Medicare Supplement Innovative Plan F
What is Innovative Plan F
You may hear someone refer to this policy as Plan F extra. In recent years, several insurance carriers took Plan F and gave it a makeover.
Who is Eligible for Plan F Extra?
Eligibility means you qualify for Medicare BEFORE January 1, 2020. Qualifying members may buy any version of Plan F, whereas newly eligible Medicare members may not buy any Plan F.
MACRA prohibits insurance companies from selling first-dollar Medigap coverage to newly-eligible beneficiaries. Many already know about the changes to the modernized & High-Deductible Plan F.
But what is the eligibility? What conditions could prevent you from joining?
Let’s say you qualify for Medicare on January 3, 2020, two days after the cutoff. Your eligibility date is an example of a situation that prevents you from joining.
Qualifying individuals are eligible for Medicare before January 1, 2020.
How Does the Innovative Plan F Work?
We’ve been talking about phasing out the modernized Plan F since 2018. Although Plan F is not technically going away as people may misunderstand.
The following real-life situations may help explain how the plan works.
Medicare Eligible Before 2020:
Tanya joins Medicare Part B in December 2019. Meaning, Tanya is Medicare-eligible before January 1, 2020.
Since she’s eligible before the new year, Tanya may buy any Medigap Plan F that’s available in her area.
Once she buys the supplement plan, it’s hers; she may keep it for as long as she wants.
Medicare Eligible in or After 2020:
John turns 65 on February 4, 2020, making him eligible for Medicare. After enrollment, he decides a Medigap plan will keep his medical costs down. John does research and finds information on Medigap Plan F.
He wants to buy a Plan F, so he contacts his agent. After calling, John learns he is unable to buy Plan F due to when he became eligible for Medicare.
Now, if Plan G Extra is available, he does qualify for that policy.
What does Plan F Extra Cover?
The new version of Plan F is comprehensive. Meaning, if Medicare includes it, so does the Medigap policy. Innovative Plan F pays Part A and Part B costs.
But, the biggest perk is the hearing and vision benefit.
What are the Benefits of Choosing Medigap Extra
The new Medigap option may pay for your annual physical, or routine hearing exam. Innovative Plan F benefits may include nurse hotline access or a drug discount card.
Some carriers offer access to a SilverSneakers gym membership. Plans offering routine eye exams range from $10 to $25.
Beneficiaries get lenses once each year for a $25 copayment. Every two years, you’re allowed between $100 up to $250 for eyeglass frames.
For those who prefer contact lenses, Innovative Plan F has you covered. Your plan may pay up to $100 each year for contact lenses.
Beneficiaries will pay any costs exceeding the plans’ limits.
How much does and Plan F Extra cost compared to standard Plan F
Plan F options have always been the most expensive Medigap plan with the most coverage. Innovative Plan F is equal in comparison.
The plan hasn’t been around long enough to determine if the price is worth the coverage. So, we’ll have to wait it out.
What is the difference between modernized Plan F and Plan F Extra
Both plans offer the same core benefits. The difference between Plan Fs is the addition of services.
Unlike the modernized Plan F, the plan covers routine eye and hearing exams.
It doesn’t stop there; benefits also include eyewear and hearing aids. But, modernized versions aren’t this extensive.
The Difference Between Plan F Extra and Medicare Advantage Ancillary Benefits
Both Innovative Plan F and Medicare Advantage Plans offer ancillary benefits. So, which plan is the better option? The answer depends on your needs.
One perk, Medicare Advantage plans offer dental. Also, Medicare Advantage policies may cost less per month but often come with limitations.
Advantage plans limit your access to a specific group of doctors and hospitals. And, Part C plans can cost a lot when your needs for care increase.
Medigap plans help keep costs down when you need regular care but have higher monthly premiums. Also, Medigap covers you at any doctor accepting Medicare assignment.
We can help you!
Medigap policies can be somewhat confusing. Plan changes can leave you with questions.
Here at MedicareFAQ, our licensed agents are happy to help! We answer your questions and help you to understand your available options better.
Our agents compare plan rates in your area free of charge. Get the most comprehensive supplement plan by giving us a call today!
We’re here to help, plus we handle all the hard stuff, so you don’t have to worry. Can’t call today? Use our online tool and get the process started.