High Deductible Medicare Supplement Plan F offers the same great benefits as standard Plan F. However, the high deductible allows carriers to charge a much lower monthly premium. Learn more about High Deductible Plan F benefits and Eligibility.
Eligibility (0:23) Medicare Supplement Plans Explained (0:49) High Deductible Plan F (1:05) High Deductible Plan F vs Standard Plan F (1:41)
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Hello, Medicare community. My name is Tara Pisano. Your Medicare expert for Elite Insurance Partners, and MedicareFAQ.com. In today's video, we're going to go over everything you need to know about Medicare Supplement High Deductible Plan F. Before we go into the details of High Deductible Plan F, it's important to know your eligibility. If you became eligible for Medicare before January 1st, 2020, You are eligible to enroll in Medicare Supplement Plan F or High Deductible Plan F. If you were not eligible for Medicare before 2020, then you are not eligible to enroll in Plan F or its High Deductible plan counterpart. Medicare Supplement plans help cover the out-of-pocket expenses left behind after Original Medicare coverage. There are 10 lettered Medicare Supplement plans available and 2 High Deductible plans, each offering unique benefits. Medicare Supplement High Deductible Plan F is a Medicare Supplement plan option for beneficiaries who qualify for the standard Plan F but wish to have lower monthly premiums. High Deductible Plan F has the same exact benefits as standard Plan F. The only difference is that you must meet the plan's annual deductible before your benefits kick in at 100% This high deductible is what keeps the monthly premium significantly lower than other Medicare supplement plans. Let's break it down. For example, if the average monthly premium for standard Plan F is $200 a month, you would spend a total of $2,400 in monthly premiums over the year. Now let's compare that to the High Deductible Plan F. Let's say that the High Deductible Plan M monthly premium is $60 a month. That means that over a 12-month period, you would spend a total of seven $720 out-of-pocket compared to the $2,400 with a standard plan f. As you can see, annual premium cost of the Medicare Supplement High Deductible Plan F is much lower when compared to the annual premium of the standard plan f. Keep in mind, if you go to the doctor's office multiple times throughout the year, it meets your annual high deductible that will increase your total out of pocket costs for the year. Once you meet your deductible, your Medicare Supplement High Deductible Plan F benefits will kick in and cover exactly the same as standard plan f, meaning you will have no out of pocket costs after you meet the plan's deductible. Medicare supplement high deductible plans can provide significant cost savings for those who do not visit the doctor often or require medical treatment. However, if you anticipate having more frequent visits to the doctor or hospital, this plan may not be your best option. Additionally, the deductible amount can change each year, so it's essential to review your plans details and any updates annually. To be sure, High Deductible Plan F is right for you, you should carefully evaluate your healthcare needs and budget before choosing a plan. Thank you so much for watching. I hope you found this video helpful. If you did, make sure to subscribe to our YouTube channel. Don't forget to turn on notifications so you're notified each time we upload a new video. We also have a fantastic Medicare community on Facebook. We'll leave a link in the description below so you can join. Until next time. Bye.