Medicare Supplement Plan F

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Medicare Supplement Plan F is one of the most comprehensive supplement plans, covering 100% of all your cost-sharing. Medicare Plan F is a first-dollar coverage policy.

Plan F is for beneficiaries looking for a complete, all-inclusive healthcare plan; this covers all out-of-pocket costs including deductibles, coinsurance, and copayments.

Original Medicare leaves beneficiaries with many out of pocket costs due to gaps in coverage. Medigap Plan F covers all these gaps, including the hospital and outpatient deductible.

Also, most Medicare beneficiaries don’t realize Medicare Part B only covers 80% of their medical expenses.

Beneficiaries are responsible for paying 20% of all their healthcare costs when they are without a Medicare Supplement Plan. Additionally, beneficiaries find themselves paying deductibles and copayments.

Well, Plan F pays the 20% that Part B doesn’t cover and it covers the deductibles.

Medigap Plan F is one of the Top Medicare Supplement plans available on the market. Supplement Plan F covers the outpatient and inpatient deductibles Original Medicare fails to cover.

Additionally, Medicare Supplement Plan F goes beyond Traditional Medicare by covering certain foreign travel emergencies.

Medicare Supplement Plan F: Everything You Need To Know

Medicare Supplement Plan F

Medicare Supplement Plan F has the most comprehensive coverage

You might have heard Plan F referred to as Medicare Part F or Medigap Part F.  The correct terminology is Medicare Plan F, there’s no such thing as Part F. Original Medicare insurance has “Parts”, and Medicare Supplements have “Plans”.

Keep in mind, you must have Medicare Part A and Part B to enroll in a Medigap Plan, such as Plan F.

Plan F is a top dollar plan covering EVERY gap that Medicare leaves exposed. Once enrolled in this policy; you’ll have $0 copayments for doctors, hospitals, surgeries, durable medical equipment along with many other services.

If Medicare approves the service, then Plan F approves the service. This coverage offers beneficiaries the best Medicare plan in the United States.

Let’s discover more about what makes Plan F the best policy available to Medicare Beneficiaries.

Medicare Plan F Benefits: First-Dollar Coverage Insurance

Of the 11 Medicare Supplement Plans, 3 of them are first-dollar coverage policies. Medicare Plan F is one of them.

First-dollar coverage insurance simply means that after Medicare pays its share, the supplement plan pays the rest. Thus, Medicare Supplement Plan F leaves you with $0 out-of-pocket expenses.

  • Full coverage for Part A AND Part B deductibles
  • Coverage for Part A AND Part B coinsurance or copayments
  • Covers the remaining 20% that Part B doesn’t cover
  • Coverage on Excess charges
  • Skilled Nursing Facility Co-insurance
  • Coverage on foreign travel emergency expenses

Medigap Plans give beneficiaries the freedom to choose any doctor across the United States. They also allow beneficiaries to see a specialist at any time, without a referral from a primary doctor.

They’re also guaranteed renewable, meaning the coverage can NOT be canceled due to health conditions.

Medicare Plan F

Medicare Plan F Outline of Coverage Chart

Medigap Plan F: Same Benefits Across All Companies

A popular question we hear all the time: “Are Medicare Plan F benefits the same across all carriers?”

Yes, regardless of the company you choose to enroll with, the benefits are the same. The only difference is the premiums, the premiums are different for each company. That’s why it’s important to compare prices for the same plan across all carriers.

There are many other companies out there with good financial ratings. They may offer lower premiums, keeping more money in the bank.

Keep in mind, while a lesser-known carrier may offer a lower premium, the value might not last. Beneficiaries need to apply for a Medigap Plan F through a company with strong financial standings, multiple lines of insurance and a history of low rate increases.

Our insurance agents are highly educated in the Medicare field, they know the best companies and can quickly access the best rates in your area.

Plan F Costs: Keep More Money in Your Pocket

Supplement Plan F

Supplement Plan F leaves you with little to no out of pocket expenses

Since Medicare Supplement Plan F is the policy with the most benefits, it’s also the most expensive. However, more than 60% of Medicare beneficiaries choose to enroll in Medicare Plan F.

The theory behind it is, if you can afford it, why not pay a little extra to get peace of mind. A serious illness can easily be thousands of dollars, if not hundreds of thousands of dollars within one year.

For those without a Medigap Plan, it could be financially devastating. 20 percent of hundreds of thousands of dollars is a lot for most.

By selecting Plan F you create a healthcare safety net. Payout a monthly premium and forget the rest. Go to the best doctors, anywhere in the United States. See the best specialists for your illness or disease. Never get a referral, because Medigap says there is no need for one.

Medigap Plan F is the ultimate solution to better healthcare. Let’s discover more about why Plan F is perfect for Medicare Beneficiaries.

Cost Example

Let’s say you need a lung transplant. Part A covers the sourcing of the transplant organs as well as the surgical procedure itself.

Then, Part B covers outpatient medical services such as doctors’ visits, preventive care, home and mobility equipment, home healthcare needs, etc.

The total price for both hospital and outpatient services comes to $80,000. Once Medicare pays their portion of the medical costs, the remaining $16,000 is billed to the Medicare Supplement insurance carrier. You pay nothing out-of-pocket.

Without a comprehensive supplement plan to fill in these gaps in coverage, such as Medicare Plan F, the remaining $16,000 is sent to you.

So, what’s the cost of Medicare Plan F? The only cost for supplement Plan F is the monthly premium. While there are some that could consider the premium high, if you think about how much you’ll save, the premium is nothing.

However, it’s important to understand that premiums are different for everyone. For example, Plan F premiums are a bit higher for males than females. The area you live in can also affect the cost of Medigap Plan F.

Premiums for Medicare Plan F

There are many factors carriers consider that impact the cost of the premium. These factors include residential state, gender, age, etc. That’s why it’s important to speak to a licensed agent that can get Medicare supplement quotes in your area.

The average premium is usually somewhere around $150 per month. However, it could be more or less depending on the zip code as well as other factors.

Beneficiaries with two addresses are supposed to apply for coverage in the state that taxes are filed. However, those spending 6 months in both states should consider quotes from both.

Live in Iowa and Florida? Well, Iowa probably has lower rates so enroll in a plan there. Although, between Texas and Florida, a Florida plan could be more affordable. It’s important to understand that insurance companies can adjust rates when moving full time to one location.

Plan F benefits remain the same regardless of the company you choose to enroll with. Therefore, it’s in your best interest to compare the cost of Medigap Plan F in your area annually.

Changing from One Medigap Plan F to Another

If you enroll in supplement Plan F during your Open Enrollment Period, you receive Guaranteed Issue. GI means the carrier must approve your application, regardless of current health status or any pre-existing conditions. GI only comes around once in a beneficiary’s lifetime.

Therefore, changing from one company to another usually requires the beneficiary to answer health questions this time around. But don’t let this concern you, 3 out of 4 beneficiaries are approved by the new company with no issues.

Changing your Medicare Supplement could be in your best interest if you experienced a significant rate increase.

An annual review of rates across all the carriers that offer Medicare Plan F can save you a ton year over year. Our Client Care Team walks our members through an annual rate check to ensure the best possible savings.

More than premiums, service is number one. The best customer service can go along way, even with lesser coverage.

Select a great plan and a great company, then relax knowing your healthcare is ready for anything.

I Heard Medicare Plan F is Being Discontinued

Congress makes changes to Medicare frequently. The standardized Medigap policies in 1990. In 2010, they got rid of Plans H, I, E and J. Then in 2020, Plans F and C are retiring.

This doesn’t mean you need to rush to enroll in Plan F; it just means if you’re not eligible for Part B of Medicare and 65 before 2020, then you can’t enroll in Plan F.

CMS recently announced that all first-dollar coverage plans were going away, including Plan F. In 2020, Plan F & Plan C are no longer available. This also includes the high-deductible Plan F.

For those beneficiaries already enrolled, they’ll be grandfathered into the policy by 2020. There’s no reason to be concerned or feel that you need to switch to another Medigap Plan before the end of 2019.

Beneficiaries that won’t be eligible for Plan F before 2020 have other plan options, there’s no need to worry about this policy being discontinued. The Medicare insurance agents in our office walk you through everything, just give them a call at the number above.

Who Can Still Enroll in Medicare Plan F After 2020

The main keyword here is Medicare “eligible.” As long as you become Medicare eligible by December 31st, 2019, you can still sign up for supplement Plan F, Plan C or HD Plan F after 2020.

To clarify, if you turned 65 years old before 2020, you can still enroll in any of the 3 first-dollar coverage supplement plans on an Open Enrollment basis after 2020.

So, if you’re 65 and delaying Part B enrollment because continuing to work is desirable, that’s okay. The employer coverage needs to be credible coverage to qualify for a Part B Medicare SEP. Then, once Part B is effective, go ahead and enroll in Medicare Plan F in 2020.

Beneficiaries that turn 65 in 2020 need to select a different policy than Plan F. Thankfully, our agents are professional plan finders. Get the best policy and premium when you talk to one of our Medicare experts.

Should I Still Enroll in Plan F Knowing It’s Going Away in 2020

Plan F is going away in 2020 however if it makes the most financial sense, then absolutely enroll in the policy. Some agents advise you to sign up for another plan due to the 2020 changes, don’t be fooled by this scare tactic.

Of course, it’s still in your best interest to contact a licensed agent that can compare plans side by side of all the letter plans offered in your area. You might find that one of the other Medigap Plans is a better value for you.

Select the policy with the most value, if paying a deductible ends up saving you more money throughout the year, pay the deductible and save. If your budget requires a lower premium than Plan F offers, go with the lower premium.

No matter the specific needs, talking to a licensed insurance agent can make Medicare Plan F enrollment easier.

Does Medicare Plan F Come with Prescription Drug Coverage

Any Medicare Supplement Plan helps cover the costs of prescriptions drugs administered at the hospital. However, Plan F will NOT cover prescription drugs that are prescribed by a doctor and taken at home.

That’s where Medicare Part D comes in handy. Medicare prescription drug coverage can be affordable, especially if you’re taking generic prescriptions.

Plan F prescription drug coverage isn’t possible and if an agent says otherwise, they’re wrong. Purchasing Part D separately as a stand-alone prescription policy is required.

It’s best to enroll in Part D when you’re first eligible for Medicare Part A and B. Beneficiaries that wait to enroll could incur a Part D late enrollment penalty unless covered through another policy with creditable coverage.

What About Dental, Vision & Hearing Benefits

Unfortunately, Medigap Plans do not cover routine dental, vision or hearing services. Good news is, Medicare insurance has many stand-alone dental, vision and hearing plans to supplement Original Medicare and Medigap benefits.

There are some situations where Medicare Part B covers oral surgery, like if treatment for a medical condition such as radiation for oral cancer is needed. Then Medicare likely covers a portion of the costs; and if Medicare Pays, then Plan F pays.

The same goes for an exam; if your medical doctor orders a dental examination before a serious surgery or organ transplant, then Medicare would cover the cost of that exam.

Applying for Dental, vision and hearing benefits is a simple process though. This coverage is beneficial and routine care is needed. Don’t wait until your Medicare doctor orders an exam to know everything is good, get coverage and get checked.

Our agents can also compare these plans in your area, and find you a personalized insurance option.

Don’t Be Fooled by the Hype of Medicare Advantage Plans

Yes, Medicare Advantage Plans include coverage for prescription drugs, as well as dental, vision and hearing services. However, these benefits come with MANY limitations. Limitations that many new beneficiaries don’t realize.

In fact, there have been so many new beneficiaries that enrolled and were not properly informed about all the limitations, Medicare had to bring back the annual Medicare Open Enrollment Period.

Medicare Part C limitations include, but aren’t limited to:

  • Doctor networks
  • Pharmacy networks
  • Referral requirements
  • Zip code boundaries
  • High out of pocket expenses
  • Coverage only at select hospitals

You’d need to review the fine print of dozens of policies in your area as well as know the future of your health to predict out of pocket costs.

There may be a $0 premium; however, once you get sick the real troubles begin. Getting sick on one of these plans could mean the end of a savings account.

The coverage needed for healthcare protects the sick and ill, Medicare Advantage protects the healthy. Part C replaces your Medicare, another name for this policy is a Medicare replacement plan.

Nobody wants to lose Traditional Medicare coverage to enroll in a policy with restrictions and hidden fees. Well, Medicare Advantage plans have restrictions and hidden fees that aren’t associated with Medigap Plan F.

A Medicare Supplement plan provides beneficiaries with comfort knowing their needs are taken care of; even in high-cost healthcare situations. Additionally, Medigap plans have predictable costs and each year the things you’re responsible for, they remain the same.

New Enrollment Period

Starting in 2019, enrollees who sign up for this type of plan have a new enrollment period that allows them to leave their current plan and go back to Medicare. These beneficiaries then pick up a Medicare Supplement Plan to fill in the gaps of coverage.

Medicare brought back this Open Enrollment Period because too many beneficiaries were finding themselves stuck in a plan they didn’t want. They had to wait until the Medicare Annual Enrollment Period to switch back to Medicare & pick up a Medigap Plan.

Again, don’t let the hype fool you. Beneficiaries get what they pay for regarding “zero-dollar premium plans.” Save time and money by sticking with Medicare and supplementing the benefits with a Medigap Plan & stand-alone Part D prescription drug plan.

Medigap plans don’t replace your Medicare, they work with your Medicare to provide you with the best possible coverage.

If Medigap Plan F is Too Expensive for Me, What’s the Next Best Option

The next best option is Plan G, you can compare the difference between Plan F VS Plan G by checking out our other post. Plan G offers great benefits and is sometimes more suitable than Plan F.

You’ll have to pay the Part B deductible, but the lower premium is worth it. Some beneficiaries actually save more money by paying their own Part b deductible.

Rumor has it, due to High-Deductible Plan F going away in 2020, there’s a new High-Deductible Plan G added to the list of letter plans. Of course, our clients are the first to know once we know!

When it comes to selecting a Medicare insurance policy, the best thing to do is to consult an expert.

Nobody goes to a cardiologist for a dental exam, they go to a dentist. Don’t expect your neighbor to be a licensed Medicare expert, call the number above and talk to one of our agents today.

When Can I Sign Up Medicare Supplement Plan F

Beneficiaries enrolled in Medicare Part A and B can sign up for Medicare Supplement Plan F at any time. Medicare Supplements do not have enrollment periods like Medicare.

Although, the best time to sign up for Plan F is within 6 months of your Part B effective date; during this time, beneficiaries qualify for Guaranteed Issue rights. Guaranteed Issue means no medical underwriting and guaranteed approval.

However, you can still apply after the 6-month mark of your Part B effective date. You’ll just have to answer some medical questions and wait for application approval.

If you’re thinking about enrolling in Medigap Plan F, consult a Medicare expert to ensure it’s in your best interest. Our agents are highly qualified to handle any insurance situation and answer any industry question.

Feel Confident in Your Decision

It doesn’t cost you anything to have your own personal licensed Medicare agent in your back pocket. Medicare is constantly changing. Keeping up with all these changes, across all the states, is nearly impossible.

But not for our agents! They can help you make an informed educated decision based off of all your healthcare options.

Plus, when you sign up for a Medicare plan through MedicareFAQ; you’ll get unlimited, FREE support from our Client Care Team.

If you have any problems with the coverage, like a doctor putting in the wrong code for a service or Medicare denying a claim, we’re here to help at no additional cost!

Give one of our agents a call today. They’re here to help you learn about Medicare.

Or, you can complete our online rate comparison form to see Medigap Plan F rates side by side of all the top carriers in your area.

4 Comments

  1. My Sister on disability and needs a secondary insurance she has pre-existing condition and is only 44. So my question is can she get a secondary insurance? If yes which ones are available for her to sign up for?

    • Hi Dolores! The answer to this depends on your state. Not all states offer Medigap plans to those on disability under 65. If your state does, then she would have two Open Enrollment Periods for a Medigap plan where pre-existing conditions don’t impact your approval. These OEP periods only last 6 months. Her first OEP would’ve started with her Part B effective date, her second would start when she turns 65. Give us a call and we can look up the secondary insurance plans available to those under 65 in your state.

  2. I have been diagnosed with stage 3 COPD and am on disability. I am currently 63 years old, and will be eligible for Medicare in April of 2019. Can I still enroll in Plan F or G in April, and be covered for the pre-existing condition?

    • Hi Steve! Yes, you’ll be able to enroll in Plan F or Plan G in April. You’ll be granted guaranteed issue for 6 months after your Part B becomes in effect. During that 6 month time period, you cannot be turned down due to any pre-existing conditions. If your Part B effective date is in April, you’ll have until September 2019 to enroll with guaranteed issue.

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