One of the most comprehensive Medicare Supplement Insurance Plans on the market is Plan F. It is the Cadillac of all Medicare Supplement Plans as it covers copays, deductibles, and coinsurance. While it does offer great benefits, it does come at a premium. Let’s discover what Medicare Plan F is, what it covers, and if it is still an option for you.
What is Medicare Plan F?
Medigap Plans or Medicare Supplement Plans are designed to pay for all Medicare approved services after Medicare A&B (Original Medicare) pays their portion. Of course, you must first be enrolled in Medicare A&B before you can be eligible for a Medigap Supplement Plan, like Plan F.
Typically, Medicare A&B pays for up to 80% of your medical bills. Once Original Medicare pays your medical costs, your Medicare Supplement Plan, steps in to pay the rest of the bill. Medicare Plan F coverage is optional.
What Does Medicare Plan F Cover?
Medicare Plan F has superior coverage. It has been a popular choice for coverage among seniors because it covers almost everything. With Medicare Plan F, all of your copays, deductibles, and coinsurance costs are covered. Essentially, you are left with zero out-of-pocket costs.
So what are these costs that Medicare Plan F covers? Let’s take a look at that and more:
- Part A hospital deductible.
- Part B outpatient deductible.
- 20% of Medicare Part B that is left to you to pay.
- Part B excess charges, if your doctor charges these fees.
- No network.
- No referrals are required to receive care.
- Once your Medicare Plan F coverage begins, you are guaranteed renewable, meaning your coverage cannot be canceled due to health conditions or claims filed.
How Much Does Medicare Plan F Cost?
The cost of a Medigap Plan F depends on your location, gender, and tobacco status. Since it is the Cadillac of all plans, it is typically more expensive than other Medicare Supplement Plans.
The best approach to finding the price of a Medicare Plan F Supplement is to get a quote. While we have seen a typical range of $140-$160/month, it is also noted that men typically pay more than women. Your tobacco status also determines the Medicare Plan F cost.
What Is the Best Medicare Supplement Plan F Insurance Company?
The good news is that all Medicare Plan F coverage is the same, no matter which insurance company you choose to receive it from. For example, a Medicare Supplement Plan F from Mutual of Omaha offers the exact same coverage as the same plan from AARP.
The only difference between insurance carriers is the price that you pay. In essence, it does not matter which insurance company you choose, as the coverage will be the exact same. The best Medicare Supplement Insurance Plan F company to choose is the one that offers the lowest rate in your area.
Is Medicare Plan F Being Discontinued?
If you are currently enrolled in a Medicare Plan F, you have nothing to worry about as far as keeping your Plan F coverage. Medicare Plan F is not being discontinued for those who are currently enrolled. However, as of January 1, 2020, people newly eligible for Medicare will no longer be available to choose this plan.
What Is the Difference Between Medicare Plan F and G?
Gaining popularity, Medicare Plan G is a great choice when searching for a Medicare Supplement Plan. It is similar to Plan F in that it is a Medicare Supplement Plan. Both Medicare Plan F and Medicare Plan G cover the 20% of Medicare approved medical costs not covered by Original Medicare.
The great thing about Medicare Plan G is that the monthly premiums are generally much lower than Plan F. The bad news is that there will be out-of-pocket costs with Medicare Plan G. For example, with Plan G you will be responsible for paying the Part B deductible ($203 in 2021). However, you will likely be saving big bucks on your monthly premiums in the long run.
Final Thoughts on Medicare Supplement Plan F
Medicare Supplement Plan F is the most comprehensive supplement plan on the market. Even though it is not available to new Medicare enrollees, it has been one of the most popular Medicare Supplement Plans in recent years. No matter which insurance carrier offers Plan F, the coverage is the same and the benefits are eye-catching. If you are new to Medicare, Plan F will not be an option for you.