Plan F is a great plan for Seniors, but not if you overpay for it. It can be for some people thanks to its generous coverage. Just look at all the great benefits this plan has to offer. And finding the best Medicare Supplement Plan F isn’t hard if you know where to look.
First off, it covers you for 365 more days of hospital expenses than basic Medicare does. And it covers the cost of traveling to other countries to receive medical care (up to 80%). It will also cover you for co-payments and deductibles you would otherwise have to pay almost every time you visit the hospital. And it covers you for three more pints of blood a year as well as the excess charges that come from Medicare Part B.
That coverage can come in quite handy for many people. And while Plan F is the most expensive of the Medicare supplement plans, it doesn’t have to be unaffordable. You can actually find some good deals on the plan; you just need to know where to look.
You could start by calling up all the insurance companies in your area and seeing what price they are offering. Or you could save yourself a lot of time and hassle and just use the free quote generator in our site. This lets you access instant quotes that are always up to date and relevant to you.
And it is perfectly fine to go for the lowest price you can find. You are still getting the same coverage no matter what price you pay for Plan F. Medicare regulates these plans to make sure that every insurance company offers the same coverage.
To make sure you are saving as much money as possible you will want to get premium quotes from as many carries as you can. We always offer multiple quotes through our site so you have a good idea as to what the current price of premiums is. Then you can find the lowest available price and use that to save yourself some money.
This is by far the easiest way to ensure you are cutting down the cost of your medical expenses. And we make it easy to find the best Medicare supplement F rates. You can use our site right now to get the quotes on the plan you want.
Medigap Plans: What are they?
Medigap plans are offered by various private insurance providers, also called Medicare Supplement Insurance. Guidelines from the federal Medicare program must be followed. To qualify, enrollees must first have Medicare Part A and Part B prior to applying for Medigap coverage. In addition, a policy only covers a single person, meaning married couples will require two separate plans. Furthermore, Medigap will not combine with Medicare Advantage plans.
Since 2019, 47 states offer up to ten standardized Medigap plans, referred to by a letter between A and N. However, there are areas where some plans are not available. Standardized means they are required to offer certain benefits no matter what insurance company is offering the plan. For example, Plan G must offer the same basic coverage in California and New York. However, pricing is not regulated, and insurance companies may add additional perks.
The following three states have different Medigap standards:
How to Pay for Coverage?
If you purchase a Medigap plan, you will have two premiums to pay: Traditional Medicare Part A and Part B; Medigap. If you do not have premium-free Part A, then you could have a third payment. The premium for Medicare Part B will be directly taken from Social Security, while Medigap premiums are directly paid to the private insurer you choose.
Remember, Traditional Medicare and Medigap do not cover outpatient prescriptions. To ensure you’re prescriptions are covered, you will require a separate Part D plan. This will be another premium to the insurer.
If you purchased Medigap prior to 2006, your plan might have included prescription drug covered. Although limited, enrollees that still maintain these plans will continue receiving the same benefits.
What is covered by Medigap?
Medigap coverage helps to cover the gap of out of pocket expenses left with Traditional Medicare Part A and B. Without it, the beneficiary would be responsible for the remaining amount. However, Medigap will only help cover costs of Medicare-approved services, meaning they must pay their part first before Medigap kicks in. If a service is not covered by Medicare, the enrollee is still responsible for the full out of the pocket expense. For example, vision and dental costs are not covered by Medicare, so Medigap will not pay anything on them.
Both Medicare Part A and Part B will have co-insurance and deductibles. Once you have paid the deductible, Part B covers 80% of approved services, while 20% remains the enrollee’s responsibility. There are no limits to the out of the pocket expense.
There is a deductible for Part A per period, and co-insurance begins after 60-days of hospitalization. This is a fixed daily amount rather than a percentage.
Skilled nursing facilities will also have this co-insurance that kicks in after 20 days. The 2019 rate is $170.50 daily for 21 to 100 days, while the 2020 rate increased to $177.50. Additionally, there is no limit on the out of pocket expenses accrued. This is were Medigap plans become an advantage as it helps cover most, if not all, the expense of co-insurance and deductibles.
Some plans cover at least part of the skilled nursing facility care, including Plan C, through Plan N. There are some that will cover the cost of emergency medical care in a foreign country. This is an advantage for seniors that enjoy traveling abroad. These plans include:
- Plan C
- Plan D
- Plan F
- Plan G
- Plan M
- Plan N
Plan G and Plan F are similar, except Plan G not cover Part B deductible. Otherwise, both offer the same basic coverage, including excess charges. All the Medigap plans will offer hospice coverage.
In 2020, the Part B deductible is $198, but will not be covered by plans available to new enrollees. Plan F and Plan C both include this deductible for those that qualified prior to January 1, 2020. This is because MARCA (Medicare Access and CHIP Reauthorization Act) was put in place, requiring seniors to first invest in part of the healthcare as a way to reduce unnecessary outpatient services. This model is called ‘first-dollar Medigap coverage.’
Out of all the Medigap policies, Plan F remains the most comprehensive and complete. Because of this, it’s often the most expensive premium. Insurance companies can set their own rates for Medigap Plans, but all plans must include the same standard benefits. In 2016, AHIP analysis records showed over half of all Medicare beneficiaries enrolled in Plan F.
However, with the new regulations phasing out F and C, the new Plan G is the best alternative. It will cover the same standard benefits of Plan F, except the $198 Part B deductible for 2020. While the best Medicare Supplement Plan F will continue to be available for older seniors, the rates may begin increasing quicker too.
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