Last Updated on by
Medicare Supplement Plan F
Medicare Plan F is one of the most comprehensive supplement plans, covering 100% of all your cost-sharing. Plan F is for beneficiaries looking for full coverage for all out-of-pocket costs, including deductibles, coinsurance, and copayments. There are some important changes that impact newer beneficiaries regarding Plan F, we’ll explain below.
What is Medicare Plan F?
Plan F is a top dollar plan covering EVERY gap that Medicare leaves up to the beneficiary to pay. Once enrolled in this policy; you’ll have $0 cost-sharing, you’ll only be responsible for your monthly premium. Let’s discover more about what makes Plan F the best policy available for most beneficiaries.
What Does Medicare Plan F Cover?
Plan F is a first-dollar coverage plan. That simply means after Medicare pays its share, Plan F pays the rest. Thus, leaving 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 Coinsurance
- Coverage on foreign travel emergency expenses
Medicare Supplement Plan F Comparison Chart for 2020
Plan F is The Ideal Plan for Beneficiaries Who:
- Our switching to another Medicare Supplement plan outside their Initial Open Enrollment Period
- See the doctor or visit the hospital somewhat frequently
- Like to travel abroad
- Are concerned about excess charges
How Does Medicare Plan F Work?
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 its 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.
How Much Does Medicare Plan F Cost?
There are many factors that impact the cost of the premium. These factors include where you live, gender, age, etc. 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 six 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.
However, it’s essential to understand that premiums are different for everyone. For example, Plan F premiums are a bit higher for males than females.
Why is Medicare Plan F Being Discontinued?
Who Can Still Enroll in Medicare Plan F After 2020?
As long as you become Medicare eligible by December 31st, 2019, you can still sign up for 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 three first-dollar coverage plans after 2020.
If you did not become Medicare-eligible until after 2020, you cannot enroll in Plan F. The plan with the most benefits that you’re eligible to enroll in is Plan G.
Does Medicare Plan F Come with Prescription Drug Coverage?
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, but the lower premium is worth it. Some beneficiaries save more money by paying their Part B deductible.
When Can I Sign Up Medicare Plan F?
Beneficiaries enrolled in Medicare Part A and B can sign up for Medicare 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 during your one time Medigap Open Enrollment Period. 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.
Is there a difference between Part F and Plan F?
How to Apply for Medicare Plan F
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 on all your healthcare options.
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!
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.