Medicare Supplement High Deductible Plan F (2024)

Medicare Supplement High Deductible Plan F (Medigap) is an alternative version of the standard Medigap Plan F. The benefits are the same, however, the difference between the two plans is that the high-deductible version requires you to pay a deductible before full coverage kicks in.

Once you reach its deductible, this plan covers the costs left over from Original Medicare (Part A and Part B) while keeping the monthly premium low. Below, we explain the benefits Medigap Plan F High Deductible offers and how it works.

What Is Medicare Supplement Plan F High Deductible?

Medigap High Deductible Plan F provides the most comprehensive benefits from Medicare Supplement plans available. Enrollees enjoy these benefits with a low monthly premium, unlike the regular Medigap Plan F coverage, which offers the same benefits but has higher monthly premiums.

Carriers accomplish this feat because, as the name would suggest, Medicare Supplement High Deductible Plan F requires enrollees to reach a higher deductible before full coverage kicks in. You’ll have to pay more to receive full coverage from the plan sooner when receiving healthcare. But, lower monthly premiums can be a good choice for cost-conscious enrollees.

Medicare Supplement Plan F High Deductible Benefits

Medicare Supplement Plan F High Deductible is the most comprehensive form of coverage you can receive when enrolling in supplemental benefits. You’ll need to have been eligible for Medicare benefits before January 1, 2020, in order to enroll, but if you qualify, you won’t find a Medicare Supplement plan with a greater offering of coverage. Identical to Medigap Plan F, the key difference here isn’t about your benefits but rather that you’ll pay a higher deductible, and lower monthly premiums, for your coverage.

Medicare Supplement High Deductible Plan F Chart for 2024

It’s also important to consider that you can compare Medicare Supplement Plan F vs Plan F High Deductible features, which provide the same benefits but have different costs, as you’ll pay more for premiums with Medigap Plan F than you would on a high-deductible plan.

If you are eligible for coverage and believe the cons outweigh the pros but still want the same level of coverage, a Medigap High Deductible Plan G is another excellent choice. It continues to increase in popularity as it offers almost identical benefits but is available to beneficiaries eligible after Medigap Plan F’s cut-off date.

We’ve put together a chart comparing all of the Medigap plans available in 2024, their benefits, and how they stack up. Take a closer look:

What Does Medicare Supplement High Deductible Plan F Cover?

If you enroll in Medicare Supplement High Deductible Plan F, you’ll receive the same coverage as Original Medicare and Medigap Plan F. This means you’ll have coverage for the deductibles and coinsurances or copayments that come with Medicare Part A and Part B. You’ll also receive coverage for Medicare Part B excess charges, coinsurance for skilled nursing facilities, and foreign travel emergency expenses up to the limits of your plan.

What Is Not Covered By Medicare Supplement High Deductible Plan F?

You’ll find that Medicare Supplement High Deductible Plan F offers a wide range of coverage, but there are still many different areas of your healthcare that aren’t covered by these benefits. Including:

• Dental coverage
• Vision coverage
• Hearing coverage
• Cosmetic surgery
• Prescription drug coverage

If you’re looking for additional coverage, there are still options available. Standalone plans are available, and there is also Medicare Part D coverage that can help with the costs of prescription drugs.

Average Cost of Medicare Supplement High Deductible Plan F in 2024

Medicare Supplement Plan F premiums may be more expensive than other Medicare Supplement plans. However, the reason for the higher premium is that this plan provides the highest level of benefits to enrollees.

The plan’s average cost is about $230 per month. However, many factors impact the premium price. Premium costs for Medigap Plan F can range from around $150-$400 per month or more. Factors determining your cost include your ZIP Code, gender, age, tobacco use, and more.

Remember that the monthly premium for Medicare Supplement Plan F is the only out-of-pocket cost you will pay for your Medigap coverage. You will not be responsible for copays, coinsurance, or deductibles for your services. So, paying a higher premium may save you money in the long run.

Below, we’re comparing the average monthly costs of Medicare Supplement Plan F coverage across multiple cities. For our methodology, we’ve used data for both male and female residents that are ages 65 and 75. None use tobacco products:

Who Is Medicare Supplement High Deductible Plan F Ideal For?

This Plan is Perfect for Those Who:

• Need a lower monthly premium but find Medicare Supplement Plan F‘s benefits attractive
• Are comfortable paying a higher deductible before receiving full coverage
• See the doctor or visit the hospital infrequently
• Live in a state that allows excess charges
• Like to travel outside the United States

What Carriers Offer Medicare Supplement High Deductible Plan F?

When it comes to your Medicare Supplement High Deductible Plan F benefits, you have options. There are several top-rated carriers providing these benefits to eligible beneficiaries. Here are some examples:

• Accendo
• Aetna
• Aetna Health and Life Insurance Company (An Aetna Company)
• American Continental Insurance Company (An Aetna Company)
• American Retirement Life Insurance Company (A Cigna Company)
• Anthem Blue Cross Blue Shield
• Bankers Fidelity
• Blue Cross Blue Shield
• Cigna
• Combined Insurance
• Continental Life Insurance Company (An Aetna Company)
• Equitable
• ForeThought Life Insurance
• Gerber Life Insurance
• Government Personnel Mutual
• Heartland National
• Humana
• Individual Assurance Company
• Loyal American Life Insurance Company (A Cigna Company)
• Lumico
• Manhattan Life
• Medico
• Mutual of Omaha
• National General
• New Era Life Insurance
• Omaha Insurance Company (A Mutual of Omaha Company)
• Oxford Life
• Philadelphia American Life Insurance
• SilverScript (A CVS Caremark Company)
• Standard Life and Casualty
• United American
• UnitedHealthcare
• UnitedHealthcare (AARP Medicare Supplement)
• United of Omaha (A Mutual of Omaha Company)
• United World (A Mutual of Omaha Company)

Of course, while this isn’t a comprehensive list, it’s clear to see that there are several options available. Working with a licensed agent can help you compare carriers and identify the right option for your healthcare and budget.

Medigap High Deductible Plan F Pros and Cons

Enrolling in a Medigap High-Deductible Plan F is a great option for many, but that doesn’t mean it’s the best choice for everyone. Exploring the different features of Medicare Supplement High Deductible Plan F can help you make an informed decision. Let’s break them down:

What is the Deductible for Medicare Supplement High Deductible Plan F?

In 2023, the high deductible is $2,700 with 2024 seeing a slight increase to $2,800. Therefore, you must pay this out-of-pocket cost before the plan covers 100% of your expenses. Remember, for Medicare Supplement High Deductible Plan F, if you change carriers, the amount you’ve paid toward your deductible doesn’t carry over.

Each year, the deductible for the high-deductible Medigap plans changes. Every fall, the Centers for Medicare & Medicaid Services (CMS) announces the deductible for the upcoming year.

Because the deductible is much higher than for other plans, you save money on monthly premiums. But that also means you’re responsible for more out-of-pocket costs at the time you receive healthcare.

Medicare Supplement Plan F is, again, a viable option for eligible beneficiaries who have a budget that may better favor higher premiums than expensive upfront costs. Speaking with a licensed agent can help you identify which plan works best for your healthcare needs as well as your budget.

Your Costs for Medigap High Deductible Plan F

The average premium cost of Medigap High Deductible Plan F is around $40-$80 per month, depending on several factors. Your monthly premium cost is determined by your location, age, gender, health status, tobacco usage, and more.

In addition to monthly premium costs, when you enroll in this plan, you are responsible for out-of-pocket costs up to $2,800. The first $240 out-of-pocket covers the standard Medicare Part B deductible.

After that, Medicare Part B will cover 80% of your healthcare costs. Then, you will pay the remaining 20% of the expenses until you pay a total of $2,800 out-of-pocket.

When Can I Enroll in Medigap High Deductible Plan F?

You can enroll in a Medicare Supplement plan anytime during the year, but the best time to sign up is during your Medigap Open Enrollment Period. Your open enrollment is the period that usually begins on the first day of the month you turn 65 years old.

There are no medical underwriting questions necessary during this time. However, if you enroll outside of this window, you’ll need to answer underwriting questions if you do not qualify for guaranteed issue rights.

It is vital to apply for a Medigap plan while you have guaranteed issue rights because a carrier cannot deny issuing you a policy for any reason. If you were to answer underwriting health questions outside of a guaranteed issue window, a carrier may deny your policy due to pre-existing health conditions.

Remember, enrollment is only available if you were eligible for Original Medicare before 2020. You are eligible for first-dollar coverage plans, including Medigap High Deductible Plan F.

Is Medigap High Deductible Plan F Being Discontinued?

Recently, all first-dollar coverage plans were discontinued for new enrollees. This means that any plan covering benefits from the first dollar you spend is no longer available to those new to Medicare.

The discontinuation also includes Medicare Supplement Plan C and the standard Plan F. However, this change does not impact beneficiaries who already have one of these plans. Those on the plans are grandfathered in, and their benefits will remain the same.

To be eligible for the high-deductible version of Medigap Plan F, you must have received any part of Original Medicare before January 1, 2020. If this is the case, you can freely enroll or disenroll in standard Medicare Supplement Plan F or the high-deductible version. These plans are only discontinued for those new to Original Medicare.

Is There an Alternative to Medigap High Deductible Plan F?

While Medicare Supplement Plan F High Deductible is a great option, High Deductible Plan G can be a solid option if you became eligible for Original Medicare benefits on or after January 1, 2020. Medigap High Deductible Plan G works the same way as the high-deductible version of Plan F, minus covering your Medicare Part B deductible, and shares the same high deductible dollar amount.

Does Medigap High Deductible Plan F Make Sense?

Because the high deductible for this plan can seem steep, you may wonder why anyone would choose it. But everyone has different healthcare and budget needs, and as a lower monthly premium option, this plan can help you save money when you are not using your health benefits often. After spending a bit out-of-pocket, it can provide you with excellent coverage.

Medigap High Deductible Plan F also appeals to people who had employer coverage with a higher deductible and a lower premium. Medicare Supplement plans like this one provide a similar concept keeping monthly costs low and providing excellent benefits.

Medicare Supplement High Deductible Plan F FAQs