If you are enrolled in Original Medicare, you may be looking for ways to lower your out-of-pocket health care costs. In many instances, a Medicare Supplement Insurance (Medigap) policy can help you minimize out-of-pocket health care expenses like coinsurance and deductibles. There are ten plans currently available, with plans F and G being the most comprehensive options. Both of these plans are available as high deductible policy types that offer lower premiums in exchange for much higher deductibles. If you are planning to enroll in a comprehensive Medigap policy, here’s what you need to know about high deductible Medigap plans.
What Is A High Deductible Plan
Medigap Plans F and G offer more flexibility when it comes to how you pay for your Supplement Insurance. High deductible plans offer the same benefits as the traditional version of the plan but allow you to pay lower monthly premiums in exchange for higher deductibles. This option is preferable for individuals who don’t need their health care benefits as frequently.
High Deductible Plan F Benefits
Plan F is the most comprehensive Medigap plan available. With it, Medicare beneficiaries will often pay nothing out-of-pocket for their health care treatments. These are the benefits offered by Medigap Plan F:
- Part A deductible Paid
- Part A coinsurance and hospital costs paid up to 365 days after Medicare benefits are depleted
- Part B deductibles, coinsurances, and excess charges paid
- The first three pints of blood paid
- Skilled nursing facility coinsurance paid
- Foreign travel emergencies 80% paid
High Deductible Plan G Benefits
Plan G offers similar benefits to plan F, but does not cover the deductible for Part B. Therefore, Part B plan participants still need to pay their own deductibles to use their coverage. These are the Plan G Medigap benefits:
- Part A deductible paid
- Part A coinsurance and hospital costs paid up to 365 days after Medicare benefits are depleted
- Part B coinsurances and excess charges paid
- The first three pints of blood paid
- Skilled nursing facility coinsurance paid
- Foreign travel emergencies 80% paid
Which High Deductible Plan Is Better
If you are shopping for a Medigap plan, a high deductible plan may be right for you. Our team can help you review your options and find a Medigap plan that suits your needs. Contact us at The Fussell Group Insurance Advisors now to schedule a consultation.