Navigating the world of different Medicare “plans” and “parts” can be quite difficult, but if you’ve been asking yourself, “How much does Medicare Part F cost”, you’ve come to the right place. The first thing you should know is that Original Medicare is divided into four parts.
- Part A
- Part B
- Part C
- Part D
You must be enrolled in Part A and Part B in order to be eligible to purchase a Medicare Supplement plan.
Medicare Supplement plans are divided into plans, A through N, and help pay some health costs that are not covered by traditional Medicare.
These are plans sold by private insurance companies, and the best time to purchase them 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.
What Does Medicare Part F Cost?
Medicare Part F cost will vary based on a number of different factors. The two primary conditions that will affect the cost will be your location and the company from whom you purchase this supplemental coverage.
Additionally, because plans are standardized (across lettered categories) and sold by individual companies, there may be two different insurers offering the exact same plan with the exact same benefits, at two different prices.
The average lowest premium for Part F is around $159. The average highest premium is $236. However, in New York the highest premium was 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 to help with your Medicare out of pocket costs. It has the most comprehensive set of covered benefits, from Part A coinsurance, to skilled nursing facility coinsurance and any Part B excess charges.
There are two different types of F plans, one is the standardized Plan 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 supplemental coverage pays for 100 percent of covered services for the rest of the year.
Plan F is also the only supplemental Medigap coverage plan that has a high deductible option.
What Does Medicare Part F Cover
There are a few other features that many people don’t think about when enrolling in a Medicare Supplement plan. For example, Plan 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. Plan F covers all Part B coinsurance, co-payments, deductibles, and excess charges.
How much healthcare you use 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.
What Plans Won’t Work with One Another
If you’re shopping for supplemental coverage, there’s one additional fact you need to take into consideration. Medicare Part C is also known as Medicare Advantage and Part D is prescription drug coverage. You cannot be enrolled in Part C and also be enrolled a Medigap plan.
You may 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 purchase a Medigap plan at the same time.
How to Get Started & 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 to make sure you make the most informed decision at the best price and coverage for you.
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 compare rates form, please click here!