While there are ten standardized Medicare Supplement Plans, two of the plans, Plans F and G, actually offer high deductible options that may or may not benefit some Medicare beneficiaries.
What Are High Deductible Plans?
To be enrolled in a high deductible plan means that you must pay a rather high deductible to begin receiving coverage. As of 2020, the high deductible amount is $2,340. In 2021, the high deductible amount is expected to increase to $2,370.
High Deductible Plan F
The high deductible version of Medicare Supplement Plan F has the same limitations as the standard plan. It is only available to those already enrolled in Plan F or eligible for Medicare before January 1, 2020. The only difference between Plan F and High Deductible Plan F is that Plan F provides coverage immediately, whereas with the high deductible version, you must pay the deductible in full to receive the same coverage as you would with the standard Plan F.
The premiums you pay will not go towards the deductible. However, costs such as copayments, coinsurance, and deductibles for Medicare Part A and B can. Because there is such a high deductible, the premium for High Deductible Plan F is significantly lower than other Medicare Supplement Plans, making this plan a good choice for those in good health and rarely need medical treatment and can pay the deductible if necessary.
High Deductible Plan G
High Deductible Plan G is very similar to High Deductible Plan F regarding how they work and provide coverage. Once the deductible is paid, beneficiaries will begin receiving the same coverage as offered by the standard Plan G. However, Plan G and its high deductible version are not limited to specific people who became eligible for Medicare before a specific date.
How Do I Know Which Plan to Get?
The standard Medicare Supplement Plans are usually more favored than their high deductible versions because they have less out-of-pocket costs, creating a lesser financial risk. However, High Deductible Plans F and G have significantly lower premiums compared to their standard counterparts.
You should also consider your health. If you receive regular treatment and have several doctor visits, a standard Medicare Supplement Plan may be more cost-effective for you. Even though the premiums will be higher, you will receive the coverage you need immediately.
Need Help Finding a Plan?
Reach out to Barnhart Insurance Group today! We will help you find a Medicare Supplement Plan that fits all your needs.