Because Original Medicare comes with gaps in coverage, many Medicare beneficiaries look to Medicare Supplement High Deductible Plan F as a way to get help filling in those gaps.
Medicare Supplement High Deductible Plan F is one of 10 standardized Medicare Supplement plans (Medigap plans) that help seniors pay medical expenses such as deductibles, copayments, and coinsurance that Original Medicare does not cover. Original Medicare consists of two parts:
- Medicare Part A: hospital costs such as semi-private room, meals, supplies, and medications (You do not pay a Part A premium.)
- Medicare Part B: medical costs such as doctor’s office visits, clinical laboratory services, durable medical equipment, and emergency room care (You do pay a monthly Medicare Part B premium.)
Medicare Parts A and B, along with Medicare Part C and Medicare Part D, are part of the Federal Medicare Program.
Medicare Part D covers prescription drugs. Part D plans are separate policies. Medicare Supplement plans do not include benefits for prescriptions.
The best time to sign up for benefits from Medicare is during your Medicare enrollment period. This is a seven-month time frame stretching from three months before your birthday month to three months after.
Medicare Supplement High Deductible Plan F
Some of the out-of-pocket expenses you are responsible for can be quite steep, such as your Medicare Part A deductible. The 20% Part B coinsurance from multiple doctor’s office visits can add up pretty quickly, too. Those sizable cost-share amounts are why many many seniors seek additional benefits through Medicare Supplement insurance.
Just like Medicare Supplement Plan F, Medigap High Deductible Plan F is considered “first-dollar coverage” because it offers sweeping benefits. Unlike Medicare Plan F, High Deductible Plan F requires a significant cost-share before covering your Medicare Part A and Part B medical expenses.
What is covered by Medicare Supplement High Deductible Plan F?
Medigap High Deductible Plan F covers all medical services approved by Original Medicare. Those medical services include:
- Medicare Part A coinsurance
- Part A hospital costs up to 365 days after you use up your Medicare benefits
- Medicare Part A deductible
- Part A hospice care
- Medicare Part B coinsurance
- Medicare Part B copayments
- Medicare Part B deductible
- Medicare Part B excess charges
- First 3 pints of blood for transfusion
- Coinsurance for skilled nursing facility care
- Foreign travel emergencies (up to plan limits)
What is not covered by Medicare Supplement High Deductible Plan F?
Medicare Part A and Part B offer healthcare benefits to millions of seniors, but there are some benefits Original Medicare does not cover. Since Medicare Supplement High Deductible Plan F works alongside Original Medicare, high-deductible Plan F does not cover the following services:
- Cosmetic procedures
- Experimental procedures or drugs
- Hearing aids or exams
- Vision, including routine eye exams and eyeglasses
How Much Does Medicare Supplement High Deductible Plan F Cost?
The basic benefits covered by Medigap High Deductible Plan F are the same regardless of which insurance company markets the Medigap policy. High Deductible Plan F rates, however, will vary between insurance carriers. The difference in Medigap High Deductible Plan F rates hinges on several demographic factors:
- Zip code
- Health status
- Household discounts
Below are the prices for a 65 year old non-tobacco female living in 30008 Georgia
|Plan Type||Premium Range|
Medigap Plan F High Deductible Pricing Method
To identify the best Medicare Supplement High Deductible Plan F, you must do more than merely compare the monthly premiums the different carriers quote you. To find the best Plan F, you must also understand and compare the way each insurance company calculates its Medigap Supplement Plan F rates.
This calculation is often called the pricing method, and it involves how an insurance company treats the age of beneficiaries buying Medigap High Deductible Plan F. Insurance companies use one of three ways to set Medigap Supplement Plan F rates:
- Community-rated method: All beneficiaries pay the same premium regardless of age. A 75-year-old buying Medigap High Deductible Plan F pays the same price as a 65-year-old.
- Issue-age method: Your premium depends on your age when you buy the Medicare Supplement insurance plan. The 75-year-old beneficiary will pay a higher premium for the Medigap plan compared to a 65-year-old.
- Attained-age method: Your current (attained) age determines your monthly premium.
It is critical that you compare the pricing method because it affects the cost of your future monthly premiums. If a company sets Medigap plans using the attained-age pricing method, your monthly premiums will rise each year. The initial lower premium under the attained-age calculation might not be the best premium several years down the road. Likewise, a higher initial premium under the issue-age method might result in a lower premium long-term.
Some states require insurance carriers to use a specific pricing method. If you would like to learn more about your state’s requirements, feel free to give us a call. All of the agents at our insurance agency are available to help you compare Medicare Supplement plan quotes and find the best Medicare High Deductible Plan F rates available in your area.
What Companies Offer Medicare Supplement High Deductible Plan F?
At My Medigap Plans, we have connections to an extensive network of insurance companies offering Medicare Supplement insurance High Deductible Plan F. Over time, our insurance agents have identified the following carriers as the best Medicare Supplement insurance companies to work with:
We feel that these three companies are the best ones for a variety of reasons:
- Financially stable
- Longevity in the health insurance field
- Excellent ratings
- Fast turnaround time
- Excellent customer service
Medicare Supplement High Deductible Plan F vs Medicare Plan F
Like regular Plan F, Medicare Supplement High Deductible Plan F provides the most extensive Medicare Supplement insurance benefits available. Here’s a closer look at how the plans compare:
- Benefits: The benefits under Medicare Supplement High Deductible Plan F and Plan F are identical.
- Rates: Medicare Supplement High Deductible Plan F rates are lower in comparison to Medicare Plan F. Medigap High Deductible Plan F rates range from $24 to $110 a month. Regular Plan F rates range from $170 to $217. The trade-off for a lower premium is the $2,300 deductible you must pay before the Medigap High Deductible F policy benefits kick in.
- Access to doctor or hospital networks: There is no difference between the two plans as far as access to health care. You have the freedom to get care from any health care provider, even if they do not participate in Medicare.
When can I enroll in Medicare Supplement High Deductible Plan F?
You can join a Medicare Supplement insurance plan any time after you turn 65 and are eligible for Medicare. However, the best time to join is during your Medigap Open Enrollment Period. Your open enrollment period starts in the month that you’re both age 65 and enrolled in Medicare Part B.
If you sign up during your open enrollment period, insurance companies cannot ask you health questions or require medical underwriting. If you join Medicare Supplement Plan High Deductible F outside of your open enrollment period, health insurance carriers can require medical underwriting for approval.
There are a few special enrollment periods where you can join Medicare Supplement High Deductible Plan F without submitting a health history or answering health questions. Some states have a birthday rule that allows you to change Medigap carriers without underwriting. Those states are:
Every insurance company handles underwriting differently for each particular medical condition. If you have health conditions, it will benefit you to speak with one of our Medicare supplement specialists. We can assist you in finding the best company, the best Medicare Supplement plan, and the best rate that meets your specific situation.
To keep your Medigap High Deductible Plan F in force, you must continue to pay your Medicare Part B premium.
Medicare Supplement High Deductible Plan F Review
More than 13 million Medicare beneficiaries have supplemented their Medicare benefits by enrolling in Medicare Supplement plans. High Deductible Plan F is a good value for some Medicare beneficiaries as added protection against the high cost of health care. Let’s review the highlights of who might be a good fit for Medicare Supplement High Deductible Plan F:
- Someone who has few health expenses during the year.
- Someone with regular Plan F who reaches the break-even point, the point where Plan F premiums are the same or higher than the deductible for high-deductible Plan F.
- Under some circumstances, someone who wants to switch from a Medicare Advantage Plan to a Medigap Plan.