Medicare Plan F is supplement insurance for Medicare. The correct term is Plan F, but some people will refer to it as Medicare Part F. You must be enrolled in Medicare Part A and Part B to enroll. We’ll discuss the plan details below.
What is Medicare Plan F – Part F
The popularity of Medicare Part F is due to the fact that those with this policy don’t have to pay any of their “gaps in coverage” that they would face with their Medicare Parts A & B.
Essentially, this policy pays the 20% copay due at a doctor’s office. It will also cover any deductible related costs from a hospital stay or outpatient surgery. As first-dollar coverage policies, Medicare Plan F benefits pick up the remainder of any bill that your traditional Medicare plans don’t cover.
- Never worry about meeting a deductible again, as this plan covers deductible expenses for both Part A and Part B.
- All remaining costs will be forwarded to your provider
- Doctors who are a part of Medicare are allowed to charge “excess charges.” This charge will be picked up
- With over 880,000 doctors who accept this plan in the US, you’ll never struggle to find a doctor who will accept your plan.
- You’ll never be required to have a doctor’s referral to visit a specialist, you may go whenever you like.
- Never fear that your coverage will be canceled for filing excessive claims or due to health conditions. Your coverage is guaranteed renewable as long as you’re making your premium payments.
- Medicare can deny costs they deem medically unnecessary. Should this happen, your policy will pick up these costs.
- If you often travel outside of the U.S., Medicare Plan F should be considered.
How Much Does Medicare Plan F Cost
Medicare Part F cost will vary based on a number of different factors. The two primary conditions that will impact the cost will be your location and the company from whom you purchase this supplemental coverage.
Additionally, because policies are standardized (across lettered categories) and sold by individual companies, there may be two different insurers offering the exact same policy with the exact same benefits, at two different prices.
The average lowest premium for Medicare Part F is around $159. The average highest premium is $236. However, in New York the highest premium is almost $450.
So again, the premium is completely dependent on your specific information, plan you choose and carrier you go with.
Medicare Part F cost options are one of the most popular choices for supplemental coverage. It has the most comprehensive set of covered benefits. This includes any Part A coinsurance, to skilled nursing facility coinsurance and any Part B excess charges.
Types of Plan F
There are two different types of F Plans, one is the standardized Part F and the second is the high-deductible Plan F. With the high-deductible plan, after you have met your out of pocket limit, the policy pays for 100 percent of covered services for the rest of the year.
Medicare Part F is also the only supplemental Medigap coverage policy that has a high deductible option. The deductible for 2018 Medicare High Deductible Plan F is $2,240.
What Does Medicare Supplement Plan F Cover
There are a few other benefits that many people don’t think about when enrolling in a supplement policy. For example, Medicare Part F also offers coverage up to certain plan limits for international travel, where Part A and Part B don’t cover any health care costs outside of the United States.
As long as you maintain continuous coverage and pay the monthly premiums, the insurance company cannot cancel your policy – even if you have health problems. If you’re enrolled in traditional Medicare coverage, Part B only covers 80 percent of your incurred healthcare costs. Medicare Part F covers all Part B coinsurance, co-payments, deductibles, and excess charges.
How much healthcare you utilize, what type it is, and how much it ultimately costs will determine whether a supplement is for you. If you’re in Massachusetts, Wisconsin, or Minnesota, your cost options and benefits are standardized differently, and we are happy to explain them in more detail to you if you live in one of these states.
Different Medicare Parts
Medicare is divided into parts, while Medigap insurance is divided into plans. Navigating the world of different Medicare “plans” and “parts” can be quite difficult. The first thing you should know is that Original Medicare is divided into four parts.
- Hospital Coverage – Part A
- Doctors Coverage – Part B
- Medicare Advantage – Part C
- Prescription Drug Plans – Part D
You must be enrolled in Part A and Part B in order to be eligible to enroll in a Medigap policy. Policies are divided into plans, A through N.
These are plans sold by private insurance companies, and the best time to enroll is during your Open Enrollment Period. This period starts automatically the month you turn 65 and enrolled in Part B. Carriers don’t have to accept you if you apply outside of that window.
Medicare Parts A & B Alone
Let’s say that for one reason or another you have found yourself in need of a visit to the hospital, and leave with a bill totaling $3,000. You have a $1,500 deductible, which you’re responsible for paying entirely.
The remainder of the bill is $1,500, of which Medicare will pay $1,200, or 80%. The remaining 20% is also your responsibility, leaving you with a total out of pocket expense of $1,800.
20% does not seem expensive, but it’s easy to see how 20% of all medically related expenses over the course of a year can add up to significant amounts of money.
Medicare Plan F with Medicare Part A & B
Should you have to visit the hospital, but this time have Medicare Part A, B, and a Medicare Part F, the charges decrease drastically. Of your $3,000 bill, Medicare will pay 80% (Minus the cost of the deductible), or $1,200.
Then, the rest of the bill will be forwarded to your supplement provider, who will pay the remaining $1,200. This scenario leaves you with a total cost of $0.
Talking to one of our insurance professionals can be exceedingly helpful when you’re trying to choose the plan best suited for your needs. There are several things to consider when making this decision.
What Plans Won’t Work with One Another
If you’re shopping for additional Medicare coverage, there’s one additional fact you need to take into consideration. You cannot be enrolled in Medicare Advantage, and also be enrolled in a Medigap plan.
Beneficiaries can apply for Medigap coverage while enrolled in Medicare Advantage, but you must dis-enroll from your Advantage plan prior to the beginning of your Medigap plan. You CAN be enrolled in a stand alone Part D Prescription Drug Plan and sign up for a Medigap plan at the same time.
Compare Rates for Medicare Part F
Because rates change frequently and insurers may charge different prices for the same benefits, it may take some shopping around to find the right one. Please contact us to take a look at the available rates and insurers in your area.
We respect your time, that’s why we also offer an online rate form for your convenience. Once you complete the short questionnaire, a senior Medicare agent will begin to contact the top carriers in your area and compare rates for you. To get started with our online rate form, please click here!
Medicare Part F Frequently Asked Questions
What Carriers Offer Medicare Part F
Almost all carriers offer Medicare Part F. It just depends on if each carrier offers the plan in your state. One of our licensed agents can help you find what carriers offer this plan in your area.
Does Medicare Plan F cover dental, vision or hearing?
No, unfortunately no Medicare Supplement Plans will cover dental, vision or hearing. Good new is, you do have other options! There are many stand alone plans that you can also enroll in to supplement your Medicare benefits in addition to Medicare Part F. These plans are more affordable then you think. Our agents can educate you on all the different options you have.
Does Medicare Plan F Cover Acupuncture?
Medicare Part F does not cover acupuncture. Medigap plans don’t cover alternative medicine, acupuncture is considered an alternative medicine.
Does Medicare Plan F Cover Diabetes?
No, this is where your Medicare Part B kicks in. Your Part B will cover many medicare services for diabetes.
Is the Correct Term Medicare Part F or Plan F?
The correct term is Plan F, but many new Medicare beneficiaries might refer to it as Medicare Part F. All supplement policies are identified as plans. However, when you speak to our agents, they will know what plan you’re referring too.
What’s the different between Medicare Plan G vs Plan F?
The second most popular plan is Plan G. We’re always comparing these two plans for our clients. The main difference between Medicare Plan G vs Plan F is that Plan G doesn’t cover your Part B deductible. However, clients can sometimes find that Plan G could save them around $200-$300 a year.
If you’re new to Medicare, make sure to read out post about the basics of Medicare here. Also make sure to check out our post about what Medicare doesn’t cover here. Understanding the basics are crucial when deciding on what Medigap plan is best for you.
Give us a call to get help figuring out all there is to know about Medicare today!