If you are in the market for Medicare Supplement Insurance, you are looking for additional help covering the out-of-pocket costs from Medicare-approved services. Medicare Supplement Insurance Plans F and G are the most comprehensive options, offering broad coverage that leaves you paying effectively nothing out-of-pocket for healthcare services. But the high deductible option for these plans may offer unique benefits that work well for you. This is what you need to know about high deductible plan F and plan G.
Medigap Plan F
Medigap Plan F offers extensive benefits for Original Medicare recipients. The benefits include the following:
- Medicare Part A deductible paid
- Part A coinsurance paid
- Medicare Part B deductible paid
- Part B excess charges and coinsurance paid
- The first three pints of blood paid
- 80% of foreign travel emergency fees paid
- Skilled nursing facility coinsurance paid
High deductible Plan F
The high deductible version of this policy offers the same benefits, with a caveat. You won’t receive coverage until the deductible stated in the policy is met. In 2020, this high deductible sits at $2,340. Therefore, in order to utilize your Plan F benefits fully, you will need to pay your premiums and the deductible amount.
Medigap Plan G
Medigap Plan G is also a comprehensive policy, but it does not cover the Part B deductible. These are the benefits offered by Medigap Plan G:
- Part A deductible paid
- Part A coinsurance/hospital costs paid
- Part B excess charges and coinsurance paid
- The first three pints of blood paid
- Skilled nursing facility coinsurance paid
- Foreign travel emergency paid up to 80%
High Deductible Plan G
Similarly to high deductible Plan F, you will not receive coverage until you have met your annual deductible with High Deductible Plan G. Once the deductible is paid in full, you receive the same benefits as someone with typical Medicare supplement Plan G.
Why Get a High Deductible Plan
The reason most people choose a high deductible plan is that they want lower premiums. Although the premiums they pay will not go towards meeting their deductible, all of the other out-of-pocket expenses they pay apart from the premiums will help them hit the amount. If the tradeoff of higher deductibles for lower premiums suits you, then a high deductible plan might be right for you.
Find A High Deductible Medigap Policy
If you are looking for Medigap policies in your area, speak to one of our agents. We can help you determine if a high deductible plan is right for you and guide you through the enrollment process. Reach out to Cornerstone Senior Advisors for more information and a free quote.