The correct term for Medicare Part F is actually Medicare Plan F. However, many new to Medicare call is Part F. Medicare Supplement Part F is a first-dollar coverage plan that supplements your Original Medicare.
Medicare Part F
The popularity of this plan is due to the fact that those with this policy don’t have to pay any of their “gaps in coverage.” This means they have first-dollar coverage.
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 a first-dollar coverage policy, the plan benefits pick up the remainder of any bill that Original Medicare doesn’t cover.
How Much Does Medicare Part F Cost
The 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 the plan.
Additionally, because policies are standardized 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 is around $159. The average highest premium is $236. However, in New York, the highest premium is almost $450.
As stated above, the premium is completely dependent on your specific information, plan you choose and carrier you go with.
Standard Part F vs High Deductible Part F
There are two different versions of this plan, one is the standardized plan and the second is the high-deductible version. With the high-deductible plan after you’ve met the out of pocket limit, the policy pays for 100% of covered services for the rest of the year.
What Does Medicare Supplement Part F Cover
This plan will cover 100% of any out of pocket medical expenses you incur that Original Medicare didn’t 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.
Remember, Part B only covers 80% of your incurred healthcare costs. This plan covers all Part B coinsurance, co-payments, deductibles, and excess charges.
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.
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 Part F with Medicare Part A & B
Should you have to visit the hospital, but this time has Medicare Part A, B, and 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
Beneficiaries can apply for Medigap coverage while enrolled in Medicare Advantage, but you must dis-enroll from your Advantage plan prior to the effective date of your Medigap plan.
Compare Medicare Supplement Part F Rates
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.
Medicare Part F Frequently Asked Questions
Is Medicare Part F Being Discontinued?
However, as long as you’re Medicare eligible prior to 2020, you can still enroll in Part F after it’s discontinued. Again, as long as you turned 65 prior to 2020, you CAN still enroll in Part F after it’s been discontinued.
Does Medicare Part F Cover Prescriptions?
No, it does not cover prescriptions. No Medicare Supplement Plan does. Most people combine Part F with a stand-alone Part D plan to cover their prescription costs.
What Carriers Offer Medicare Part F
Almost all carriers offer this plan. 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 Part F cover dental, vision or hearing?
No, unfortunately, no Medicare Supplement Plans will cover dental, vision or hearing. Good news 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 than you think. Our agents can educate you on all the different options you have.
Does Medicare Part F Cover Acupuncture?
It does not cover acupuncture. Medigap plans don’t cover alternative medicine, acupuncture is considered alternative medicine.
Does Medicare Part F Cover Diabetes?
What’s the difference between Medicare Part F and Medicare 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. There is no difference between Part F and Plan F.
What’s the difference 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.
Give us a call to get help figuring out all there is to know about Medicare today! Or you can complete our rate form online to get rates in your area.