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Medigap Plan F High Deductible for 2019

If you are new to Medicare, there is a chance you may not be aware that Original Medicare, known as Part A and Part B could have you footing the bill for medical and hospital expenses such as coinsurance, copayments, and deductibles. Fortunately, there are ten standardized Medicare Supplement or Medigap plans offered in most states except for three which are Massachusetts, Minnesota, and Wisconsin. Those states have their versions. These supplemental plans were created to help offset coverage gaps that Original Medicare may have.

Medicare Supplement Plan F or 2019 Medigap Plan F has been a favorite among many because it has the most robust benefits. There are insurance companies out there that may also provide a high-deductible alternative to Plan F.  As stated in the name it supplements your Original Medicare by covering some out-of-pocket expenses you may incur. It’s important to note that Supplement insurance like Plan F cannot be purchased by itself.

If you visit the doctor frequently or often have unpredictable medical costs, Plan F’s robust coverage could be the plan for you. If you can afford to pay a little of the costs associated with Medicare upfront, you should consider a high-deductible version of plan F.  Here is a brief outline of both Medigap Plan F and the high-deductible Plan F, including the costs and covered benefits.

Understanding Medigap Plan F for 2019

You can purchase Medigap plans through private insurance companies. An important thing to note about Medicare Supplement Plan F, as with the rest of the Medigap plans with letters next to their name they contain benefits which are standardized in the majority of states. This means you’ll receive identical coverage no matter which company you purchase a Plan F from unless you are in the states with their own versions which are Massachusetts, Minnesota, and Wisconsin.

There are a handful of insurance companies, in some states that offer a high-deductible version of Plan F. This high-deductible version of Plan F provides identical benefits as the standard plan, but you would pay all expenses for services covered by Medicare until you reach the deductible amount. For 2018 the deductible was $2,240.

Benefits Covered by Medigap Plan F in 2019

To evaluate if Plan F is right for you, you must understand first what the benefits are. Here is a comprehensive list of benefits covered by Medicare Supplement Plan F and the high-deductible Plan F:

  • Medicare Part A coinsurance, plus hospital expenses up to 100% (up to an additional 365 days once Medicare benefits are exhausted)
  • The initial three pints of blood
  • Medicare Part B copayment or coinsurance up to 100%
  • Medicare Part A hospice care copayment or coinsurance up to100%
  • Medicare Part A deductible up to 100%
  • Skilled nursing facility care coinsurance up to 100%
  • Medicare Part B excess fees up to 100%
  • Medicare Part B deductible 100%
  • Foreign travel emergency care up to 80% of the plan limits
  • Medigap plans do not include prescription drug coverage. If you want prescription drug coverage and have Original Medicare.

Please note you may not use your supplement plan for expenses linked to a Medicare Advantage plan, typically you aren’t allowed to sign up both types of plans.

Costs Associated with Medigap Plan F

Typically Plan F is the most expensive plan because it offers the most comprehensive coverage offered by the ten plans. However, this may not be the situation every time, and you should compare plans to find the best options for your needs and the area where you live. Although benefits provided by Medigap Plan F benefits are robust, not all Original Medicare costs may be covered. It is still up to you to pay the monthly premium for Medicare Part B. And those that haven’t been employed and worked for at least ten years you may not be eligible for premium-free Medicare Part A; there is a chance you could have to pay for it.

Costs for Plan F are based on factors such as where you live and the carrier that you choose. Some costs you may incur with the standard Plan F:

  • Monthly premiums (typically more than the high-deductible version of Plan F premiums)
  • Yearly deductibles (generally less than the high-deductible version of Plan F)
  • Coinsurance payments
  • Copayments

Costs Associated with Choosing High-deductible Plan F

Expenses you may encounter with a high-deductible Plan F typically include monthly premiums; however, it is usually less expensive compared to a standard plan because you pay a higher deductible for services. If you pick a high-deductible plan, all out-of-pocket costs associated with Original Medicare is your responsibility up to a designated amount. Once that amount is reached the policy kicks in.

It is possible to find a Medigap plan that cost less per month. However, if you go to the doctor all the time, need many healthcare related services, or have high out-of-pocket costs, you should consider Plan F as it provides the most coverage for costs left behind by gaps in Original Medicare.

Just like other insurance, Medicare Supplement insurance premiums depend on the company. It’s important to evaluate all options available to you to find a product at the price that fits your needs and budget. If you are considering a Medigap plan, it’s best to enroll during the Medicare Supplement Open Enrollment Period. This six-month window starts automatically when you turn age 65 or are older plus have Part B. The upside to enrolling during this time is that insurance companies providing Medigap insurance may not decline you for coverage. Even with pre-existing conditions or other health concerns. Once this window is closed, it could be more difficult to sign up for a Medicare Supplement plan or change plans with existing health problems. If you want to learn more about Medigap Plan F 2019 and the costs associated with signing up for a Medicare Supplemental plan, call 1-844-374-1950.



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