One of the favorite Medicare Plans of seniors is the Medigap Plan F. It has been one of the top plans for many years, right up there with Medicare Plan G. Medicare Plan F does not replace your Medicare Part B. After you enroll in both Part A and Part B, you are then eligible to sign up for Medicare Plan F. After you add a Medicare supplement plan (Plan F or Plan G) to Original Medicare it makes your benefits and coverages very robust. We here at Just Medigap feel like Medicare Plan F is the Cadillac of Medigap plans.
The main reason that people really like Medicare Plan F is that it pays for EVERYTHING that is not covered with your original Medicare Part A and Part B coverages. Filling in the gaps, including the hospital and outpatient deductible and the 20% that Medicare Part B does not cover, makes it a great plan for many individual financial situations. This means there should be no cost or co pays at the doctor’s office. You should not have to pay any additional fees beyond your premium for any of your medical or health needs.
Other great Medigap Plan F coverage benefits include:
- Medicare Part A Coinsurance & Hospital Costs – up to an additional 365 days after Medicare benefits are used up.
- Medicare Part B Coinsurance or Copayment
- The First 3 pints of Blood
- Part A Hospice Care Coinsurance or Copayment
- Skilled Nursing Facility Coinsurance
- Medicare Part A Deductible
- Medicare Part B Deductible
- Part B Excess Charges
- Foreign Travel Emergency (with plan limits)
First Dollar Medicare Coverage
Medicare Plan F policies are often called First Dollar Medicare coverage because after Medicare pays its share of your claims the plan pays the rest and you have no additional out of pocket expenses. Plan F will cover both your deductibles for your hospital (Part A) 1,316 for 2017 and your outpatient services (Part B) $183.00 for 2017. Also, Plan F will also pay for the 20% that typically is your Medicare cost sharing portion. No only that, but Plan F will cover the excess charges for Part B. Medicare allows some doctors to charge up to 15% of their fee as an approved excess charge, and Plan F will cover all of those fees for you. You may choose your own doctor with Plan F and there are hundreds of thousands of options. There is no requirement for a referral. Medigap Plan F allows you to see whatever specialist you would like to see at any time without requesting a referral from your doctor or needing to wait for an approval. Medigap Plan F has an easy renewal process. Your plan cannot be cancelled because of health issues or because of your claims.
The Cost of Medicare Plan F
Cost for the Medicare Plan F can vary because of your location, gender or tobacco status. It is important to get an individualized quote for your personal location and situation. We often see premiums ranging from $120-$200. Typically a male will have a slightly higher premium than a female with similar geographic and tobacco status. Sometimes people feel like they are paying a Cadillac price for the “Cadillac” of Medigap plans and that can be true. But it can also be true that the cost of Plan F is still an amazing savings over potential out of pocket costs – this is why it’s important to evaluate your own situation.
Often, people who have had Medicare Plan F are very hesitant to change carrier companies because the benefits are so good. There is nothing to fear though, because the benefits for Plan F with any carrier are exactly the same. The main differences between carriers are their ratings and their premium costs. Since the coverage remains the same, it means you should shop and compare the prices of different carrier companies each year. Changing insurance companies can often require answering health questions from the new Medigap Supplement F carrier, so make sure to work with a reputable agency to discuss your options depending on your individual location and companies available.
I heard Medicare Plan F is going away – what is the scoop?
That is true, Medicare will begin phasing out this plan in 2020 for new enrollees. If you have Plan F before 2020 you will be able to keep it. Also, if you have coverage through your employer, but qualify for Medicare before 2020 you will have the option to enroll in a Medigap Plan F after 2020. We have a more in depth article about the phasing out of Plan F here on our website, please read it and let us know about any questions you may have. We hope you won’t be worried about the upcoming changes or let it deter you from enrolling in a Plan F. We believe it is important to enroll in the plans that work best for your current financial situation. This is why we would recommend you get quotes for several plans and discuss your options. We often find that people are on the wrong plan for their health and financial needs because they did not compare all of the Plan options with a knowledgeable agent.
Peace of Mind
Medicare Supplement Plan F is a comprehensive plan that gives peace of mind. Many people enjoy having the peace of mind about their medical costs when they are experiencing health issues or even a health crisis. You might be surprised at the affordability of these plans in your area. We here at Just Medigap would be happy to run a free quote for you. Here at Just Medigap, we offer plans from the many carriers with the highest ratings and reviews. There are lots of options for Medicare Plans and we are happy to help you sort through your options and find something that fits your personal and financial needs. We enjoy teaching people about Medicare and the different options they have. Plan F is an easy plan to learn about and a great starting point for learning about your choices. Need help decoding Medicare? Give us a call, we would love to help you. 352-508-4221