There are ten primary Medicare Supplement Insurance plans, but there are also high deductible versions of two of the main plans. Plan G and Plan F both have high deductible options, which involve lower premiums in exchange for a high plan deductible.
If you are a Medicare beneficiary who enrolled before January 2021, you can still purchase Medigap Plan F. Here’s what you need to know before buying High Deductible Medigap Plan F.
If you have trouble affording the portion of health care costs that are left behind after Medicare pays their approved portion of the expenses, you can get help with a Medicare Supplement Insurance plan, or Medigap plan. Medigap plans are standardized insurance products that are available for purchase through private insurance companies that have been approved to sell Medicare products.
Each plan offers a different arrangement of benefits, with some basic options and some more comprehensive options. To learn what all of the plans offer, please reach out to Texas Medicare Advisors for more information.
Medigap Plan F is the most comprehensive Medigap option. It covers all of the Part A and Part B deductibles, copayments, and coinsurance. It also covers Foreign Travel Emergency costs up to a set amount and skilled nursing facility or hospice care. There are more benefits. This is a full list of what Medigap Plan F covers:
While this is the broadest level of coverage available, Medigap Plan F does not cover your entire portion of Original Medicare costs. You will still be required to pay your Part B premiums. If you do not qualify for premium-free Part A, you will also need to pay your Part A premium.
The high-deductible version of Plan F offers the same benefits as Plan F, but those benefits will not kick in until you’ve paid a set deductible amount. The deductible for high deductible plan F is $2,700 in 2023. This means you must pay the first $2,700 of Medicare costs on your own, then your Medigap coverage will begin. Switching from a high-deductible plan back to the standard Plan F might imply the need for you to undergo a medical exam for underwriting.
High Deductible Medigap Plan F offers a full range of benefits that can save you significant amounts of money. The reason people choose the high deductible version of Medigap Plan F is that they would rather pay low premiums. The plan is best for people who have significant retirement savings, as they will be able to afford more out-of-pocket expenses if a health care concern arises. Since the high deductible plan F is costly, it is recommended for people who are in overall good health. Carefully evaluate your medical and financial situation before purchasing this plan as you would be responsible for the entire $2,700 if you incurred a large medical cost.
The cost for High Deductible Plan F varies based on your location and potentially your health condition. Though, you can be sure that this plan will be less expensive than the normal version of Plan F. To find out more about pricing and enrollment, get in touch with the knowledgeable insurance professionals at Texas Medicare Advisors.
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