What would you get if you were to sign up for Mutual of Omaha’s Medigap Plan F? This is an incredibly popular coverage plan, but you should know that it is not for everyone.
We would like to show you what it is offering, but at the same time, we also want to help you find out how you can determine the best plan for you. Plan F may or may not be the ideal pick for someone with your financial situation or health status. Read on to find out more.
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Medical Coverage under Plan F
Medigap Plan F is only available to those who were enrolled in Medicare prior to January 1st of 2020.
Medigap Plan F covers a lot of healthcare expenses- more than any other Supplement plan. In order to provide that kind of coverage, the insurance companies have to raise the rates for Plan F higher than they do for any other Supplement plan. You need to know that before you try to apply for this coverage plan.
Compare it to the others to see if it is really worth it.
To help you determine whether it is worthwhile, you can look over its list of coverage items. These are all the supplemental expenses that there are, so the other Supplement plans draw their coverage from this same list.
Plan F is the only one to cover all these items, though. The other plans shave off a bit of coverage here or a lot of coverage there to make up their own unique offerings.
Let’s look now at what Plan F has to offer:
- Coinsurance coverage for skilled nursing care
- Coinsurance coverage for Medicare Part A hospice services
- Copayments for Medicare Part A
- Copayments for Medicare Part B
- Excess charges for Medicare Part B
- Deductibles for Medicare Part A
- Deductibles for Medicare Part B
- Three pints of blood annually
- Travel exchange coverage for foreign medical emergencies (essentially for being airlifted or carried by ambulance for medical procedure or treatment outside of the United States)
With all these items, you have the substantial coverage plan of Medigap Plan F, but you also have to pay a hefty price for that coverage. As you can imagine, the most comprehensive plan is also the most expensive, and the rates can change based on which insurance company is selling the plan and where they are selling it.
Do You Need Plan F?
Look first at the kind of medical expenses you are paying for. Look at how much you pay and how many of these items are included in what Plan F is offering.
If you only see a few of them there, then Plan F probably isn’t right for you. It is a comprehensive coverage plan, and not everyone is going to find it beneficial for them.
While it may be hugely popular, it is simply too expensive and it covers too much to be a viable option for most people.
If you can comfortably pay your medical bills right now, then you may not need any additional coverage at all, but we suggest looking at some of the Supplement plans anyway, just to make sure that you don’t need one of them.
If you find that Mutual of Omaha Medicare Supplement Plan F is a good option for you, then we suggest looking at some of the other plans that share some similarities. In particular, we recommend Plan G and Plan N. These two plans both offer you lots of coverage, and they are both cheaper than Plan F.
With Plan G, you get nearly the full coverage package. It covers you for all the things that Plan F does, except for one item, and that would be the Medicare Part B deductible.
Everything else is covered. That single item of coverage is only going to cost you $183, so you may be better off just paying for it yourself. It can often be cheaper to go with Plan G and pay for what it does not cover than to pay the extra for Plan F every month.
You should also compare these plans to Plan N. It’s a coverage plan that takes care of most of the things on the comprehensive list above. There are just a few items it won’t cover they are the same Part B deductible, the Part B excess charges, and minor copayments of $20 and $50 for most hospital visits.
You may want to compare a few other Medigap plans as well. There are seven more to pick from, and we just showed you some of the higher coverage ones. We suggest looking at a few of them to see how they apply to you, especially if you are not paying much for your medical care right now.
How You Can Get Plan F
So, you have looked at what Plan F has to offer, and if you think you might be interested in it, then you should know what it takes to sign up for this plan. It’s really easy to become eligible.
You simply need to be 65 or older and have a Medicare coverage plan. That medical plan is required for any Supplement plans since the Supplement plans are specifically designed to fill in gaps left by the Medicare plan.
The age 65 requirement is one you can bypass if you have a disability or if you suffer from end-stage renal disease. These conditions can qualify you for Medicare before you turn 65, so if they do apply to you, then you should talk to your insurance agent or a Medicare agent about early eligibility.
Compare Medicare Plan G vs Plan F – Save with Plan G!
In order to actually get Plan F, though, you will need to go to the website or office of the insurance company you are planning to buy the plan from.
You may not know which company to buy from yet, and that’s okay. You can always compare their rates by visiting a price comparison website online.
Once you know the company you want to use, though, you will need to fill out an application form with them directly. You can do that on their website if you like, and it should not take more than a few minutes.
Once you have finished filling out the short form, just submit it and wait for an answer. If you applied within six months of turning 65, then you are guaranteed to be approved for whatever plan you chose.
You also get great rates on the plan, and your preexisting medical conditions cannot be factored into the cost. This is the period known as Open Enrollment, and it is when every senior who wants Mutual of Omaha Medigap Plan F, or any Medigap plan, should be enrolling.