Medicare Supplement Plan F is a type of supplemental insurance designed to cover gaps in coverage left by Original Medicare (Part A and Part B). It is offered by private health insurance companies and is designed to help cover the costs of out-of-pocket expenses such as deductibles, copayments, and coinsurance.
Medicare Supplement Plan F is a “first-dollar” or “complete coverage plan, meaning that it covers many out-of-pocket expenses that Original Medicare does not cover. Medigap plan F was one of the more popular Medigap plans sold. It covers 100% of the Part A deductible, the amount you pay before Medicare covers your hospital costs. It also covers 100% of the Medicare Part B deductible, copayments, and coinsurance. In addition, Medigap Plan F covers the following Medicare benefits:
- Skilled nursing facility coinsurance
- Hospice care coinsurance or copayment
- Blood transfusions (up to three pints)
- Part A and Part B excess charges
- Foreign travel emergency coverage
As you can see, Medigap Plan F doesn’t leave any coverage gaps. Medigap policies do not offer prescription drug coverage; you would need a separate prescription drug plan or Medicare Part D.
Average Monthly Premiums
The premium for a Medicare Supplement Plan F can vary depending on several factors, including your age, location, and the insurance company you choose. On average, the premium for a Plan F can range from $100 to $200 per month. However, we can shop around and compare prices from different Medicare Supplement insurance companies is essential to find the best deal.
Medigap Open Enrollment Period
The Medigap Open Enrollment Period is a six-month period that begins on the first day of the month in which you are both 65 years old and enrolled in Medicare Part B. During this time, you have guaranteed-issue rights, which means you cannot be denied coverage or charged a higher premium due to pre-existing conditions.
One of the critical features of a Medicare Supplement Plan F is that it is accepted by any provider who accepts Original Medicare. This means you can see any doctor or healthcare provider who accepts Medicare.
High Deductible Plan F
In addition to the standard Medicare Supplement Plan F, there is a high-deductible version of Plan F. This version of the plan has a higher annual deductible, but it typically has a lower premium. The high deductible Plan F covers the same comprehensive coverage as the standard Plan F. Still, you must pay the annual deductible before the plan begins covering your out-of-pocket expenses.
Select Plan F
Another variation of the Medicare Supplement Plan F is the Select Plan F. This plan is similar to the standard Plan F but has a limited provider network. This means you can only see healthcare providers who are Part of the Select Plan F network. The premiums for a Select Plan F are generally lower than those for a standard Plan F, but you may have to pay higher out-of-pocket costs if you see a provider not Part of the network.
Overall, Medicare Supplement Plan F is a comprehensive Medigap plan option that can help cover the gaps in coverage left by Original Medicare. It offers a wide range of benefits and is accepted by any provider who accepts Medicare. However, it is essential to carefully consider the premiums, deductibles, and provider networks of different Plan F options to find the best fit for your healthcare needs.
What is the Next Step
Brian Gruss is a Licensed Insurance Agent, has been specializing in the Medicare market since 2007, and is ready and willing to answer any questions you might have and find you the Medicare supplement plan that fits your specific needs. Give him a call or text today at 352-508-4221
Plan F Coverage FAQ
Does Medicare Plan F cover Durable Medical Equipment? Yes.
Does Medicare Plan F cover Part B Excess Charge? Plan G will pay for the excess charges if your provider doesn’t accept Medicare assignment.
Will Medicare Plan F cover my inpatient admission and hospital costs? Yes, Plan F will pay the benefit period Part A deductible and coinsurance and provide an additional 365 lifetime reserve days.
Will Medicare Plan F cover preventive care? Yes, all newer Medicare Supplement Insurance Plans cover preventative care.
Can I get a Medigap Plan F? Yes, if you age into Medicare before January 2020. If you currently have a plan F, you can get into a cheaper Plan F and qualify, or if your state has unique rules, like Washington State, you can be denied coverage.
Will Medicare Plan F pay the hospice care coinsurance and hospital costs? Yes
Does my Medigap Plan F include a gym membership? A gym membership is not a part of Medicare’s approved standardized benefits; however, some supplement plans offer additional coverage that isn’t a part of the insurance plans but as a perk (which can be canceled by the carrier at any time, as they aren’t a part of the benefits covered).