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What Are the Pros and Cons of Medicare Supplement Plan F and the High-Deductible Version?

October 6. 2016

Medicare Supplement Plan F features the most robust offering of Medicare Supplement (also called Medigap) benefits, among the 10 Medigap plans that are standardized in 47 states. (Massachusetts, Minnesota, and Wisconsin have their own versions of Medicare Supplement insurance.) Plan F’s coverage details are broad and may be of interest to Medicare beneficiaries with frequent Medicare out-of-pocket costs.

Because Medigap Plan F is so comprehensive, it leaves Medicare Part A and Part B beneficiaries with few out-of-pocket expenses for Medicare-covered services. This type of coverage comes with a price, however, as Plan F may be the most expensive plan of all the Medigap offerings. This might not always be the case, however, and you may want to shop around to consider all Plan F options in your area. Although Plan F includes the same set of benefits no matter where you buy the plan, plan costs may differ among insurance companies who offer the plan.

There are two versions of Plan F that may be available in the area where you live: Standard Plan F and high-deductible Plan F, and the benefits are the same in both versions. The only difference is that under high-deductible Plan F, beneficiaries pay all fees until a deductible amount is reached. The high-deductible plan may be available at a lower monthly premium than the standard Plan F.

As is the case with all Medicare plan options (Medicare Advantage, Medicare Part D, and Medigap), Medicare Supplement pricing can vary by insurance company. The insurance company is free to set pricing as it sees fit, and you may wish to consider all of the available options in your area to make sure you’re finding a price point that works for you.

 Pros and cons of Medicare Supplement Plan F and the high-deductible version

Medicare Supplement Plan F High-Deductible Plan F
Monthly premium Prices will vary by plan provider, but you should expect to pay a higher premium amount for standard Plan F over the high-deductible version. Because you pay a higher deductible amount with this type of Plan F, the monthly premium amount may be lower than the standard Plan F. Premium prices may vary by plan provider.
Annual deductible Standard Plan F usually has a lower annual deductible amount, when compared to the high-deductible version. High-deductible Plan F requires beneficiaries to pay a higher out-of-pocket amount. Once reached, the plan covers the rest of your Medicare covered health-care costs for the rest of the year.
Copayment Varies by plan. Varies by plan.
Coinsurance Varies by plan. Varies by plan.

PlanPrescriber offers a Medicare Supplement plan comparison chart that illustrates the details of all 10 Medigap plans so that you can see which version may fit your situation.

The product and service descriptions, if any, provided on these PlanPrescriber Web pages are not intended to constitute offers to sell or solicitations in connection with any product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations.