The High Deductible Plan F is a similar version to Plan F, but the difference is you have to absorb the initial costs. Once you get to the deductible, the Plan becomes like a typical Plan F. The High deductible Plan F pays 80% of your medical bill. Notably, after reaching the deductible, you don’t have to pay for services and care from your pockets.
Though the deductible brings a significant difference between the two, they are reliable in terms of coverage. Also, it is the most preferred Plan by many people. The premiums of this Plan are relatively low, and this can be a good option if you rarely need medical attention and can afford the deductible amount.
Both Medicare Plan F and High deductible Plan F will not be available for new users, but there is no need to worry if you are already using the plans since you will not be affected. This is due to the increase in rates, and no new premiums are coming in to cater to the amount that has already been paid out—hence creating the need to do away with both plans.
Since both plans F and High Deductible Plan F are quite similar to Plan G; you can take it as an alternative in case you do not qualify.
High Deductible Plan F benefits
There are many High Deductible Plan F benefits, which include having lower premiums. Lower premiums are a great advantage to people who have retirement savings since they only have to spend less while using higher healthcare. Many retired people prefer having a good healthcare plan, which will allow them to save on other projects.
Also, any costs of services are covered under the original Plan; hence you do not have to spend any amount of money from your pockets. Moreover, It is efficient for people who do not need regular treatments and the monthly medical costs vary depending on the care you are receiving.
Companies Offering High Deductible Plan F
After finding out some of the benefits of High Deductible Plan F, you might be wondering examples of some of the Companies Offering High Deductible Plan F. Well, they include;
- Cigna Health and Life Insurance Company. In case you are eligible for Medicare before 1st January 2020, then you can visit the Company. The high deductible rates may change slightly after every year. The plan information also varies depending on the state you live in.
- Loyal American Life Insurance Company. The Medicare Supplement policies of the Plan are written by both the Company and Cigna Health and Life Insurance Company, but each insurer is responsible for their products.
- American Retirement Life Insurance Company. The Company offers the Medicare High deductible Plan F, among other plans. The policies are written by the Company and Cigna Health and Life Insurance Company.
How to Sign Up
Many people do not have ideas on How To Sign Up for the Plan. You first visit the Insurance provider and consult if the Plan will be suitable for you or not. Get quotes from the Company and select which will suit you best.
After that, you will have to pay $2340 to cover the Medicare costs (the Medicare Supplement rates may vary). It is important to note that each state has different plan information, and hence it is recommended that you visit your state’s Plan.
When you have completed all these processes, you become officially signed into the Plan. Notably, you should consult a person who knows about Medicare Plans before signing up. This is to prevent confusion that may arise in the future.
If you have questions about Medicare supplements or would like to learn more, contact us at 855-249-0191. One of our experienced insurance agents would be happy to provide you with a free consultation and quote comparison.