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Medicare Supplement Plan F

Of the 10 Medicare Supplement Plans (Medigap) that have been standardized as optional add-ons to the original Medicare coverage, Medicare Supplement Plan F presents the most robust set of benefits. This plan has broad coverage details, making it particularly popular among Medicare beneficiaries that frequently have out-of-pocket expenses. While it is not the least costly option (it is perhaps even the most expensive), the stress and worry it leaves its policy holders in the event of healthcare services is minimal to zero.

What is Medicare Supplement Plan F?

Like all other Medigap plans, Medicare Supplement Plan F can only be purchased if you have Medicare Part A and Medicare Part B. This add-on supplement is sold by private insurance companies who determine the price by which it is offered. Some insurance carriers present Medigap Plan F as is or choose to add enhanced benefits to sweeten the package. Do bear in mind that the benefits that come with the Plan F Medigap policy are standardized across the country. That said, before agreeing to sign for any plan, it is recommended that you shop around for Plan F offerings in your location to compare prices and other extras.

Medicare Supplement Plan F is one of only two Plans that fully take care of the Medicare Part B deductible for hospital outpatient service expenses and other related items. We’ve created table for you to better picture what this program offers.

Medigap Plan F Benefits
Benefits Also Offered By Other Plans	Additional Benefits For Plan F
Medicare Part A hospital coinsurance (up to 365 days more after Medicare benefits are consumed) Medicare Part B copayment/coinsurance (outpatient services, supplies, doctor’s fees, treatment, etc.) Blood (first 3 pints) Part A hospice care copayment/coinsurance	Medicare Part A deductible if admitted to the hospital Medicare Part B deductible for hospital outpatient services Medicare Part B excess charges (What the provider doesn’t accept as Medicare charges minus what Medicare will pay up to its limit) Medicare preventive care Part B coinsurance Coinsurance for skilled nursing facility services Foreign travel emergency coverage (80%; up to plan limits)

Many beneficiaries prefer Plan F even if they have to pay a little higher premium because the fact that it makes medical expenses predictable brings a huge sense of peace and stability. This is particularly important at this age when most people no longer work and have only their retirement money to rely on.

The Two Versions for Plan F

There are two versions to Medigap Plan F: Standard and High-Deductible. While the benefits are the same, the difference is that in the High-Deductible plan, Medicare beneficiaries will have to shoulder all the charges until the pre-set deductible amount is hit. In exchange for this, users will be a charged a much lower monthly premium compared to the Standard version. This amount can change from year to year.

	Standard Plan F	High-Deductible Plan F
Monthly Premium	Pricing is customized according to the insurance provider; but it is higher than the High-Deductible plan	Pricing is customized; but it is lower than the Standard plan
Annual Deductible	$0	Higher deductible amount of $2,240 (2018)
Coinsurance	$0	$0 after $2,240 deductible
Copayment	$0	$0

Costs Associated with Medigap Plan F

The price for Medicare Supplement Plan F varies depending on the insurance provider and where you are located. If you are okay with paying for out-of-pocket expenses if and when they do happen, you can opt for the High-Deductible Plan. Once more, this means that you will agree to personally pay for all expenses up to $2,240 (the limit set for 2018). When this ceiling is reached, this is the when Plan F will take care of the Medicare-approved costs.

When you compare Plan F with the other policies under the Medigap roster, you will find the others to be at a lower premium. However, if you foresee yourself going to the doctor often and needing a number of healthcare services, the comprehensive coverage of Plan F will help curb your expenses and reduce the amount of stress you have to deal with.

Medigap Plan F Leaving in 2020

On April 16, 2015, the U.S. Congress signed into law the Medicare Access and CHIP Reauthorization Act of 2015. This basically means that Plans that provide coverage for Part B deductible (Plan F and Plan C) should be taken out of the roster and no longer sold starting January 1, 2020. The Part B deductible in 2018 is $183.

This new law applies only to new enrollees, or those who are turning 65 years old by December 31, 2019. If you already are enrolled in either Plan F or C before January 1, 2020, you can keep it and will not be required to change.

The rationale for this new ruling is that Congress reportedly does not want to encourage people to access medical services too often, so they are taking out Plans that pay for almost everything. This means that Medicare itself will have less non-urgent medical services that is has to pay for.

Those who questioned the change argued that people who are willing to pay high premiums should be given the option to acquire first-dollar coverage; but, alas, the legislation has already been passed.

Take note that you can choose to stay with your current Plan F or C and utilize its benefits. However, do note that Medigap beneficiaries in only a few states have an annual 30-day window after they celebrate their birthdays to decide if they want to continue or switch to another Plan without being subjected to medical underwriting. Some are deciding to switch to the likes of Plan G, which has the same benefits except for Part B deductible, and has lower monthly premiums.

Soon-to-be Medicare members or those who are contemplating making a switch should study their options carefully to see which ones best fit their needs. Self assessments can be done based on your current health status, where you foresee your health to be in the future, if there are any elective procedures you’d like to avail, and how much you are willing to pay. Again, the best time to do so is during Open Enrollment or during your 30-day window (Limited States) so you do not have to undergo underwriting.

Our Mission is to Become America’s Most Respected Medicare Insurance Brokerage …

Medicare Supplement Plan F

What is Medicare Supplement Plan F?

The Two Versions for Plan F

Costs Associated with Medigap Plan F

Medigap Plan F Leaving in 2020

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Our Mission is to Become America’s Most Respected
Medicare Insurance Brokerage …