Plan F from Medicare is one of the more popular Medicare supplements. There are ten of those supplemental plans, and not all of them are going to be a good choice for every senior. In fact, most seniors can only save a lot of money with one or two of those plans, and Plan F may or may not be the right choice. We want to look at Medicare Plan F in 2019 and see what it is offering so that you can tell whether it might be a good choice for you.
You do have a ton of choices for medical coverage from various insurance plans, and we want to make sure that you pick the right one. We don’t want you to regret your decision in few months down the road, so we will go into detail as to what Plan F is offering. Then you can decide if it holds up as the kind of plan that would be a good fit for you or if there might be something better out there that you need to go with.
Pan F’s Coverage
Let’s start with the kind of medical expenses that Plan F would cover. Now, Medicare Supplement Plans F is what is known as a full coverage plan. That means that it covers every last one of the Medicare supplemental expenses. Other Medicare Supplements cover a few of these items or even most of them, but none of the others cover all the items we are going to list for you here.
Here is Plan F’s coverage:
- Medicare Part A coinsurance
- Medicare Part B coinsurance
- Skilled nursing care coinsurance
- Hospice care coinsurance
- Medicare Part B excess charges
- Three pints of blood every year
- Emergency medical transport for foreign care
- Medicare Part A deductible
- Medicare Part B deductible
Now, this plan covers some medical expense that few other plans do. That would be the Medicare Part B excess charges and the Part B deducible. These are either uncommon expenses or ones that don’t cost very much, so it makes sense that a lot of other Medicare Supplement plans won’t cover those items for you. However, some people will need those items covered. There are people who live in certain areas of the country or who have a lot of medical bills where these kinds of expenses would apply to them and might be more necessary for them.
You will have to look at your needs to determine if Plan F is a good choice for you. The coverage we listed, though, is not go into change anytime soon. This is the confirmed coverage for Plan F in 2019, and the only way it is going change is if Medicare decides to change it. Even then, the coverage that you sign up for during Open Enrollment will still be applicable to you when the year is over. You only experience a cover change once the term on your plan is up. Only then can coverage exchanges to this plan and others have any effect on you.
The insurance company that sells you the plan, be it Mutual of Omaha, AARP or something else, cannot change the coverage at all. They can set the prices and they can choose to offer certain Medicare plans (they have to offer plan F), but they cannot affect the coverage at all. That’s simply not in their power. If they are being permitted to sell Medicare Supplement plans like Plan F, then they have no control over the coverage. That is the way that Medicare set it up.
Is Plan F the Best Choice?
Plan F is not the only option you have, but it’s it the best one we can’t tell you that for sure, unfortunately. We don’t know what your medical needs or financial needs are. We can’t say that one plan is better for you than any other, because we don’t know you. You will have to talk to your insurance agent or your doctor to find out what kind of coverage might be a good idea for you.
Plan F is ideal for people who have the money to afford the coverage plan and who need a lot of medical expenses covered. So, look at what you are paying for medical care right now. Tally up the expenses you pay through the year and how those add up. Then see how that compares to Medicare Plan F’s costs. If you find that Medicare Supplement Plan F for 2019 is cheaper for you than what you are paying for medical care out of pocket right now, then you should probably go for it.
However, we want you to wait to sign up for Plan F until you look at a couple of plans that are very similar to it. That would be Plan G and Plan N. These two plans come with a lot of coverage and are almost the same as Plan F. The big difference, however, is in the prices. Those two plans tend to be much cheaper than Plan F, but of course, the price is dependent on what insurance company you choose. You may find that one company offers a great deal on Plan F while another charges you an arm and a leg for it, metaphorically speaking.
You can get a great deal Plan F, but you have to be willing to look into your options and compare prices from different insurance companies. Only then will you know if you are getting taken advantage of or if you are getting a good deal. It’s up to you and how much work you plan to put into this problems of paying too much for medical insurance plans. A lot of people do pay too much for their medical care, and we’ll show you how you can save money on Plan F.
How to Save Money on Plan F
There is no fixed price for Medicare Supplement Plan F, or for any of the other Supplement plans. That’s not something that Medicare regulates. It only regulates the coverage on these plans and not how much is being charged for them. That means that you could conceivably pay any price for these plans, and some rates will be excessively high while others will be generously low. It’s up to you to source the quotes and compare them.
You can do that by using a price comparison tool. These are easy to find online. You just search for price comparisons on Plan F or whichever plan you fancy and then input some bits of information about where you live. Then the price comparison service will give you a list of quotes from a few different insurance companies. They will tell you what those companies charge for the plan you are interested in.
You can take that information and compare the prices to find the best one. Keep in mind, however, that these comparison services will not list every available insurance company that sells Plan F for you. They only list a few, and they may sometimes be affiliated with one or more of them. Keep that in mind as you search for the best price.
Try to use a few different price comparison services to ensure that you get a wide range of quotes to pick from. Then, when you are sure you are getting a good idea of what the going rate is, you can choose the cheapest one and save yourself some money.
Plan F doesn’t change in any way just because you got a good deal on it. This plan is always a full coverage plan, so don’t worry about losing out on some coverage just because you got it for a low price. That’s the perks of doing your research and trying to find the best price on a given plan. If you do that, then your efforts will pay off and you will save money on healthcare.
Many seniors save hundreds of dollars each year on medical care just by choosing the right plan at the right price. You too can do that if you take the time and compare the plans and the providers. There are some incredible deals on medical insurance available to you, but you have to find them first.
If you are interested in Plan F, be cautious about going for the first good-looking rate you see. You need to give yourself enough time to properly compare the plan to other versions of the same plan. It’s possible that none of those other ones could be cheaper. Then, as you use that coverage throughout the year, pay attention to how the prices are changing. You may find that when the term on your current plan is up that there is a better price elsewhere. Keep your options open and try to find the best price you can at all times.
That can mean updating your Medicare Supplement Plan F 2019 coverage next year for something else. You may need to change to a different plan or a different provider, but be sure that you are saving as much money as possible on coverage. You don’t want to lose out and pay more than you have to, even for coverage that you really need.