High Deductible Plan F
The high deductible version of Medigap Plan F offers the same benefits as Plan F. However, unlike Plan F, that coverage only begins once you have met certain out-of-pocket expenses for that year. The benefit of this high deductible option is a lower monthly premium.
What is the high deductible?
For the policy to begin coverage, you must meet the annual deductible. While the deductible itself changes every year, in 2020, the deductible was $2,340. This means you must pay for all Medicare-covered costs, such as coinsurance, copayments, and deductibles up to this amount. After you pay $2,340, your plan benefits kick in. This option is suitable for people who anticipate fewer health expenses throughout the year but still want full coverage in the event of unforeseen hospitalizations or skilled care.
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What does it cover?
The high deductible version of Plan F offers the same benefits as Plan F after you meet the deductible. While the benefits in more detail can be viewed here, the benefits are briefly listed below.
- 100% of Medicare Part A coinsurance and hospital costs
- 100% of Medicare Part B coinsurance or copayment
- 100% of the first 3 pints of blood
- 100% of Part A hospice care coinsurance or copayment
- 100% of SNF Coinsurance
- 100% of the Part A Deductible
- 100% Part B Deductible
- 100% of Part B excess charges
- 80% of a foreign travel emergency up to the plan limits.
Check with the policy in your state to understand the specifics of that policy.
Plan F is also not available to those who were not eligible for Medicare before January 1, 2020.
Is High Deductible Plan F worth it?
The high deductible option allows people to pay the deductible first in exchange for a lower monthly premium. This plan is best suited for those who anticipate fewer health concerns. Check with insurers in your state to understand the details.