Many beneficiaries of the Original Medicare Part B view the Medicare Supplement Plan F as their best alternative for a supplementary cover. However, for most, the premiums that come with the cover are quite high and as such, they end up going for something more affordable with fewer benefits. What many fail to realize is that they can still get all the benefits of the Medigap Plan F at a cheaper price. This comes in the form of the High Deductible Plan F.
The High Deductible Plan F is a Medigap Plan that was created as a cheaper alternative to supplementing your Original Medicare Part A and Part B. It is completely similar to Plan F with the only distinction encountered in their deductibles. So, what exactly is this High Deductible Plan F all about? Here are some answers for you.
The High Deductible Plan F
The original Plan F and the high deductible option both come with the same coverage benefits. So, the high deductible option still covers all your out of pocket charges and excess charges not catered for by your original Medicare Plan. This includes co-payments, coinsurance, and deductibles. However, the high deductible option leaves you responsible for all your medical expenses up to your policy deductible amount. Currently, this amount is at $2,240 in most states. This is what makes the premiums for the high deductible options lower than those of the normal Medigap Plan F.
The premium that you end up paying is dependent on your age, gender, current health status and you plan carrier. This results in different individuals paying different premiums. In spite of all of this, it is still a relatively cheap Medigap Policy.
Benefits of the High Deductible Plan
The plan accords beneficiaries the following coverage benefits
- First 3 pints of blood
- Emergency Medical coverage for overseas travel
- Skilled nursing facility
- Medicare Part A deductibles
- Medicare Part B deductibles
- Medicare Part B excess charges
- Medicare Part A hospital costs and coinsurance
- Medicare Part A hospice care coinsurance and copayments
- Medicare Part B copayments and coinsurance
Medigap High Deductible Plan F covers your costs for a skilled nursing facility from day 21 to day 100. It also helps pay for your co-payments costs for hospitalization from day 61 to day 150. There is also a 20% coverage for the payments of ambulances, urgent care, medical equipment and outpatient surgery not covered by your original Medicare Plan.
Just like the Medigap Plan F, the high deductible alternative can also be applied for during the Open Enrollment Period. This is the new month after you turn 65 while enrolled in the Medicare Part B that special rules are imposed on you Medigap application. The high deductible option also has the same Guaranteed Issue Rights that are enjoyed by individuals applying for the other Medicare Supplement Plans. This means that you cannot be refused coverage on the grounds of a pre-existing medical condition or health issues.