The high deductible versions of Medicare Supplements Plan F and G offer coverage similar to their “original” counterparts, but you’ll have a $2,340 deductible to meet before they start covering all of your coinsurance.
Since high-deductible Plan F covers Plan B’s deductible, it is not available to those who turned 65 after January 1, 2020 because of the Medicare Access and CHIP Reauthorization Act of 2015.
How do the High-Deductible Medicare Supplement Plans work?
First, Medicare pays its 80% of your covered healthcare services.
Then, you’ll pay your part until you have reached your $2,340 deductible for the supplement plan.
After that, your supplement will offer coverage identical to the normal plan and cover 100% of:
- Medicare’s deductibles (Plan G will not cover Part B’s deductible)
- Hospital costs after you run out of Medicare-covered days
- Skilled nursing facility costs after you run out of Medicare-covered days
- Part B excess charges
- Blood transfusions
It also covers 80% of a foreign travel emergency.
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When can I enroll?
You can enroll in a Medigap plan when your Part B plan becomes effective. Once that happens, you’ll have six months to enroll in a Medicare Supplement with no medical underwriting. This means you’ll be guaranteed acceptance and premiums will not vary based on your health.
After those six months are up you may still be eligible, but your acceptance and premiums will be based on your health.
Why would I choose High-Deductible Plan F or G?
Many Medicare beneficiaries like the coverage Plans F or G provide. These high-deductible options provide the same coverage as Medigap Plan F and G but have much lower premiums. This plan is a good choice if you are fine with paying a higher deductible before coverage kicks in, see a doctor or visit a hospital routinely, live in a state that allows excess charges, and travel outside the United States.