The Innovative Plan F policy is catching our attention and for a good reason. Medigap Plan F is retiring for new-to-Medicare enrollees. The Innovative Plan F is Plan F with extra benefits. Recent Medigap Plan F changes won’t impact all Medicare beneficiaries. But, qualifying members may enjoy the newer, all-inclusive, updated plan.
Let’s review the ins and outs of Innovative Plan F to determine if it’s the best option for your situation. Weighing out the pros and cons may help make the decision process more comfortable.
What is Innovative Plan F?
Innovative Plan F is a new Medigap plan. It includes all the same benefits as the standard Plan F but adds more value. 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. Think of this new option as the standard Plan F with extra bonuses. Extras include benefits for hearing and vision care. The new version of Plan F is comprehensive. Meaning, if Medicare includes it, so does the Medigap policy. Innovative Plan F pays Part A 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.
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.
How Much Does Plan F Extra Cost Compared to Standard Plan F?
The average cost of Innovative Plan F is around $130-$230 per month. Plan F options have always been the most expensive Medigap plan with the most coverage. Innovative Plan F is equal in comparison.
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.
How to Enroll in Innovative Plan F
Medigap policies can be somewhat confusing. Plan changes can leave you with questions.
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