If you are looking into Medigap plans, you might want to consider a high deductible plan option for affordability and full coverage. Malhotra & Assoc. Insurance has a team of dedicated Medicare experts ready to help you. Contact our team for an individualized review of your coverage options.
High Deductible Plan F
Medigap Plan F is the most comprehensive Medigap plan available, with coverage for each of the possible expenses. With Plan F, you’ll have coverage for the following expenses:
- Part A coinsurance and hospital costs
- Part B copays and coinsurance
- Your first three pints of blood
- Part A hospice care
- Skilled nursing facility care
- Part A deductible
- Part B deductible
- Part B excess charges
- 80% foreign travel emergency care
Plan F is only available for people who became eligible for Medicare before January 1, 2020. The reason why is because Plan F covers the Part B deductible, which can no longer be covered by a Medigap plan.
In some states, you may be able to choose a high deductible Plan F. These plans work a little differently than their regular forms, but offer the same benefits. In 2021, the deductible amount is $2,370. Once you have paid the deductible, your covered expenses will be covered in full.
High Deductible Plan G
Medigap Plan G has the most complete coverage after Plan F, making it the most comprehensive plan for new Medicare beneficiaries. With Plan G, you have coverage for the following expenses:
- Part A coinsurance and hospital costs
- Part B copays and coinsurance
- Your first three pints of blood
- Part A hospice care
- Skilled nursing facility care
- Part A deductible
- Part B excess charges
- 80% foreign travel emergency care
In some states, you may be able to choose a high deductible Plan G. In 2021, the deductible amount is also $2,370. Once you have paid the deductible, your covered expenses will be covered in full.
Who are High Deductible Plans Good For?
On top of the extensive coverage you get with these plans, high deductible Plans F and G give you the benefit of full coverage for a low monthly premium. The high deductible gives you the promise of full coverage but without the high monthly premiums, you would have to pay for the regular plans.
These high deductible plans are good for Medicare beneficiaries who are in good health and do not anticipate extensive health care visits or associated costs. People with these plans should be able to afford the high deductible in an emergency.
Choosing a Medigap Plan
When choosing a Medigap plan, you must consider your health care expenses and your budget. Medicare Supplement plans are an addition to your Original Medicare that can help you significantly with cost savings. Because Medicare does not have an out-of-pocket maximum, these plans can reduce your spending by thousands of dollars.
Plans F and G have the most coverage of the ten available Medigap plans. Their high deductible forms give people with a lower monthly budget the opportunity to secure full coverage in the event of a medical emergency. If you have the ability to pay the deductible if needed, these plans are a great option for you.
For additional help and considerations for purchasing a Medigap plan, contact the team with Malhotra & Assoc. Insurance. We have the resources and expertise to guide you to the plan that fits your budget and your health care needs.
