Medigap Plan F and Medigap “Part” F are the same plan. Approximately three months before a person turns sixty-five, they’re enrolled in Medicare Part A. Once they reach their birthday, they may apply for Medicare Part B. It’s important to remember that you may not apply for Plan F unless you are already enrolled in Medicare Part A and Medicare Part B of Original Medicare. Those receiving Medicare Advantage cannot enroll in a Medigap supplement plan.
- Medicare Part A: Otherwise known as Hospital Stay Insurance, Part A covers extended inpatient hospital stays, time in a nursing home, some home healthcare, and hospice
- Medicare Part B: This is for medical needs, such as doctor’s services (including preventative care), home medical supplies, and outpatient care
- Medicare Part C: Known as Medicare Advantage and often the most comprehensive of the Medicare plans, recipients receive hospital and medical coverage offered through Parts A and B, in addition to special needs plans. In addition, Medicare Part C often covers prescription drugs
- Medicare Part D: This covers the cost of prescription drugs and can be added to a supplement plan
Benefits & Coverage
Plan F covers the gaps found in Original Medicare to reduce your out of pocket costs for your healthcare.
Here are the services it covers:
• Coinsurance costs after extended hospital stays once your Part A benefits are exhausted
• Hospice care co-payments and nursing facility coinsurance
• Part B coinsurance and excess charges
• Deductibles for Parts A and B
• Up to three pints of blood for approved medial procedures
• Emergency coverage during foreign travel
There are ten supplement plan options in total. Though Plan F has the most coverage, you will still be required to pay your premiums for Parts A and B if you haven’t worked for at least ten years.
The cost of Medicare Part F plans vary by state and by insurance company. Standard Plan F gives you full coverage of all your Medicare Part A and Part B out of pocket costs. With the higher deductible Plan F option, a recipient may pay lower premiums, but a deductible must be met before coverage begins. This will have the same benefits as the standard plan. As a Medicare beneficiary, Plan F is the best option for those who require frequent healthcare and doctor visits to help with the cost of Original Medicare.
As previously stated, the insurance plans available to you depend upon where you live. For example, a sixty-five-year-old woman living in one state can choose between all 10 plans from three different companies, but another women in a different state may only have three of the ten plans to choose from but ten carriers offer it in that state.
When to Enroll
After you turn sixty-five and are enrolled in Part A, you have six months to enroll in a supplemental plan to get guaranteed issue. This means your insurance company can’t refuse coverage to you, even for a pre-existing condition. If you wait to sign up until after this 6 month period you will not be given guaranteed issue and a carrier can deny you coverage, charge higher premiums or require underwriting.
Where to Start
It’s now easier than ever to enroll in Medicare and Medigap Insurance. Our resource center is here to help with any questions or concerns you may have. Simply call us or fill out the rate form and one of our friendly, knowledgeable licensed senior agents will help you enroll in the plan that’s best for you. Our services are 100% free and there is no obligation to sign up for an insurance plan. Get in touch with us today!