Medicare Part F is senior supplement insurance for Medicare. The correct term is Plan F, but both are the same thing. Unlike other Medigap plans, Medicare Part F covers your Medicare Part B deductible as well as excess charges.
Medicare Part F Plans
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 as well as any deductible related costs from a hospital stay or outpatient surgery. As first-dollar coverage policies, Medicare Part F cost pick up the remainder of any bill that your traditional Medicare plans don’t cover. This means that you never have to pay (or at least very rarely) for any medical expense out of pocket.
The following list is a quick run-down of several of the features available:
- Never worry about meeting a deductible again, as this plan covers deductible expenses for both Part A and Part B.
- Instead of paying the 20% of medical expenses left over after Medicare pays their 80%, the 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 Supplemental plans should be considered. Your Part A and B Medicare plans will not cover any medical expenses you incur outside of the U.S. borders. As long as the procedure or treatment began within your first 60 days of traveling, a Part F policy will cover a portion of these expenses.
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 $3000. 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 have Medicare Part A, B, and a Medicare Part F, the charges decrease drastically. Of your $3000 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.
When you’re wondering what is Medicare Part F going to cost, it’s important to keep in mind that prices can vary between carriers.
Talking to one of our insurance professionals can be exceedingly helpful when you’re trying to choose the plan best suited for your needs, as there are several things to consider when making a decision.
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Our licensed professionals will be able to help you discover how often a carrier in question has increased rates and what kind of customer ratings they have.
While big-name companies may be the first to come to mind, it may be helpful to be made aware of providers in your area that not only carry solid financial ratings but also offer coverage at rates much more competitive than the large enterprises.
While we hope you found this article about “what is Medicare Part F” informative, we understand that navigating all of the different aspects of Medicare can be overwhelming and confusing.
If you find you still have questions, please take a peak at our learning resource center, it’s filled with answers to frequently asked questions.
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