Medicare Supplement Plan F-High Deductible ( NY, CT & Florida’s Best Value)
By Bryan Wright
Hi, I’m Matthew Claassen withMedigapSeminars.org. If you’re a Florida resident and either new to Medicare or simply paying too much for your Medicare supplement coverage the information in this video can save you thousands of dollars in insurance premiums For seniors on Medicare nothing can compete with the insurance coverage of keepingOriginal Medicareand adding a complete Medicare supplement. The Medicare supplement covers all the co-pays and deductibles Medicare leaves is your responsibility you have the freedom to choose from any Dr. In the medical facility in the country that accepts Medicare and you never have to worry about insurance company deeming your treatment as medically unnecessary just to save a buck. however in Florida the most complete Medicare supplement often cost over $2000 a year when you consider that the average Floridian on Medicare has only about $800 a year in annual medical expenses, with 80% of that covered byOriginal Medicarethat means that it could be paying over $2000 a year for an average benefit of just $160. That’s only enriching the insurance company and the agent that sol you the high premium policy for you is like throwing money away and it doesn’t have to be this way. there is a Medicare supplement plan designed specifically for this kind of market, but few insurance agents or brokers will show it to you because the commissions are about 1/2 to 1/5th that of other Medicare Products. that supplement is called the Medicare SupplementPlan F-HDthePlan F High DeductibleTo better understand the value of the Plan F-HD let’s take a look at the other supplements most often considered by seniors in Florida. This table illustrates the benefits of each of the 11 different Medicare supplements that are available to you. Each supplement is referred to by letter. For example supplementPlan A,Plan B, Plan C etc. Now, it’s important to understand that unlikeMedicare Advantage Plans,these Medicare supplements areStandardizedby Medicare that means the benefits offered each Plan F or each Plan G or Plan N etc. are exactly identical no matter which company offers you the product. That means that if you’re looking at Plan F for example; the only difference between Plan F offer by say Aetna or Blue Cross or United Healthcare any other company is the price. The benefits offered are exactly the same from one company to another. In this table the names of the plans are across the top with the asterisk here referring to the Plan F – High Deductible. The categories of benefits covered, are along the left hand column. And the amount of the benefit is listed as a percent (%). Medigap Plan F, for example, pays 100% of the co-pays and deductibles not covered byOriginal Medicare.and 80% of foreign travel emergency care. that means that with a regular Plan F that you’ll have no out of pocket expenses for any medical event in the U.S. Except the insurance premium This means that Medicare pays its part, then sends the remainder of the bill to your Medicare supplement insurance company to pay the rest. Medicare Supplement Plan F High Deductible is exactly the same as a regular Plan F except you pay out of pocket the first $2180 that would have been paid by your regular Plan F. This is not the same as the first $2180 in medical expenses. Because Medicare still pays its part.Medicare Part Bfor example still pays 80% of your outpatient services. But of the remainder you’ll pay up to a maximum of $2180 in any one year. After which Medicare and your supplement will cover 100% of your expenses. This compares very favorably about our example toMedicare Advantageplan where you’ll have a $6,000 to $10,000 per year maximum out of pocket expense. More if you go out-of-network with an HMO And unlike the Medicare Advantage plan, as long as you have a Medicare supplement andOriginal Medicare,you’re free to see any doctor that you choose. as long as course they accept Medicare So let’s take a look at how this compares favorably to the other plans by using some actual examples. What we’re going to do is look at some examples considering a person just turning 65 and new to Medicare. For our first example let’s take a look at a Boynton Beach zip code 33435. In this example a malel who just turned 65 is going to pay $259 a month for regular Medigap Plan F. That is $3,108 a year In contrast, the Plan F High Deductible just cost $75.00 a month or $900 a year. The difference in cost is $2,208 a year. the difference in benefits is the possible $2180 a year. That’s the maximum out a pocket expense allowed with the Plan F High Deductible Medigap Plan. This means that the consumers paying $2,208 per year to protect themselves against a possible $2,180 expense. This is amazing, In this example… real life, really happening, in this example the 65 year old will be paying more in insurance premiums each and every year for a Plan F than they would with the Plan F High Deductible and paying the maximum out of pocket annual expense each and every year. He could have $1,000,000 in medical bills and still be paying less out of pocket with the Plan F High D eductible than he would with a Plan F. Let’s take a look at a second example. In this case we will go to Sarasota of zip code 34242 Here we have of 65 year old male who will be required to pay $181.75 a month. That’s $2,181 a year that’s the This is the same Plan F we just showed costing $259 a month in Boynton Beach. but the prices change by zip code. So in this case, in Sarasota it’s $181.75 a month for regular Plan F. Its $63.95 a month for Plan F High Deductible. That $767 a year. The difference in cost is $1,414 a year. A person who chose a plan as high deductible would pay $1414 a year less in premiums than with a Plan F. The difference in benefits as a possible $2,180 a year. That means that consumers paying $1,414 a year to protect themselves against a possible expense of $2,180. That’s like paying $14,140 a year to insure car worth only $21,800. In this example the 65 year old woild be better off keeping that $1,414 a year in premiums and spending it only in those years when there’s a serious health condition and a costly health event that would have required him to pay his maximum out-of-pocket expense. To be clear; becauseMedicare Part Bstill pays 80% of your outpatient services in most cases you would still have to accumulate something over $10,000 in medical expenses to actually pay that $2180 maximum out-of-pocket that you have a Plan F-HD.That can happen, that may happen on occasion. But the reality is that seniors who choose the MedigapPlan F-HDsave thousands of dollars in their medical expenses and have significantly more comfortable, lower premiums to boot. No matter where you are in Florida if you’re 65 or about to turn 65 one of the two examples we just showed as can be a good representation of your price comparisons betweenPlan F and Plan F-HDIn between the high expense of thePlan Fand the high deductible for thePlan HDisPlan N. Plan Noffers more benefits than thePlan F- HDbut at a significantly lower cost than a Plan F. it should be at least consider as you’re taking a look at your Medicare Supplement plans If you’d like more information on aPlan N, check out our other videos or articles on our websiteMedigapSeminars.orgOr, for more information onMedigap Plan F-HDand a personalized, free, no obligation quote, click the link on this video. Thank you for watching.