Is Medicare Part F the best Medigap plan?
Have you spoken to a friend, family member, or neighbor about Medicare Part F?
First things first. When it comes to Medicare Supplements, there is no Part F. It’s actually Medicare Supplement Plan F.
Confusing right? When it comes to confusing folks, Medicare is right there at the top.
I’m going to break down Medicare Supplement Plan F in basic terms and make this as simple as possible.
Medicare Supplement plans are also called Medigap plans. These terms are interchangeable, but often confuse people when shopping for coverage. Just remember that Medigap is the same exact thing as Medicare Supplements.
Of all the Medicare Supplement plans available, Medicare Plan F is the most comprehensive as well as the most popular. Just like other insurances you should know what you are getting. Let’s look at the most common questions about it.
What does it cover?
Medigap Plan F covers all gaps which are left by your Medicare A and B coverage. If your doctor or hospital visit has a Medicare approved charge, your Plan F will cover the rest. You will not see a bill. You will only pay your Plan F premium and nothing more. No copays, no deductibles, and no coinsurance.
Medicare plan F benefits in sixty seconds
Medicare has some basic benefits which include:
· Hospitalization that pays your Part A coinsurance as well as coverage for 365 additional days after the end of the Medicare benefits.
· Medical expenses – pays the Part B coinsurance- this is typically 20% of Medicare approved expenses or the copayments for your outpatient services.
· Blood – pays for your first 3 pints of blood every year.
· Hospice care – pays the Part A coinsurance.
In addition to these basic benefits, plan F also gives coverage for:
· Care with a skilled nursing facility
· The Medicare Part A deductible for your hospitalization
· Medicare Part B deductible for hospital and outpatient costs
· The excess charges for Medicare Part B –the difference between the amount Medicare will pay up and what a provider or doctor charges
· When traveling abroad, it will provide medical emergency assistance
What does it not cover?
Medicare Supplement Plan F does not cover your Part B premium coverage; it is the only cost which it doesn’t cover for Part A and B. The Part B premium is typically taken out of your Social Security on a monthly basis.
What does the plan cost?
This depends on several factors. The simple answer to this question is to get several quotes from an independent agent like me (shameless plug). Rates vary based on age, where you live, and if you use tobacco.
If you are almost 65 years, then you get the lowest price as you have an opportunity to receive a Medicare supplement during your open enrollment window within six months after you reach 65 years and you are enrolled in Medicare Part B. During this time, there is no medical underwriting and you can’t be rejected for a plan.
Are there other cheaper plans?
Of all the Medicare plans available, Plan G often has the best value. However, it will not offer you as much coverage as Plan F; Medicare Plan F is the most comprehensive Medicare plan available.
You need to make a decision on the best Medicare plan based on your needs and the amount of risk you are willing to take. With a comprehensive plan such as Medicare supplement Plan F, you are likely to pay more each month but there are no other costs afterward.
With other plans, you pay less each month, but you have to pay extra costs when you require health services.
Hopefully, you feel a bit more comfortable with how Medicare Plan F (Not Medicare Part F) works.
If you have any questions, please don’t hesitate to call me (1-888-411-1329).
I look forward to speaking with you.