When you need a full coverage Medicare supplement plan but you cannot afford Plan F, you may be looking for other options. There is one option you may not have heard about, because it is a plan that doesn’t get much coverage. That’s High Deductible Plan F for 2018, which offers lower rates than the standard Plan F does but the exact same coverage.
What It Will Cover
What coverage is it exactly that you will be getting with High Deductible Plan F? Well, you will be covered for your Medicare Part A coinsurance for hospital care and nursing care. You’ll also be covered for the Medicare Part B coinsurance as well as the Part B deductible. The Part A deductible is covered as well. And while Medicare’s basic plan covers you for some of your hospital stay, High Deductible Plan F covers you for an additionally 365 days. That’s most of your main medical expenses taken care of, but this plan still offers more coverage for you.
You can also be covered for foreign travel exchange (up to 80%), which applies to foreign emergency care. You will have to pay the deductible for that, though. You will also receive coverage for three more pints of blood every year than you get with the basic Medicare plan, and you’ll be covered for the Medicare Part B excess charges as well.
If you know the standard Plan F, you will see that this coverage is the same as what it provides. So, you may wonder what the catch it, but it’s right there in the name.
High Deductible Plan F 2018 comes with, as it names states, a high deductible. That costs you $2,180, and you’ll have to pay it before any coverage can be granted. There is no similar deductible with the standard Plan F, and that’s one of the two things that really sets these plans apart from one another. The other thing is, of course, their cost.
That deductible may dissuade you from choosing High Deductible Plan F, but you definitely want to compare the cost of that expense to how much you would be saving on monthly premiums. Regular Plan F is considerably more expensive than the high deductible version, and you may save money by choosing the high deductible plan. Choosing one plan over the other should be a matter of trying to save some money. Of course, you don’t know how often you will need to pay that deductible, because it is dependent on how often you need medical care, but you do know how often you would pay the monthly premiums.
You can talk to your doctor about your health and the frequency with which you can expect to receive medical care. Your doctor can provide you an educated guess based on your past history and the knowledge of how other patients have fared with the same conditions. It’s still a guess, though, and choosing one plan over the other is a gamble. You do know that with the High Deductible Plan F, you won’t be paying as much each month for the plan when it comes to premiums, but how often you pay the deductible is anyone’s guess.
Taking your past medical history into account is a good way to project your future medical needs, but it’s not without its faults. You may need to change your plan later, as you realize that one plan works better than another. Or you may realize that you need a lower coverage plan, such as Plan G or Plan N. You should be reassessing your current coverage plan every time your health situation changes. It can be expensive to change plans, but you should be saving money in the long run, if you choose the right plan for you.
Making the Plan Cost-Effective
While High Deductible Plan F 2018 is definitely cheaper than the standard plan, there is no set price for it. The private insurance companies that sell it can set their rates to whatever they want. They will make the rates lower than they would for Plan F, but perhaps not low enough to make the plan affordable to you.
It’s a good idea to compare the prices between a few different insurance companies to get the best deal you can instead of just going with the first one to offer you this plan. You don’t need to worry about losing out on some coverage by doing this, as all the companies selling the plan are bound to offer the exact same coverage. Medicare decides what coverage each plan has and not the companies selling the plans. So, you will always get that coverage listed above for High Deductible Plan F.
What you won’t always get is the same price. You can find different prices from one insurance provider to another. Even the same insurance company will sell High Deductible Plan F for different prices depending on where you live. That’s why it is so important to compare the prices. You want to ensure that you are saving as much money as possible on your premiums so you can save on your medical expenses. The cost of the plans varies from time to time, and you will want to keep track of those rate changes and know about them before you try to sign up for one of the plans.
You can do all that on our website. There, we have a free tool that lets you see multiple rates on any given plan at once. Just tell us which plan you are looking to buy and where you live and we will do the rest. In a matter of moments, you will receive a list of free quotes from a few different insurance companies. All of these will be on the same plan that you have chosen and will be for your local area. They will also be current quotes, ensuring you have the accurate information you need to make an informed decision about where to buy High Deductible Plan F in 2018.
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