5 Reasons to Consider Medicare Supplement High Deductible Plan F

[@Remedigap]

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[@kyham5]

Like others, I like your "one subject" videos. Very comprehensive. I am noticing HDF premiums are usually not published with the other plan premiums. Do HDF plans provide less profit for companies, and, lower commissions for agents?

[@Remedigap]

Hi Randy...yes, HDF commissions are much lower for agents. As for the insurance companies, HDF may require a bit more management (on their end) compared to other Medigap plans. Thanks for watching. I appreciate the positive feedback.

[@MSDOGS1976]

Good video and describes exactly what I am considering. I have a quote for $38 and change for an F-HD in MS. The quote for G is around $106/mo so not bad either. But I have always been a HD kind of person and have looked at insurance as protecting me in a catastrophic situation. My current individual health plan is a $10k ded one and I have had it for 12 years. So a $2300 ded seems like a gold plan coming from what I have had. Ha. Even if I come down with a chronic problem and I have to pay $2300 year after year, my overall out of pocket cost($2300+premiums) will still be less than what I have been paying for my current premiums alone. Still have a few more weeks to decide as I turn 65 in July but I'm leaning towards F-HD.

[@Remedigap]

Hi Marty...thanks for your sharing your thoughts about HDF.

[@MSDOGS1976]

@@Remedigap Have a question for ya. If I do sign up for F-HD this year with a company(I'm looking at Bankers Fidelity), do you think I could switch to a G-HD next year with them w/o underwriting?) Assuming G-HD does indeed become reality? Or would I be better off going with G and hope I could easily change to G-HD when its available? You understand my predicament? I want to get with a HD plan at some point but afraid if I go with F-HD the rates might increase rapidly due to the closure of F and becoming a smaller group. Hope that makes sense.

[@SEaudiofan]

@@MSDOGS1976 good question

[@Remedigap]

@@MSDOGS1976 My apologies for the delayed response. Most insurance companies require you to medically qualify if you want to change plan letters within the same company. If you haven't already done so, my recommendation is to ask Bankers Fidelity about their process for policy changes. Also, some states have special open enrollment situations when you have a Medigap plan in place, so it may be worth talking to someone in the Medicare Supplement market about your specific situation. Keep in mind, your Medigap Open Enrollment Period expires 6 months from your Part B start date. So, if you start with HDF and decide it's not right for you; then, you can change to another plan before the six month Medigap Open Enrollment Period ends. If you'd like to discuss further, please feel free to reach out. email: [e-mail]

[@MSDOGS1976]

@@Remedigap I ended up going with G. Cost more but less to keep up with on out of pocket cost. Overall my premiums will be half the price of my current BCBS plan with much better coverage so I'm happy. Thanks for responding.

[@lutherprice637]

I live in Florida where Medigap premiums are very expensive, my wife’s plan G is $187. I will be 65 in May 2019 and I’m leaning toward the plan F HD, premium cost of $55. The broker I’m talking to has a company that will lock in my premiums as long as I’m with the company. I have the means to pay a high deductible if needed. My issue is paying $190 now and much more down the road. Thank you for the info.

[@wheetypeedy]

Have you found an agent to help you yet? I too will be turning 65 in may. Ive listened to many videos and read a lot over the last 4 weeks. Im trying to educate myself so I know whats available and best choice for myself.

[@AlvaSudden]

Dear Joann: What about Plans K and L? They at least pay the Part A co-insurance, and a portion of other costs. I cannot find any videos on them that explain/analyze. Please help.

[@Remedigap]

Hi Carmen, Plans K and L aren't offered by most insurance carriers, which is why it's hard to find any information. Please feel free to contact me via email [e-mail] or 888-411-1329 and I'll review the plan details with you.

[@JW4REnvironment]

I am sharing these videos with coworkers who have Medicare questions, as they are so very helpful and clear. Bravo, Joann, for your clear organization and insights! have high deductible Plan F with a company I will call Company A. I reside in California. Can I switch to a new Company B or am I locked in for life with Company A because I picked it when I started Medicare? Or would I have to go through a medical insurance underwriting process? Thanks for your insights on this switching question.

[@Remedigap]

Thank you for your kind words and for sharing my videos with your coworkers. The good news about your Medigap coverage is that you are not locked into Company A. You can switch to Company B through medical underwriting approval or by using the "Birthday Rule" in California. Please reach out if I can be of assistance. I'm happy to guide you through the process.

[@wheetypeedy]

Do I pay 2300$ high deductible before I can use my insurance? Or would I pay a certain percentage of the dr office visit (just for office visits) Hospitals are 50$ deductible Per part b? Where can this plan get overly expensive compared to N or G? Thanks

[@Remedigap]

Great questions! You are responsible for the co-insurance not paid by Medicare (generally 20%); which is applied towards the Part B deductible. Once you satisfy the $2300, the HDF plan pays for all Medicare-approved services for the remainder of the calendar year. This plan has the potential to get expensive if you have a major medical event that carries over into subsequent years. We'd have to crunch the numbers in your area to see what the tipping point is compared to Plan G or Plan N premiums. Feel free to reach out if you'd like me to do the research. email: [e-mail]

[@lyndayoung8761]

You would pay the Part B deductible $185 after which, you would only pay 20% of "Medicare-approved rates" (this is the huge driver for savings) for Part B (ie office visits, labs, xrays etc). If hospitalized, you would be responsible for the Part A deductible. All your out-of-pocket costs would be totaled and the next dollar after you have paid $2300 would be paid by your HD-F plan.

[@lourak613]

excellent and thorough presentation!

[@Remedigap]

Thanks for watching! 👍

[@dale1k878]

Great video.. Are there insurance companies that will actually lock in your premium for HD F?? Is it determined by what state you live in?? I am leaning towards the HD F, but as some here have mentioned am concerned about future premium increases...

[@Remedigap]

Thanks for reaching out with your questions. There are insurance companies that will offer a 12-month premium rate lock for all of their Medigap plans (including HDF). Rate locks are not specific to your state; they're specific to the insurance company. With HDF phasing out in 2020, it won't be available to new Medicare beneficiaries; which will change the mix of policyholders. These changes can have an impact on rate increases. However, the HDF claim experience is good for the insurance company since the policyholder pays the first $2,300; which we hope will in turn benefit the policyholder with long term stable rate adjustments.

[@stevenlovinger3189]

get quotes at age 65 and 85 to determine increases by company. CIGNA looks best to me for low increases. At age 90 high deductable was less even with payment of full deductible than Plan g premiums.

[@mattbrennan647]

I’m turning 65 in 2020 and I believe FHD will change to GHD. I live in Florida and doing the math it seems that my annual premium for plan G vs my possible out of pocket for GFD would lead me to choose GFD. Am I missing something? Thanks

[@Remedigap]

Hi Matt...that's correct. Generally, HDG or HDF will have a lower premium, which keeps your out-of-pocket (premium) cost lower than a standard Plan G. The risk is if you have to satisfy the high deductible amount.

[@lyndayoung8761]

Unless you have a very serious and very expensive chronic disease I think you've got it.

[@Now_lets_get_this_straight]

Why do I keep hearing about a high deductible plan G but can’t find anything on it?

[@Remedigap]

High Deductible Plan G coverage doesn't go into effect until January 1, 2020. Currently, there aren't many insurance companies ready to sell High Deductible Plan G, so there's not a lot of information about it. That should change as we move into 2020.

[@joywalters5224]

Hi, Joann! You seem much more enthusiastic about the high deductible Plan F than Medicare Advantage.

[@Remedigap]

Hi Joy, you're correct. If I had to choose between the two, I'd lean towards the High Deductible Plan F.

[@olgamaria3730]

I have plan F with the High Deductible. This year the premium will be about $73.53. The insurance company is trying to talk me into plan "N" and the premium is about $190.00. They say that it will save me money in the long run. How can paying nearly 2 and 1/2 times what I pay now for the premium save me money. I am in Pennsylvania and not subject to "excess charges". I am 71 years old and I am thinking that every year that I don't use the high deductible in Plan F that I am saving about $2300. PS....and people think Medicare is free!!! I am not sure if I should change to plan "N".

[@Remedigap]

Hi Olga...you should do what's right for you. Plan N is the "favorite" plan right now with insurance companies, so I'm not surprised that they want you to move to it. But, HDF is a good plan; it saves you money on the front end, and if something significant happens, your out-of-pocket cost is limited to the deductible amount.

[@jamescalifornia2964]

@@Remedigap 👌 Yes exactly ... Thanks for the information

[@lyndayoung8761]

No. He's trying to make a commission. Stay put.

[@tonyreddy7535]

Would you expect HD G to be more stable than HD F b/c. F will be shrinking while G will be growing

[@Remedigap]

That's a great question. Interestingly, HDF rate increases have been stable, and HDF premiums are still comparable to HDG. That may change over time if the pool of policyholders continues to shrink, but as of now, HDF is a viable option.

[@dianepfahler4190]

A couple of comments, Joann. First, as to HDF and even "regular" F, those who are grandfathered in (and remain) will be an aging population which, of course, means increasing ills and ails, likely chronic. This, in turn, will mean higher costs (premium and deductible) for the subscribers. Then, if/when these people change plans, they can only go "downward" to another plan. Of course, that's also true of any of us who change plans. We can only go "lower," not to a "higher" plan. I'm sorry I don't have better terminology. Also, please correct me if I'm wrong

[@Remedigap]

Diane...Yes, as mentioned in the video, the mix of policyholders will change for HDF starting in 2020. For some people, it's worth the "risk" because the premium is much lower than other Medigap plans. As for changing plans, in most states, you have to be medically underwritten to get a new plan. However, if you're in a state (CA, OR, MO) that allows plan changes because of a "birthday" or "anniversary" rule, you can change to a plan with equal or lesser benefits. Bottom line with HDF (and any Medigap plan) is that it needs to be the right fit for your situation. Thanks for your input.

[@thesituation8514]

Hi Joann! I know you have made videos on Plan F, G, N but curious why there's no video on Medigap Plan C?? It looks like C and N are almost identical.

[@Remedigap]

Thanks for the inquiry. Medigap Plan C is closely related to Plan F. The only difference is Plan C doesn't cover Part B Excess Charges. Since both Plan F and Plan C are first dollar coverage plans, they're phasing out in 2020 for new enrollees. Currently, Plan C isn't competitive in price and also not offered by all insurance companies. So, it's not very appealing.

[@AlvaSudden]

This plan sounds like a dream---for the insurance company. Because: you pay all your expenses, in most years, and the company pays 0. PLUS you pay a premium to the insurance company. You get nothing, except in maybe in the one year out of 10 that you have a serious problem

[@lyndayoung8761]

Carmen R BUT THINK about it, if you enroll in an F or G plan when healthy you are paying hundreds in premiums for nothing. Get out your calculator and compare premiums then add the B deductible to HDF premium. Toss in another couple of hundred and subtract the total from the annual premium of F or G. The big discount to consumers is Medicare approved rate. You only pay (after B deductible) 20% of the approved rate. I've had G for years and once again I just paid my B premium so my insurance Co got to keep my much higher premiums. The HDF premiums + $2300 was LESS than my 76 yo husband's current medigap premium! Can't lose but in low cost medical years you can sure save. What I suggest since you are new to Medicare and healthy get G or N. Learn how Medicare bills for services. You'll more likely see why a HD medigap is a great deal. Just set aside the deductible and top it off (what you used last year) and think of it like a Christmas Club).

[@ScottLive1]

@@lyndayoung8761 Good stuff well put

[@dan1ob]

Would I be responsible for co-pays under HDF (until I reached the deductible cap) or only the 20%?

[@Remedigap]

You're responsible for the 20% Part B co-insurance up until you satisfy the high deductible amount. You're also responsible for the Part A deductible; which also applies towards the high deductible.

[@lyndayoung8761]

Correction Joann, YOU are responsible for paying the provider the Medicare approved rate 100% until you have reached the B deductible on both HDF and plan G. After which you pay 20% of Medicare approved rate. On HDF once you hit $2300 they will pick up the part Medicare doesn't pay until 12/31. Then it resets. For just simple sick visits it takes about 2-3 visits to reach the B deductible (for folks with G). Don't pay until it goes through Medicare and your medigap. You get MSN from Medicare and medigap will not pay but credits you toward the G or HDF deductible.

[@Remedigap]

Still not sure about Medicare Supplement High Deductible Plan F? Leave a comment and let me know.

[@martinjimenez9343]

What is the history of F-HD premiums year over year? Guessing the premiums don't go up like say with Plan G wich became guaranteed issue? So now Plan N and F-HD look good?

[@SEaudiofan]

How do the rates compare with Part N? Can you use a MSA with this high deductible plan?

[@lyndayoung8761]

@@martinjimenez9343 Most policies use Age-Adjusted pricing methodology which means they go up just because you are a year older each year. Typically it is about 5% and 5% of a very low premium is, well very little. I would think that because of the $2300 deductible (which also increases a little each year), companies would NOT have a HUGE unfavorable claim experience compared to F or G. What worries me about G is it is no longer "protected" from having many more customers with pre-existing conditions enroll in G. Even if you have a Special Enrollment Period, G was not one of the plans you could buy without underwriting.

[@Trailhound1]

Jill, Are you concerned about recommending any Plan F to a client since I understand it is being discontinued. That means Plan F plan premiums could soar with no cap on premiums and if the client develops a medical condition could not change to another plan, even within the same company. Am I missing something on going into any kind of a Plan F at this time.

[@Remedigap]

Hi Jack...You aren't missing anything. All of your concerns are accurate. However, as I noted in the video, there are Medicare Beneficiaries who don't want to pay for Medigap coverage. They figure they'll wait until they need it...which is a big mistake. HDF offers protection for a very good price. Of course, I always make sure that anyone considering HDF understands the possibility of future increases related to the change in 2020. Even then, many people are still interested in pursing HDF. Especially in Florida where Medigap rates are very high.

[@Miguel195211]

REMEDIGAP do you think after 2020 insurance companies might see F-HD along side with G-HD and not significantly raise premiums to the F-HD? I am watching KZbinrs insurance brokers and it seems there will be a G-HD in 2020. I live in Florida and my F-HD premium is great (very low).

[@jamescalifornia2964]

For me Plan *F* high deductible works fine ... 👌 _( stay off Medicare Advantage !! )_

[@kyham5]

Thanks. How long have you been on HDF, and, have rates increased much?

[@jamescalifornia2964]

@@kyham5 - I just signed up for Medicare. I did research to decide. HD Plan *F* is $35. per month. Plan *N* is also good here in California - about $145. per month .

[@kyham5]

@@jamescalifornia2964 I signed up for HDF too, $25/mo. Plan N was $80 (Tennessee)

[@jamescalifornia2964]

@@kyham5 👍 - Best wishes & good health to you

[@olgamaria3730]

Clarifying my previous comment: Plan F High Deductible will be costing me $73.53. My recollection is that plan N premium is about $190 a month. This info was in my previous comment but I was contacted by someone who said this info was needed for comparison. PS: I went with Plan FHD. Hope this is helpful.

[@Remedigap]

Hi Olga, the comment directed at you was by a viewer, not anyone associated with REMEDIGAP. I've since deleted the comment as its tone was rude. Thank you, however, for providing the comparison. I'm sure it is helpful for many people who are making the same important decision.

[@jamescalifornia2964]

It sounds like you made the right decision 👌

[@Kolian1274]

You need show number you talking about same thing over and over need se number on yeh board

[@Remedigap]

Thanks for your input; however, I'm unclear on what "number" you're referencing.

[@marisol137]

When your 65 and up and only receiving $1,200 mnth that is alit of money.