Medicare High Deductible Plan F Could Be a Great Choice

Many people first entering the Medicare System will likely find out very early on in the process that in Medicare supplement plan is a very wise decision.  With 10 different plans to choose from it can get slightly overwhelming.  There are the more popular plan such as F, G, and N which thing most people’s needs perfectly.  A Medicare High Deductible plan F below is certainly worth looking at to help pay your medical bills.

While the standard plan F pays 100% of the coverage in gaps from day one with no out-of-pocket expense on behalf of the policyholder, the high deductible version has a out-of-pocket cost sharing that must be met prior to the policy paying any benefits.  The result is a much lower monthly premium which makes this an outstanding plan for people who are healthy or on a limited income.  In fact the monthly premium can be as little as 50% of what the premium for a standard plan F would be in many areas.

Let’s look at what the benefits are and how much you would need a paid before the plan goes into effect each year.

The various Medicare supplement costs you will need to pay a side from monthly premiums include things like deductibles, coinsurance, and co-pays for part A and part B Medicare.

Some additional costs that you will have to pay until this deductible met are:

  • The annual part B deductible
  • Any costs after the additional 365 days beyond that the lifetime reserve days are used for part A
  • You must pay all costs after 101 days while residing in a skilled nursing facility
  • Foreign travel benefits must be paid out-of-pocket prior to reaching the deductible

You are still covered by Medicare

Many people read the word high-deductible plan F and get worried that they will not receive any medical coverage until they pay $2110 out-of-pocket.  This is simply not the case with this plan.  You pay your monthly premium and if you need to schedule in outpatient visit with your doctor you will have to meet the part B deductible prior to Medicare paying 80% of your medical bills. As well if you enter the hospital and are admitted you will need to pay the part a deductible out-of-pocket.

That being said, Medicare still will pay 80% of your medical bills after you have met the part B deductible.  For routine visits normally paid by Medicare this could result in fairly low out-of-pocket expenses, however it depends on what you are going to the doctor for.