A high deductible Medigap Policy is a supplemental insurance policy for persons eligible for Medicare that has lower premiums than other policies, and thus a higher deductible amount. For those not familiar with Medicare Policies or Medigap Policies letters of the alphabet are used to designate different policies to avoid confusion. Medigap Policies F and J are high deductible plans. Medigap Policies with the J designation are no longer available for purchase. If you are considering purchasing a Medigap Policy F, the deductible is $2000 a year. This amount must be paid in every year before you receive any benefits from this plan.
Taking the above facts into consideration the question “Can I benefit from a high deductible Medigap Policy,” has some fairly simple answers. In order to benefit from a high deductible Medigap Policy you would need to have some financial resources. This means you would not have problems meeting the $2000 deductible at any time, even after a lengthy period of illness. This also means you are probably not on a strict monthly income. One other factor to be taken into consideration is your health. Those who opt for the higher deductible Medigap Policies should be in good health. Predisposition toward certain medical conditions should also be taken into account. You might also think about any health conditions that your immediate ancestors had in their later years.
Those that would benefit most from a high deductible Medigap Policy are seniors with disposable income who are in relatively good health. Seniors with existing health concerns or are on a fixed monthly income are probably not good candidates for this type of Medigap Policy. Also seniors who know the odds are that their health will worsen should carefully consider all the options before investing in these policies.