) High Deductible Plan F is one of twelve standardized Medicare Supplement plans available to Medicare beneficiaries nationwide. This high-deductible Medigap plan is an alternative to the standard Medicare Supplement Plan F, with steeper deductible in exchange for a lower monthly premium. When you reach the deductible, the plan covers 100% of your remaining costs through the end of the calendar year.
Below, we review the high-deductible version of Medicare Supplement Plan F and how you can utilize its benefits.
What is Medicare Supplement High Deductible Plan F?
Medigap High Deductible Plan F helps cover out-of-pocket costs for Medicare beneficiaries. Similar to standard Medicare Supplement Plan F, its high-deductible counterpart covers you in full. However, the plan requires you to meet a deductible before coverage kicks in. By implementing a deductible, this plan can keep premium costs low.
Medicare Supplement plans work alongside Medicare Part A and Part B, which comprise Original Medicare. Original Medicare does not fully cover medical services, so these policies help with your out-of-pocket costs. Once Original Medicare pays its part, your Medicare Supplement plan covers the additional out-of-pocket expenses you would otherwise pay.
When you enroll in Medigap High Deductible Plan F, you receive all the benefits of a standard Medicare Supplement plan. These benefits include no network restrictions, no need for referrals to see specialists, and the freedom to travel with your coverage.
What is the Deductible for Medicare Supplement High Deductible Plan F in 2023?
The Medicare Supplement High Deductible Plan F deductible is $2,700 for the 2023 calendar year. So to receive 100% coverage for all Medicare-covered services, you must first pay $2,700 out-of-pocket.
While this deductible may seem high compared to the Medigap plans without a high deductible – for which you just need to pay the standard Medicare Part B deductible – you must consider the affordable monthly premium. This plan is suitable for someone who does not go to the doctor regularly and wants a low monthly premium but enjoys peace of mind knowing they would have coverage in an emergency.
What Does the High-Deductible Version of Medicare Supplement Plan F Cover?
Medicare Supplement High Deductible Plan F covers all the benefits of standard Medicare Supplement Plan F once you meet the deductible.
Coverage from the high-deductible version of Medicare Supplement Plan F includes:
- Medicare Part A deductible/copayments/coinsurance
- Medicare Part B deductible
- Medicare Part B 20% coinsurance after meeting the deductible
- Foreign travel emergency coverage
- Medicare Part B excess charges
Medigap plans only pay once Medicare Part A and Medicare Part B pay. Thus, your Medicare Supplement plan will not pay for any service that Original Medicare does not cover.
Medicare Supplement High Deductible Plan F Costs
Like all Medicare Supplement plans, when you enroll in Medigap High Deductible Plan F, you are responsible for your Medigap policy’s premium and the Medicare Part B premium.
This plan comes with lower monthly premium costs than most other Medigap plans. On average, monthly premiums for Medicare Supplement High Deductible Plan F can range from $40-$90 per month.
Premium costs for Medigap plans depend on factors including location, age, sex, and health. Each of these factors play a role in determining the monthly cost of your plan. Ultimately, each carrier determines the monthly premium. These costs are not standardized for Medicare Supplement plans, so each beneficiary pays a different amount.
How to Enroll in the High-Deductible Version of Medicare Supplement Plan F
Enrolling with a reputable carrier is as important as enrolling in the right Medicare Supplement plan. So, it is essential to work with a licensed agent who can provide you with rates from all the top carriers in your area. However, it is not necessary work with a local agent. Since Medicare is standardized, finding an agent licensed in your state is not difficult.
The best time to enroll in Medicare Supplement High Deductible Plan F is during your Medicare Supplement Open Enrollment Period. This window is your first chance to sign up for a Medicare Supplement plan. If you enroll during this time, you will not need to answer underwriting health questions, and a carrier cannot deny you coverage for any reason.
You can still enroll in Medigap outside of this enrollment period, but you may need to answer underwriting health questions. It is crucial to avoid underwriting whenever possible. Carriers can deny you coverage for any reason.
Reasons for denial of coverage can include a recent diagnosis, an old diagnosis, medication you are taking, or even your BMI. Additionally, each carrier has different underwriting rules, so you may face denial from one carrier and then accepted by another.
Avoiding underwriting mishaps is another reason why working with an agent is vital. The best agents understand what works for some carriers that may not work for others. The best agents can help you enroll with a suitable carrier for your healthcare needs.
