High-deductible Medigap Plan F requires you to pay for a certain amount of Medicare-covered costs on your own each year before the policy provides any coverage.
How Do High-Deductible Plans Affect Cost?
High-deductible Plan F may be more affordable than the standard Plan F but you may face higher out-of-pocket costs.
If you are interested in enrolling in a high-deductible Medigap Plan F, you should consider a few things.
You must pay for Medicare-covered costs up to a certain annual deductible. For 2019, the annual deductible is $2,300.1
For example, if you need a blood transfusion, a traditional Medigap plan will cover the cost of the first three pints, and Medicare will cover the cost of pints four and beyond. But if you are enrolled in the high-deductible Medigap Plan F and have not met the yearly $2,300 deductible, you will be responsible for the full cost of the three pints of blood.
Once you meet your deductible, your Medigap insurance company will begin paying the benefits offered in the plan.
Before you choose the high-deductible Plan F, you should consider how likely you are to use enough medical services to meet the yearly deductible. Then evaluate how much coverage you would need after the deductible is met.
If you want help evaluating your needs with a licensed agent, you can request a call by filling out this form.
What Other Options Do I Have?
You have more options that just high-deductible Plan F.
There are 10 different Medigap plans to choose from in most states, except the waiver states of Massachusetts, Minnesota and Wisconsin.
A Medigap plan comparison can help you find a comprehensive plan at a budget-friendly price. Get started right now by requesting your free plan comparison online.
1 https://medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies