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After becoming eligible for Medicare, you have a multitude of plan types and options to choose from. If you decide to enroll in a Medicare Supplement Plan, or “Medigap” policy, you then must decide which supplement plan is right for you. One such policy is called the “High Deductible Plan F”, which is a separate policy from the “Plan F”.
The regular plan F supplements and covers all Medicare approved charges, in most cases you will see NO out of pocket costs in regard to medical expenses. Conversely the “High Deductible Plan F” will offer the same coverage AFTER a $2,180 deductible is met. This means that if Medicare covers 80% of a procedure, you will still pay the 20%. That 20% you pay will count towards the $2,180. Once the deductible is met, your insurance company will pick up the 20% that Medicare doesn’t cover for the rest of the year.
The High Deductible Plan F will be more affordable than the Plan F. If you are on a budget and rarely visit the doctor, this is a plan to consider. The reduced premium is one of the main advantages. You still pay your Medicare Part B premiums each month, and would still need a prescription drug plan as the Plan F or High Deductible Plan F will not cover prescriptions.
If you are unsure which plan is best for you, you can always speak to a Medicare Supplement Plan specialist. Visit our CONTACT US page today, and let us know how we can help you enroll in the plan to suit your needs!
*Deductible amount as of February, 2015