If you are new to Medicare or shopping for a Medigap plan, Medicare Supplement Plan F may suit your needs. Plan F is the most comprehensive Medigap plan available for qualifying Medicare beneficiaries.
Specifically, this plan covers 100% of your Medicare cost-sharing and leaves you with no out-of-pocket expenses for Medicare-covered services. Below we help you understand when Medigap Plan F is the best choice for you and whether you’re eligible.
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What is Medicare Supplement Plan F?
Original Medicare (Part A and Part B) only covers 80% of the out-of-pocket costs for Medicare-approved services. Thus, Medicare Supplement (Medigap) policies can save you money on your healthcare in retirement.
Medigap Plan F is a standardized Medicare Supplement Plan that covers all the gaps in coverage that Original Medicare leaves behind.
Medicare Supplement Plan F includes complete coverage for the following costs:
- Deductibles for Medicare Part A and Part B
- Medicare Part A and Part B coinsurances
- Original Medicare copayments
Standardized coverage means that all benefits are the same regardless of the carrier through which you enroll. For example, a Medigap Plan F through Mutual of Omaha covers the same benefits as a Medigap Plan F through Aetna. Due to standardized benefits, you can use your Medigap coverage at any doctor or hospital that accepts Original Medicare.
Once you enroll in Medigap Plan F, you will have $0 cost-sharing, other than your monthly Medicare Part B and Medigap premiums. This type of plan is called first-dollar coverage. First-dollar coverage means you receive coverage from the first dollar you spend. Once Medicare pays its share of your medical-related costs, your Medigap Plan F will pick up the remaining balance, leaving you paying nothing.
Listen to this Podcast Episode Now!Are all Medigap Plan F the Same?
Due to standardization, all Plan F policies have the exact same benefits regardless of the carrier you enroll with. No carrier can change the benefits covered by this plan. However, in some circumstances, you may be eligible for perks for being enrolled with certain carriers such as gym memberships or discounts on eyeglasses or hearing aids. However, these additional perks must be given to all policyholders from the same carrier regardless of the plan they enroll in.
Is Medicare Supplement Plan F Being Discontinued?
Unfortunately, not every Medicare beneficiary can enroll in Medicare Supplement Plan F, as the plan was discontinued for many Medicare beneficiaries.
You are only eligible to enroll if you received any part of Medicare before January 1, 2020. This is due to a change in Medicare known as MACRA.
MACRA is the Medicare Access and CHIP Reauthorization Act. This change to Medicare eliminated all first-dollar coverage plans for new Medicare beneficiaries.
Those who enrolled in Original Medicare before the deadline are still eligible to freely enroll and disenroll in Medigap Plan F just as they could before MACRA. However, new Medicare beneficiaries are unable to enroll in the plan.
In 47 of 50 states, beneficiaries can enroll in Medigap Plan F. The three states that do not offer this plan are Massachusetts, Minnesota, and Wisconsin. These three states have Medicare Supplement plans similar to the lettered plans available in most other states.
What Happens to your Medicare Supplement Plan F When you Move to a New State?
When you move to a new state, you can keep your current Medicare Supplement plans. In most cases, all you must do is contact your carrier and submit your new address. Since Medicare Supplement plans are standardized, your benefits will not change. However, your premium may increase or decrease depending on your new ZIP Code.
What Does Medicare Supplement Plan F Cover?
Medicare Supplement Plan F covers all services Medicare Part A and Part B cover. As long as your doctor accepts Original Medicare and Medicare pays its benefit first, your Medigap Plan F will cover the rest of the costs.
Medicare Supplement Plan F covers:
- Deductibles for Medicare Part A and Part B
- Medicare Part A and Part B coinsurance or copayments
- Medicare Part B excess charges
- Skilled nursing facility coinsurance
- Foreign travel emergency expenses up to plan limits
This coverage picks up all the costs Original Medicare leaves for you to pay. In addition to these costs, Medigap Plan F also includes foreign travel emergency coverage. Medigap Plan F will cover a lifetime limit of $50,000 of emergency foreign travel coverage after a $250 deductible.
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What is Not Covered by Medicare Supplement Plan F?
Although Medicare Supplement Plan F covers the most out-of-pocket costs among all Medicare Supplement plans, there are still benefits that the plan does not include.
Benefits not covered by Medigap Plan F include:
- Dental coverage
- Vision coverage
- Hearing coverage
- Cosmetic surgery
- Prescription drug coverage
If you enroll in Medicare Supplement Plan F, these benefits are not unobtainable. However, you will also need to purchase a separate policy to receive additional coverage. It is not uncommon for Medicare Supplement policyholders to have stand-alone plans for other desired benefits.
Medicare Supplement Plan F Comparison Chart for 2022
There are 12 Medicare Supplement Plans available for beneficiaries. Ten plans are identified by a letter, A through N, plus the additional two high-deductible plans. The chart below compares the top three plans in 2022.
How Much Does Medicare Supplement Plan F Cost in 2022?
Medicare Supplement Plan F premiums may be more expensive than those for other Medicare Supplement plans. However, the reason is that this plan provides the most benefit to enrollees.
The plan’s average cost is around $230.00 per month. However, many factors impact the premium price. Premium costs for Medigap Plan F can range from as low as $150.00 per month to as high as $400.00 per month or more. Factors that determine your cost include your ZIP Code, gender, age, tobacco use, and more.
Remember that the monthly premium for Medicare Supplement Plan F is the only cost you will be paying for your Medigap coverage. You will not be required to pay any copays, coinsurance, or deductible for your service. So, paying a higher premium may save you money in the long run.
Is There an Alternative to Medicare Supplement Plan F?
Suppose you are interested in enrolling in Medicare Supplement Plan F but find that the premium rates are more than you want to spend. In that case, High Deductible Plan F is a potential alternative for you to consider. If you are comfortable reaching the higher deductible before receiving full coverage for this plan, the lower premium could be worth it.
Medicare Supplement High Deductible Plan F provides the same excellent Plan F benefits at a lower premium rate by eliminating first-dollar coverage. Once you meet the deductible, you receive 100% coverage from the high-deductible version.
For those who missed eligibility for Plan F, Plan G could be a great alternative if you wish to have comprehensive coverage with a low deductible and a lower monthly premium. Plan G may be a plan to consider.
Medicare Supplement Plan F Premium Increase
Each year, Medigap plan premiums are subject to rate increases. This is especially true for Medicare Supplement Plan F due to its phasing out. As fewer people enroll each year, the risk for the insurance carrier grows, making premiums increase at a higher rate than other Medigap plans.
It is beneficial to research rate increase histories and pricing methods when choosing a plan. Over the past five years, Medicare Supplement Plan F rate increases have been between 3% and 6%. However, that number is quickly rising.
Ask your agent what the rate increase history is for the Medicare companies with which you are considering enrollment. You will want to research carrier reviews before making a choice.
Does Medicare Supplement Plan F Include Prescription Drug Coverage?
Medicare Supplement Plan F will only cover the costs of prescription drugs administered at the hospital that typically receive coverage from Medicare Part A. However, Medigap Plan F will NOT cover prescription drugs you take at home. You will want to enroll in a Medicare Part D plan to receive prescription drug coverage. Medicare Part D prescription drug plans work alongside Original Medicare – with or without a Medicare Supplement plan.
When Can I Enroll in Medicare Supplement Plan F?
You can enroll in Medicare Supplement Plan F at any time, as long as you are eligible. However, the best time to sign up for any Medigap plan is during your one-time Medicare Supplement Open Enrollment Period.
If you apply outside of this window or do not have guaranteed issue rights, you will need to answer underwriting eligibility questions and await application approval.
FAQs About Medicare Supplement Plan F
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How to Get a Medicare Supplement Plan F Rate Comparison
If you are interested in comparing the cost of Medigap policies near you, we are here to help. A Medicare agent licensed in your state will help guide you through the process of choosing the best coverage for your needs.
Call the number above to speak with a licensed agent today! Don't have time to call now? Complete our rate comparison form online and we'll prepare quotes from top carriers in your area.
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Sources:
MedicareFAQ is dedicated to providing you with authentic and trustworthy Medicare information. We have strict sourcing guidelines and work diligently to serve our readers with accurate and up-to-date content.
- How to Compare Medigap Policies, Medicare. Accessed May 2022.
https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies - Medigap F and J, CMS. Accessed May 2022.
https://www.cms.gov/Medicare/Health-Plans/Medigap/FandJ
Hello,
I am assisting my husband sign up for a Medicare Supplement. We are interested in Bankers Fidelity Plan F. I do not know how to enroll him into the current desired plan. He was recently eligible for Medicare on 11/01/2020. Where do we begin? Thanks
Hi Terri! Unfortunately, your husband is not eligible for Plan F. Plan F is only available to those who became eligible for Medicare prior to 2020. He is eligible for Plan G, the only difference between Medicare Supplement Plan F and Plan G is the Part B deductible. You can get started by either giving us a call or completing our rate form on the website.