Medicare Supplement Plan F
Medicare Supplement Plan F is known for being comprehensive. It is also commonly known as Medigap Plan F, or simple Plan F. What it covers is the deductible for Medicare as well as all the co-pays/co-insurance. This plan will leave you with no out-of-pocket expenses. This is updated information on Plan F.
Medicare Supplement Plan F has been the top-selling plan for Baby Boomers. Also, according to an America’s Health Insurance report, 57% of all the policies being used are Plan F. However, a growing contender for this plan has been Plan G. There will be more on plan G below.
It is important to note that a Medicare Supplement Plan will NOT replace your Medicare Part B. It only covers the out-of-pocket expenses that appear when you seek healthcare services. The deductibles, co-insurance, and co-pay can be pretty expensive. That is why Medicare Supplement Plan F is utilized by so many. The only way to be eligible for Medicare Supplement Plans is to first enroll in Part a and Part B of Medicare.
Adding Medicare Supplement Plan F or G to the benefits of your Original Medicare plans will only increase your coverage, almost eliminating out-of-pocket costs. You get the most benefits from the comprehensive coverage of Plan F.
Comprehensive Coverage with Medicare Supplement Plan F
Another term for Medicare Supplement Plan F is first-dollar coverage. Medicare will cover its share of the medical claim, and this first-dollar coverage will pay what’s left behind. This eliminates out-of-pocket costs.
- Plan F covers Part A and B Deductibles
- Pays for the 20% gap left behind by Part B
- Part B Excess charges are also covered by Plan F
- Over 880,000 Physicians to Choose From in the U.S
- You will not require a referral to an office allowing you the ability to see a specialist at any time
- Your Health Conditions will never be the cause of the cancellation of your policy.
It is plain to tell that this coverage is a provider of peace of mind as well. This is a standardized plan, that regardless of the insurer is the same across the board. The benefits will always be the same, the only change between insurance companies is the price you pay for the premium.
Deductibles and Co-Insurance Coverage
To give an example, consider the $1,400 deductible that comes along with Part A. This deductible is charged when you visit the hospital. Part B will only cover about 80% of the procedures and treatments you undergo. This leaves you not only with a steep deductible, but 20% of charges that come out-of-pocket.
With Medicare Supplement Plan F, these charges will not be a worry for you.
There are several reputable insurance companies that offer low rates for Medicare Supplement Plan F, brand-name insurers. It is important that you shop around, though the coverage is always the same, to find a plan that is within your budget.
Medicare Supplement Plan F Cost
Let’s say Gloria applies for Medicare Supplement Plan F and is approved by the insurer of her choice. A year later, she is left with no choice but to visit an orthopedic specialist involving issues with her Knee. 80% of the costs to see the specialist is covered by Medicare. Plan F, however, is designed to cover the other 20% that is owed after Part B does its part. This means that Gloria now owes nothing.
The same goes for the MRI performed at the imaging facility. 80% is covered by Medicare Part B, while Plan F finishes off the other 20% that is left behind.
The MRI results come back with seriously problematic results. She has now been classified as a knee replacement candidate. This means that she is in the hospital a couple days after having surgery. Following the knee surgery, a healthcare nurse comes to her home to aid her several times a week.
The costs for this rack up, roughly about $70,000. After Part A and B pay their share, the remainder is $14,000. This is sent to the Medicare Supplement Plan F provider. The bill is paid in full, and Gloria is worry-free of the out-of-pocket expenses that could have made her life a whole lot harder. The only out-of-pocket expense that she will have to worry about is the medication that she may have been prescribed.
This plan is designed to only charge you the monthly premiums that are owed for the plan. The rates, as mentioned before, are based on the insurance companies determining factors. But there will never be back-end spending.
Winning Plan F
This plan is considered a winner. It is no wonder why it is so popular, and why it has remained that way for years. For individuals that are experiencing some treatments in healthcare, this plan is the ultimate financial stress reliever.
However, you can get different Medicare Supplement Plans N or G, which provide excellent coverage as well.
The Cost of Medicare Supplement Plan F
There are several factors that determine the pricing for Medicare Supplement Plan F. They vary from insurer to insurer. These factors are usually common among the companies that offer Plan F. They are:
- Tobacco Use
- Zip Code
You will also find that in many different areas, you find a quote of about $120-$140 a month for a 65-year-old female. That is why it is important to get quotes from different insurers in your area.
In many cases, the cost of Medicare Supplement Plan F is more expensive for men than it is women.
Tobacco users will obviously be a higher risk than non-tobacco users. This means that their coverage will come with a slightly higher premium.
Companies can often offer discounts to households that have multiple individuals with Medicare Supplement policies. Though it should be noted, Medicare Supplement plans are intended for individuals and not groups.
That all being said, there are still several people who have been loyal to Plan F for years. They are so loyal that they are afraid to switch carriers for a cheaper premium because they don’t want coverage to change. However, the coverage remains the same regardless of the insurance carrier. All this means is that comparing the premium costs between insurers in your area is important. You can find the cheapest Plan F in the current area you reside in, and you could be saving more money by switching than you think.
There is an annual Medicare Supplement Plan F rates review. This can save you a bunch in the long run.
Underwriting of Changing in the States
The requirement for switching carriers is normally as simple as answering health questions. While a good majority of clients pass this underwriting, it is possible that you could be denied, or your rates could go up when you try to switch.
Working with an experienced agent can save you a ton of hassle and time. They are more than happy to answer your questions, help you compare plans to your needs, and helping you find the best premium based on your budget.
Each year, a qualified agent will help you review the questions. If you continue to pass these questions, it is possible as the years pass, an agent will help you find a lower rate. Make sure you keep this in mind when you consider the costs of Plan F.
Medicare Supplement Plan F vs. Plan G- The Best Medicare Supplement Plan
One of the most common questions that are asked is the difference between Plan F and G. Oftentimes, the question involves asking about the price difference.
The Plan G option does offer great savings for several clients. However, in order to know what policy is best, you have to look at the facts.
Plan G coverage is the closest you will find to Plan F coverage. The biggest difference between the two plans s the Part B deductible. With Plan G, it is your responsibility to cover the deductible out-of-pocket. However, this does come with a lower premium for Plan G.
While you get a first-dollar coverage plan with F, you get first-rate savings with Plan G. The coverage itself, aside from the deductible of Part B, is essentially the same. Make sure when you are getting quotes for Plan F, you are quoting Plan G and comparing the savings and benefits of each to your specific situation and circumstances.
Common Medicare Supplement Plan F Questions
Is there a difference between Part F and Plan F?
Honestly, there is no Part F. Original Medicare only has four Parts. They are Part A-D. Part F is a reference to Plan F. They are the same thing. Just often referred to by the wrong name. It is Plan F, not Part F. Put simply, Medicare Supplement is made up of Plans, while original Medicare is only Parts.
Is Plan F still obtainable?
The only way to qualify for Plan F purchase is if you were eligible for it prior to 2020.
What is the Plan F Coverage?
All of the Costs that hangover from Medicare Part A and B are covered by Plan F.
Are prescription drugs covered by Medicare Supplement Plan F?
If the medicine is given to you while you are in the hospital or at the clinic, then Medicare Supplement Plans will cover it. However, if they are retail prescriptions, you will require separate Part D.
Are hearing, vision, and dental covered by Medicare Supplement Plan F?
Medicare Supplement Plan F, as well as all Medicare Supplement Plans, do not cover vision, hearing, or dental services. There are some standalone plans that are ideal to have for these services. They often come at reasonable costs, and you can use an agent to shop around for the best plan that matches your Medicare Supplement Plans you already have.
Is Chiropractic Covered?
80% of adjustments are covered by original Medicare. Plan F will cover the remaining 20%. Other services that are provided, such as x-rays, are not covered by Medicare.
What Medicare Supplement Plan is the most popular?
The most popular plans in 2020 are Medicare Supplement Plan F and Plan G. Of the two, Plan F is the most common. However, since new beneficiaries cannot invest in Plan F, Plan G is gaining ground on the number 1 spot. Make sure you are getting quotes for both plans to ensure the top savings.
What are the best Medicare Supplement Plan providers in 2020?
This is a question that cannot be simply answered. To determine the best insurance company, you would have to compare rates. These rates are dependent on many different factors. However, the Medicare Supplement Plans are all standardized. Meaning, regardless of the company you choose, the plans are the same. As mentioned above, the factors that determine the best company FOR YOU are Age, Tobacco Use, Gender, and Zip Code.
Of Medicare Supplement Plan F and Plan G, Which one is Better?
Another question that falls down to specifics. While one plan offers more financial cushioning with no out-of-pocket costs, it comes with a higher premium. However, Plan G will offer the same coverage, with some out-of-pocket costs, at a lower premium. To answer this question, you have to compare the two plans for your budget and determine which one is best for you. There is no plan that excels over the others, as they all have their differences.
What Is Happening to the Medicare Supplement Plan F?
Many insurers are asked constantly about Plan F. The most common question is, “Is it going away?” The most simple answer is yes. However, it isn’t going away for everyone. It is slowly being phased out of the plan options. New beneficiaries (those who are just now becoming eligible in 2020) do not have access to Plan F. If you are already a beneficiary of Plan F, you will not lose it. This is happening because there should always be some skin in the game. The idea is to ensure that people are paying a part of the bill that they create themselves.
Since Plan F is about to be Phased out, though I qualify, should I invest in Plan G instead?
If you have the option to join Plan F before it is discontinued, you could be wondering if you should do it. Plan G is going to be around longer, and it does offer virtually the same coverage. So which one do you choose?
It is a common scare tactic for insurance companies to use the changing Plan F eligibility to try and persuade beneficiaries to switch. Don’t be fooled. Instead, you need to focus on which plan is most financially beneficial to you. Make sure you are getting quotes for both plans and making the decision off facts and not scare tactics.
If you look at the overall value of each plan, you often find the costs associate with Plan G to be better than Plan F. The premium does make a massive difference. Honestly, the Part B deductible may be less costly than the premiums you are paying annually with plan F. This would put Plan G to the top spot based on the savings it offers in premiums.
Our Medicare Supplement Plan F Review
We give Plan F a 9/10. It is super comprehensive, and it is the easiest plan to get information on. Put simply, it is easy to learn that you will not pay anything with Plan F.
As we stated before, we still recommend that you get quotes for both Plans F and G. Compare their value and overall saving potentials.
New to Medicare?
Original Medicare is very important and needed in order to get Medicare Supplement Plan F or others. However, if you are new to Medicare and Medicare Supplement plans, you need to get a basic understanding of them in order to find the best plan for yourself.