After enrolling in Original Medicare Part A and Part B, you may decide to purchase a private supplemental insurance plan to help pay the costs that Original Medicare doesn’t cover. During your six-month Medigap Open Enrollment Period, you can choose from up to 10 standardized Medigap plans (A, B, C, D, F, G, K, L, M, and N). But which one should you choose? Follow along to understand how the only Medigap plan with a high-deductible option —Medicare Supplement Plan F —differs from High-Deductible Plan F.
What is Medicare Supplement Plan F?
Medicare Supplement Plan F is one of only two options (Plan G is the other) that covers 100% of Medicare Part B “excess charges,” which are the costs a doctor can charge for a service or procedure, if they don’t “accept assignment” (the Medicare-approved amount your physician agrees to accept as payment for their services). With Medicare Supplement Plan F, you get the most complete coverage available, but it can also be the most expensive.
How much do Medicare Supplement Plan F and High-Deductible Plan F cost?
High-Deductible Plan F is attractive to some Medicare beneficiaries because it offers the same coverage as Medicare Supplement Plan F but has a lower monthly premium. However, the deductible is typically much higher. Therefore, you’ll pay more out-of-pocket with High-Deductible Plan F before your plan starts paying.
Medicare Supplement Plan F covers the same basic benefits no matter which insurance company sells them; however, each insurance company sets its own price, so policy costs can vary depending on things like your age and where you live.
Here is an example of how pricing may look when comparing Medicare Supplement Plan F and High-Deductible Plan F:
- Medicare Supplement Plan F: You may have a $0 deductible, but your monthly premium may cost $321 per month.
- High-Deductible Plan F: Your premium may cost $72 per month, but you may have to pay a $2,240 deductible before your plan pays anything.
Whether you choose Medicare Supplement Plan F or High-Deductible Plan F depends on your needs and budget. However, if you want any Medicare Supplement plan, it is highly recommended that you buy a policy during your six-month Medigap open enrollment period which starts the month you turn 65 and are enrolled in Medicare Part B (Medical Insurance).
Get an online quote for Medicare plans that fit your health care needs today! Or call (888) 815-3313 – TTY 711 to compare Medicare Supplement Plans over the phone and get answers and guidance from an experienced licensed sales agent.