There are so many options – how should you choose? Quite simply, different parts cover different services. Here is a brief overview:
- Medicare Part A: Otherwise known as Hospital Stay Insurance, Part A covers extended inpatient hospital stays, time in a nursing home, some home health care, 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, though it is only available to those enrolled in Parts A and B
What is Medicare Part F Insurance?
Medicare Plan F, Medicare Supplement Plan F, and Medigap Plan F are the same, just called by different names. Approximately three months before a person turns sixty-five, they’re automatically 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 Medicare Part F unless you are already enrolled in Medicare Part A and Medicare Part B (Original Medicare). Those receiving Part C cannot receive Part F.
Medicare Supplemental Plan F and Medigap Plan F
Medicare Part F, though supplemental, covers the gaps in your primary insurance plan so you won’t be left making copayments out of pocket. Here are the services it covers:
• Coinsurance costs after extended hospital stays once your Part A benefits are exhausted (usually after 365 days).
• Hospice care copayments and nursing facility coinsurance.
• Part B coinsurance and excess charges.
• Deductibles for Parts A and B.
• Up to three pints of blood per year for approved medial procedures.
• Emergency coverage during foreign travel.
There are ten Medigap Plans. Though Medicare Supplemental 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. Medicare Part F plans, including Medicare Supplement Plan F, won’t pay your insurance premiums.
Costs of Medicare F Part
The cost of Medicare Part F plans vary county to county and by insurance company. Standard Medicare Plan F has a higher deductible, meaning that insurance won’t pay for any expenses until a certain amount is met and paid by the recipient.
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. Lower premium plans are available, but as a Medicare beneficiary, Plan F is the best option for those who require frequent health care and doctor visits to help with the cost of Original Medicare.
Medigap Insurance Available
As previously stated, the insurance plans available to you depend upon where you live. For example, a sixty-five-year-old woman living can choose between sixteen plans from three different companies: Humana, United of Omaha, and Cigna. Private companies like these offer Medicare Supplement plans to cover what Medicare Part A and Medicare Part B won’t.
The benefits that recipients receive through Medigap insurance from private companies cover the costs of copays and other out-of-pocket expenses. These benefits are the same for each company, though costs, premiums, and deductibles will vary. Shop around and look for the best plan that meets your needs and budget.
Information on Medigap Insurance
After you turn sixty-five, you have six months to enroll in Supplemental Insurance or the Part F Plan so your insurance company can’t refuse coverage to you, even for a pre-existing condition. If you do have a pre-existing condition, you may be subjected to a six month wait period for your pre-existing condition coverage to begin. A wait period does not apply for Medicare Part A and Medicare Part B.
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 advisors 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 to discuss all of the Medicare and Medigap Insurance plans available in your area.