If you’re a member of the Original Medicare program, you can lower your out-of-pocket costs by investing in a Medicare Supplement Insurance plan. Medicare Supplement Insurance, or Medigap, plans come in many different forms, each offering a different range of benefits. The high deductible plan is one option you may come across. This is what you need to know about Medigap’s high deductible plans.
What Is Medigap?
Medigap plans provide Medicare members with additional assistance with paying for their health care expenses. Medigap plans will pay additionally towards medical bills after Medicare has made their payment. The types of costs they cover include deductibles, copayments, and coinsurance. The type of plan you get will determine how much of each of these costs are covered. There are currently ten different plans available for consumer purchase.
Medigap Plan F
Medigap plan F is the most comprehensive option for Medicare members. With plan F, effectively all of your out-of-pocket costs will be met after you’ve met your deductible. You will also have up to 3 pints of blood paid for by your policy. Plan F premiums are the highest of all Medigap plans, but the benefits often make it worthwhile.
Medigap Plan G
Medigap plan G offers benefits similar to that of plan F, except plan G does not cover the Medicare Part B deductible. This makes plan G somewhat less comprehensive, though it’s still a great choice for individuals who want a more broad spectrum of coverage. Plan G is available in most areas, though it may be limited in availability in future years.
High Deductible Plans
Both Medigap plans F and G have high deductible versions that offer similar benefits, with a different cost and benefit structure. Rather than the high premiums of typical G and F plans, the high deductible plan exchanges higher deductibles for lower premium payments. You’ll have to pay more out-of-pocket to activate your benefits, but your premium payments will be much lower in turn. The benefit of this is that in years where you don’t face many health issues, you may save overall with this plan.
Find Medigap Coverage
It’s time for you to find out what Medigap options exist in your area. Get help from a qualified insurance specialist. Contact the experts at Trusted Senior Specialists to schedule a consultation now.