Medigap Plan F is the most comprehensive Medigap plan, covering 100% of your cost-sharing. Plan F is for beneficiaries looking for full coverage for all out-of-pocket costs, including deductibles, coinsurance, and copayments. However, it is not available to everyone who is eligible for Medicare. We’ll help you understand when Plan F is the best choice for you and whether you’re eligible.
What is Medigap Plan F?
Plan F is the Medigap plan that covers EVERY gap Medicare leaves the beneficiary to pay. Once enrolled in this policy, you’ll have $0 cost-sharing and will only be responsible for your monthly premium.
What Does Medicare Plan F Cover?
Plan F is a first-dollar coverage plan. That means after Medicare pays its share, Plan F pays the rest. Thus, leaving you with $0 out-of-pocket expenses.
Medicare Supplement Plan F covers:
Medicare Supplement Plan F Comparison Chart for 2021
How Much Does Medicare Plan F Cost in 2021?
The average cost of Medigap Plan F is around $130-$230 per month. There are many factors that impact the premium price. These include your location, gender, age, tobacco use, and more. However, it could be more or less depending on your zip code as well as other factors.
A major factor that influences your monthly Medicare Supplement premium rates is the plan you select. With more benefits come higher monthly premiums. Thus, since Plan F offers the most comprehensive benefits, premium prices tend to be higher.
Is there a Lower Premium Option for Plan F?
Are you interested in enrolling in Plan F but find that the premium rates are more than you want to spend? High Deductible Plan F is a potential option for you to consider. If you are comfortable with reaching the higher deductible prior to receiving full coverage for this plan, the lower premium could be worth it.
Will Plan F Rates Go Up in 2021?
Each year, Medigap plans are subject to rate increases. The pricing method used partially determines this, as well as your age when you enroll. When choosing a plan, researching rate increase histories is beneficial. On average over the past five years, Plan F rate increases have been between 3% and 6%.
Ask your agent what the rate increase history is for the carriers with which you are considering enrollment. You’ll want to research carrier reviews before making a choice.
Why is Medicare Plan F Being Discontinued?
Who Can Enroll in Medicare Plan F?
Does Medicare Plan F Include Prescription Drug Coverage?
Plan F will cover the costs of prescription drugs administered at the hospital. However, Plan F will NOT cover prescription drugs that are prescribed by a doctor and taken at home. You’ll want to enroll in a Part D prescription drug plan to receive the coverage you need for such prescriptions.
What is the Difference Between Medicare Plan F and Plan G?
Plan G offers excellent benefits and is sometimes more suitable than Plan F. The only difference between Plan F and Plan G is that you’ll have to pay the Part B deductible. Yet, the lower premium with Plan G is often worth it. Some beneficiaries save more money by paying their Part B deductible.
When Can I Enroll in Medicare Plan F?
You can sign up for a Medicare Supplement plan at any time, as long as you are eligible. Although, the best time to sign up for Plan F is during your one-time Medigap Open Enrollment Period. If you apply outside of this window or do not have guaranteed issue rights, you’ll need to answer underwriting eligibility questions and wait for application approval.
How to Get a Medicare Supplement Plan F Rate Comparison
If you're interested in a cost comparison of Medigap policies near you, call the phone number above. A Medicare agent licensed in your state will help guide you through the process of choosing coverage. Don't have time to call now? Complete our rate comparison form online and we'll prepare quotes from top carriers near you.
Our services are free and no obligation. Plus, when you sign up for a Medicare plan through us, 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!