What is Medicare Part F?Medicare Supplement Part F is popular because a person with this supplement is relieved from paying any gaps in coverage found in Medicare Parts A and B. Basically; Medicare Supplemental Insurance covers the 20% co-pay owed to your doctor together with any deductibles arising from outpatient surgery or hospital stay. When Medicare Part F is your first dollar coverage plan, it pays for the remaining balance from your other Medicare plans. As a result, you do not pay a dime for medical expenses.
Benefits of Medicare Part F
- Covers deductibles for both Medicare Part A and B
- Instead of paying for the 20% of medical costs that are due after Medicare covers 80%, these costs will be taken care of by Medicare Part F
- Since doctors have the right to charge exorbitantly for Medicare, this 15% increment will be covered by Medicare Part F
- Since Medicare may deny you costs that they consider unnecessary, Part F will assume these costs
- Medicare Part A and B do not cover costs incurred abroad. However, Part F can meet expenses incurred abroad provided you begin treatment in the first 60 days of your trip. Part F will cater for part of these costs
- Medicare Part A and B do not cover expenses for blood. Part F caters for the first 3 quarts of extra blood that may be required during surgery.
What is the Difference Between Medicare Advantage and MedigapMedicare Supplement (Medigap) is a private healthcare policy offered by private companies to cater for out of pocket expenses arising from traditional Medicare policies. On the other hand, Medicare Advantage is a government program provided by private companies to serve as an alternative to traditional Medicare policies.
Is Medicare Advantage Similar to Medigap?Medicare Advantage provides different offers from Medigap. The plans provided included in Part C include PPO and Health Maintenance Organization. You also get MSA, Private Fee-for Service, Special Needs Plan, and HMO-POS. All the plans offered by Medicare Advantage cover the same benefits provided by the traditional Medicare; however, the copayments are lower than those under the original Medicare.
What are the Main Distinguishing Factors Between Medicare and Medigap?
- Enrollment Period- The only time you can switch to Medicare Advantage plans is during the "Fall Open Enrollment" period. On the other hand, Medigap accepts applications throughout the year.
- Hospitals and Doctors- Medicare Supplement (Medigap) Plans are applicable in any institution and can be offered by any doctor who treats Medicare patients without the need for expert referrals. On the other hand, Medicare Advantage utilizes specific hospitals and physicians. You need to be referred to be treated by these specialists.