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Is a Medicare Supplement Insurance Plan F the Right Option for Me?
Medicare Supplement Insurance plans, also called Medigap, work alongside Medicare Parts A and B (Original Medicare). Medicare Supplement Plan F (also known as Medigap Plan F) has the highest level of coverage among the standardized Medicare Supplement insurance plans available in most states. (Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans).
If you have Medicare Supplement Plan F, you can expect to have zero out-of-pocket expenses when utilizing Medicare Parts A and B! You will have to pay your Medicare Part B premium payments each month and you may owe a premium for Part A if you haven’t worked enough quarters to qualify for premium-free Medicare Part A.
What Does Medicare Supplement Plan F Cover?
Important Plan F Change Effective January 1, 2020: Medicare Supplement Plan F as well as its high deductible alternative are no longer available to purchase due to new federal laws. Anyone enrolled in a Medigap Plan F as of December 31, 2019, will be grandfathered and will be able to continue to use the plan as long as the premiums are paid.
Hospital Expenses: 100% Part A Hospital Coverage – all coinsurance and deductible expenses.
Medical Expenses: Pays 100% of Original Medicare Part B coinsurance (20% of Medicare-approved expenses).
Transfusions: Pays for the first three pints of blood you receive in a medical procedure.
Hospice Care: Pays Original Medicare Part A coinsurance or copayment.
Skilled Nursing: Pays facility care coinsurance.
Part B Deductible: Pays 100% of the Original Medicare Part B deductible for hospital outpatient services and other services and items ($203 in 2021).
Foreign Travel Medical Emergencies: Pays travel-abroad medical emergency expenses (80% of approved costs up to plan limits).
Excess Charges: Pays Original Medicare Part B excess charges.
(Doctors are allowed to charge up to 15% more than what Medicare pays – and they can pass that along to the patient. With Plan F, you don’t have to worry about that!)
Preventive Care: Pays Original Medicare preventive care.
Medigap Plan F does not cover prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Another option is a Medicare Advantage plan, which typically covers prescription drugs and may also include other benefits, such as dental, gym memberships, vision and hearing coverage.
High-Deductible Medicare Supplement Plan F
If you have the “high deductible” version of Medicare Supplement Plan F, you’ll be responsible for paying all fees up to a certain annual deductible. Once the deductible is met, your Supplement Plan F would cover the remainder of your Original Medicare-approved healthcare costs for the year.
What Does Medicare Supplement Insurance Plan F Cost?
Monthly premiums are set by the private insurance companies who offer Medicare Supplement Insurance plans and are based on age, health status, gender and various other factors. Depending on these factors including location, insurance companies may charge different premiums for the same Medicare Supplement Plan F. Companies may not cancel your coverage unless you don’t pay the plan premium, you weren’t truthful on the application, or the Medigap insurance company becomes bankrupt or insolvent.
Two Easy Ways to Get Expert Advice and Make a Smart Choice
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Meet a Medicare Supplement Plan F User
At age 73, Moses is still working and earning a substantial paycheck. He’s decided to forego his company’s health insurance coverage and use the Original Medicare he’s entitled to at his age.
Moses can afford a more robust Medicare Supplement Insurance Plan and is able to pay higher premiums to enjoy comprehensive coverage should he need unexpected medical treatment or skilled nursing care. Additionally, to help ensure good health as he ages, Moses believes in practicing preventive care and it’s important to him that he is well-covered for this type of care.
As a frequent traveler, Moses also wanted to ensure he had maximum coverage should he have a medical emergency while out of the country.
For these reasons, Moses chose Medicare Supplement Plan F.
Need help navigating the Medicare Supplement Insurance Plan alphabet? To ensure you’re getting all the benefits you deserve, complete the online form to request a callback or call now and speak to a SelectQuote Medicare Plan Expert.