High Deductible Plan F
What Makes High Deductible Plan F Different
While Medicare covers a majority of healthcare costs, it still doesn’t cover everything. That’s where Medicare Supplement Plans come in. Medicare Supplement Plans, also called Medigap policies, are offered by private insurers to cover out-of-pocket expenses.
There are ten different templates that each plan is modeled on. Medigap Plan F is the fifth template. It offers a High Deductible Option. While the actual coverage is identical to regular Plan F, the High Deductible changes when coverage kicks in.
Unfortunately, Plan F and the High Deductible option is no longer being offered to people who are newly eligible for Medicare as of January 1, 2020. However, if you were eligible for Medicare prior to 2020, read on to learn more about High Deductible Medigap Plan F.
High Deductible Plan F is almost identical to the regular Plan F. The only difference is that your coverage for High Deductible Plan G only begins after you meet the deductible. In 2021 the deductible will be $2,370. In other words, you’re responsible for all costs up to $2,370 in a year. Then, your insurance kicks in and pays. As a reminder, both Plan F and High Deductible Plan F are no longer being offered to people who are newly eligible for MEdicare as of January 1, 2020. The details of coverage are below.
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Comparing Original Medicare to High Deductible Medigap Plan F Hospital Inpatient Costs
Original Medicare
- Day 1-60 of an inpatient stay: Your annual deductible is $1,408 with coinsurance
- Days 61-90: your cost of coinsurance per day is $352
- After Day 90: you pay a lifetime reserve day of $704
Medigap Plan F
- Covers 100% of Medicare Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used.
Part B Coinsurance
Original Medicare
- You are usually expected to pay 20%
Medigap Plan F
- Covers 100% of Medicare Part B coinsurance or copayment.
Blood
Original Medicare
- If the hospital has to buy blood for you, you must pay for the first 3 units of blood you get in a calendar year.
Medigap Plan F
- Covers 100% of the first 3 pints of blood.
Hospice Care Coinsurance/Copayment
Original Medicare
- You pay a copayment of up to $5 per prescription for outpatient prescription drugs for pain and symptom management.
- You pay 5% of the Medicare-approved amount for inpatient respite care.
Medigap Plan F
- Covers 100% Part A Hospice Coinsurance or copayment.
Skilled Nursing Facility (SNF) Care Coinsurance
Original Medicare
- Days 1-20 at SNF facility: no cost
- Days 21-100: you pay $176 per day.
- Day 101 and after: You assume all costs
Medigap Plan F
- Covers 100% SNF Coinsurance.
Part A Deductible
Original Medicare
- Annual deductible: $1,408 with coinsurance for days 1-60 of each benefit period.
- After Day 60: See Hospital Inpatient costs, above
Medigap Plan F
- Covers 100% of Part A Deductible.
Part B Deductible
Original Medicare
- In 2020, the deductible for part B was $198. After you meet your deductible, Medicare generally covers 80% of the cost and you cover 20%.
Medigap Plan F
- Covers 100% of Part B Deductible.
Part B Excess Charges
Original Medicare
- No out of pocket expense yearly limit
- After you meet your deductible, Medicare generally covers 80% of the cost and you cover 20%.
Medigap Plan F
- Covers 100% of Part B Excess Charges.
Bonus: Up to 80% of coverage for a foreign travel emergency.
If you need help choosing a plan, contact us at Modern Senior Benefits. We’ll tell you about what’s available in your area, provide free quotes, and help you get the coverage you need.
