Summary: Plan F and High-Deductible Plan F offer the same coverage with one important difference. With Plan F, you have full coverage of all Medicare Part A & B deductibles, coinsurance, copays and excess charges from day one. With High-Deductible Plan F, you are responsible for the first $2,240 in medical expenses each year before the Plan F benefits begin.
Medicare Supplement Plan F is one of the most popular Medicare supplement plans. Plan F offers the most comprehensive coverage which, unfortunately, also makes it the most expensive. Here’s a reminder of what Medicare Supplement Plan F covers:
- Medicare Part A Coinsurance and Hospital Costs
- Medicare Part B Coinsurance and Copayment
- Blood (First 3 Pints)
- Part A Hospice Care Coinsurance or Copayment
- Skilled Nursing Facility Coinsurance
- Medicare Part A Deductible
- Medicare Part B Deductible
- Medicare Part B Excess Charges
- Foreign Travel Emergency (up to plan limits)
Essentially, with Plan F, you have no out-of-pocket medical costs. You simply pay your monthly premium – then you have full coverage! Your monthly premium will be determined based on various factors, including: the company you purchase your insurance with, current health conditions, age, and gender.
High-Deductible Plan F
With High-Deductible Plan F, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount ($2,240 for 2018) before your policy will pay anything. Once you meet the deductible, you have the exact Plan F coverage that shown in the list above. Because of the high deductible, the monthly premium is much lower than the regular Plan F. Again, the premium will different with each company and for each individual based on a number of factors.
While High-Deductible Plan F offers the lowest premium for a Medicare supplement, it comes at the potential cost of the $2,240 deductible should you need any serious medical attention.
GoMedigap Can Help
To easily determine which option is best for you, it may be best for you to speak with a licensed Medicare Supplement Agent. At GoMedigap, our agents provide trustworthy and unbiased advice to help you find coverage that best fits your specific needs and lifestyle. If you are interested in getting a quote on rates from different carriers, please fill out this form, or give us a call at (800) 310-2550. One of our licensed agents will be readily available to help you and answer any questions you may have.