Medicare Plan F – Complete Guide + Alternatives For 2024

CompareMedicarePlansPosted in Medicare last updated on December 4, 2023

Medicare Supplement Insurance Plan F has been an important coverage option for seniors and baby boomers alike.

While is It no longer available for purchase, it helps existing beneficiaries bridge the gap between Original Medicare and out-of-pocket costs, providing extra security against medical expenses that can add up quickly.

We will also answer some frequently asked questions about the insurance plan, including highly-rated alternatives, so that you can make an informed decision when selecting your supplemental health care coverage.

What Is Medicare Supplement (Medigap) Insurance?

Medicare Supplement (Medigap) insurance is a type of health insurance that helps cover costs not covered by Original Medicare. This includes things like copayments, deductibles, and coinsurance.

Medigap plans are offered by private companies and must be approved by the Centers for Medicare & Medicaid Services (CMS). When you have a Medigap plan, it will pay for some or all of your out-of-pocket expenses that aren’t covered under Original Medicare.

For example, if you go to the doctor and have to pay a $20 copayment, but your Medigap plan covers 100% of copayments up to $50 per visit, then your plan would cover the full cost of the visit.

It’s important to note that while Medigap plans can help with some out-of-pocket costs associated with Original Medicare coverage, they do not provide additional benefits such as vision or dental care.

Medigap Plans don’t replace original Medicare Part A or Part B coverage – they simply supplement it.

There are 12 different types of standardized Medigap policies available in most states.

Each letter represents a different level of coverage; Plan F offers the most comprehensive coverage while Plans K and L offer more limited coverage at lower premiums than other plans.

Compare each Medicare Supplement plan carefully before deciding on one so you can find one that best fits your needs and budget.

In addition to providing financial protection against certain medical expenses not covered by Original Medicare, many people choose Medigap because it gives them access to doctors who accept assignment from any insurer offering these policies in their area.

In other words, they won’t need preauthorization from their primary care physician every time they want treatment from another provider within network limits set by their policyholder agreement..

Finally, it is important to remember that while Medigap policies may provide additional financial protection in the event of an unexpected medical expense, they come at an extra cost beyond what you already pay for Part A and B premiums each month.

Having a Medigap policy can bring peace of mind knowing that you have extra coverage should something happen; however, it is important to consider the associated costs before making a decision.

Key Takeaway: Medigap plans are offered by private companies and can help cover costs not covered by Original Medicare, such as copayments, deductibles, and coinsurance.

Overview of Medicare Supplement Plan F

Medicare Supplement Plan F is a supplemental health insurance plan designed to help seniors and baby boomers pay for medical expenses not covered by Original Medicare.

It covers most of the out-of-pocket costs associated with Medicare Part A and Part B, including deductibles, coinsurance, copayments, and other services.

As of January 1, 2020, Plan F is no longer available to new Medicare enrollees. If you enrolled in Plan F before January 1, 2020, you can keep your plan.

This plan also provides coverage for certain preventive care services that are not typically covered under Original Medicare. Plan F offers several benefits that can help reduce healthcare costs.

First, it pays 100% of the cost of all inpatient hospital stays after you meet your deductible.

Second, it covers up to 80% of the cost of doctor visits or outpatient treatments after you meet your deductible.

Third, it helps cover any gaps in coverage left by Original Medicare such as foreign travel emergency care and skilled nursing facility coinsurance payments up to an additional 365 days beyond what is provided by Original Medicare alone.

Fourth, Plan F pays 100% of the cost for preventive care services like annual physicals or flu shots that are not typically covered under Original Medicare plans A & B.

Costs vary depending on where you live and whether you chose a high-deductible version or standard version when you enrolled in Plan F.

Generally speaking, premiums tend to be higher than those associated with other Medigap plans due to its comprehensive nature – covering almost all out-of-pocket expenses related to original Medicare Part A and B.

Key Takeaway: Medicare Supplement Plan F is no longer available for purchase as of January 1, 2020. Previous enrollees may keep Plan F.

Covered Services Under Plan F

Plan F is a Medicare Supplement insurance plan that covers 100% of the coinsurance costs for Medicare Part B services, such as doctor’s visits and outpatient care.

It also covers the first three pints of blood needed each year, as well as all hospitalization costs associated with Medicare Part A.

For example, if you need to visit your primary care physician for an annual checkup or have an x-ray taken at an imaging center, Plan F will cover 100% of the cost after you meet your deductible.

Further, it will cover any copayments associated with inpatient hospital stays or skilled nursing facility visits.

In addition to covering coinsurance costs and copayments related to medical services, Plan F also provides coverage for some preventative care services like vaccinations and screenings.

This means that if you are due for a mammogram or flu shot this year, Plan F can help pay for those expenses too.

Plan F also offers coverage for hospice care when medically necessary and approved by your doctor. This includes home health aides who provide assistance with activities like bathing and dressing when recommended by a physician or other healthcare provider.

Finally, Plan F can help pay for durable medical equipment (DME) such as wheelchairs and walkers when prescribed by a doctor as part of the treatment plan.

In most cases, these items must be purchased from suppliers that accept assignment from Medicare in order to receive full coverage under this policy type.

Cost of Plan F

Plan F is a popular Medicare Supplement plan that helps cover some of the out-of-pocket costs associated with Original Medicare. It’s important to understand what Plan F covers and how much it will cost you before making any decisions about your coverage.

The cost of Plan F varies depending on several factors, including the insurance company you choose, where you live, and other factors. Generally speaking, however, monthly premiums for Plan F in 2022 ranged from $240 – $363.

This amount can be higher or lower depending on which insurance company you use and where you live. In addition to your monthly premium for Plan F coverage, there may also be additional fees.

Finally, it is important to remember that even though Medigap policies are standardized across all states except Massachusetts, Minnesota and Wisconsin – meaning they must offer certain benefits regardless of who provides them – prices can still vary significantly between different providers offering similar policies.

This could be due to differences in administrative costs or other factors such as discounts offered by insurers for purchasing multiple types of coverage at once (like auto + home + life).

Therefore, it is advisable to compare quotes from multiple companies before deciding which one is right for you.

Key Takeaway: Plan F has been a popular Medicare Supplement plan that helps cover most of the out-of-pocket costs associated with Original Medicare. It is not available for purchase for new Medicare enrollees.

Alternatives To Medigap Plan F

Remember Medicare Supplement Plan F is no longer available for purchase. It was, by far, one of the most popular Medigap plans.

Only those who enrolled (or who were eligible to enroll) before January 1, 2020, may utilize Plan F.

For everyone else, there are other options to consider.

Purchase a different Medicare Supplement Plan

There are high-quality alternatives to Plan F.

While there are no specific replacements, there are a couple plans that feature similar benefits – namely, Medicare Plan G and Medicare Plan N.

Plan G is comprehensive and covers almost all of the gaps of Original Medicare, except the Medicare Part B deductible, which was $233 in 2022.

Plan N includes lower premiums than Plan G. It is also quite encompassing in its coverage, except that modest co-payments are required for most medical visits.

Evaluate Medicare Advantage

Medicare Advantage is an alternative to Original Medicare. You cannot be enrolled in both.

With Medicare Advantage, you purchase coverage through a private heath insurance company, and are typically required to seek medical care within the plan’s network (service area).

Medicare Advantage is becoming increasingly popular with its comprehensive features and affordable premiums.

Frequently Asked Questions About Plan F

Uncover commonly asked questions about Medicare Supplement Plan F and their important answers.

What is Medicare Supplement (Medigap) Insurance?

Medicare Supplement (also known as Medigap) insurance is a type of health insurance that helps cover the gaps in Original Medicare.

It can help pay for some or all of the out-of-pocket costs associated with Original Medicare, such as deductibles, coinsurance and copayments.

Medicare Supplement Plan F is one of 10 standardized plans offered by private insurers that supplement Original Medicare coverage.

All plans offer basic benefits like hospitalization and medical expenses but each plan may also include additional benefits like foreign travel, emergency care, or skilled nursing facility care.

Plan F offers the most comprehensive coverage available among all Medigap plans, covering all costs not covered by Original Medicare Parts A and B including Part A’s deductible and Part B’s excess charges.

However, Plan F is not available for purchase for new Medicare enrollees.

What is Medicare Supplement Plan F coverage?

It covers many out-of-pocket costs such as deductibles, coinsurance and copayments for hospitalization, doctor visits, lab tests and other medical services.

It also provides coverage for foreign travel emergency care up to 80% of approved charges. This plan is available to anyone enrolled in Medicare Part A and Part B who lives in the service area of an insurance company offering this plan.

The premiums vary by insurer but are generally more expensive than other Medigap plans due to its comprehensive coverage.

Is Medicare Plan F any good?

No longer available for purchase, Medicare Plan F is a popular supplement insurance plan that provides additional coverage for medical expenses not covered by Original Medicare.

It offers the most comprehensive coverage of all the Medicare Supplement plans, covering 100% of your out-of-pocket costs for Part A and B coinsurance, copayments, and deductibles.

The downside to this plan is that it has higher premiums than other plans due to its comprehensive coverage.

What are the covered services under Plan F?

Plan F covers 100% of the coinsurance for hospital stays up to an additional 365 days after you have used up your original 60 days under Part A.

It covers 100% of the cost for hospice care coinsurance or copayment.

100% of blood transfusions, 80% for durable medical equipment, 100% for preventative services such as annual physical exams, 50% for outpatient mental health services, and 80% for home health care services if needed.

What does “first dollar coverage” mean?

First dollar coverage means that once you meet any applicable deductibles required by either Part A or Part B, then Plan F pays its share first before anything else kicks in – meaning no additional out-of pocket expense on top what was already paid through original Medicare Parts A and B.

Are prescription drugs covered under Medicare Plan F?

No.

In fact, no Medigap plans offer prescription drug coverage. Prescription drug coverage is offered through Medicare Part D, only.

If you need help paying for medications under Part D, then you will need to purchase a separate stand-alone Part D plan from a private insurer or through Medicare Advantage (MA).

Part D is optional in Original Medicare and is typically included in Medicare Advantage.

How Can I Make Sure I’m Getting the Most Out of My Coverage?

To ensure you are getting the most out of your plan, it is important to stay informed about changes in benefits or policies related to Medigap plans.

Periodically check websites such as medicare.gov for updates regarding new regulations or laws affecting beneficiaries like yourself.

Additionally, take advantage of any free resources available through programs such as SHIP (State Health Insurance Assistance Program), which provides one-on-one counseling sessions designed specifically for seniors who need help understanding their health insurance options better.

If you have questions or concerns, do not hesitate to reach out directly – your insurer should be willing answer them quickly and accurately so that you can make confident decisions regarding your healthcare needs moving forward.

Key Takeaway: Medicare Supplement Plan F was one the most comprehensive Medigap plan available, covering all costs not covered by Original Medicare Parts A and B. Consider comparable Medicare Supplement Plans, like Medicare Plan N or Plan G.

Next Steps

Once you have decided to enroll in a Medicare Supplement plan, there are several steps that need to be taken.

First, it is important to understand the open enrollment period for Medigap plans.

Open enrollment lasts from October 15 – December 7 of each year. Your new coverage will begin on January 1.

In addition to understanding when your open enrollment period starts and ends, it is also important to know what other requirements must be met before signing up for a Medigap policy.

Most states require applicants over age 65 – who do not have employer-sponsored coverage or Medicaid benefits from another state – apply through their local Social Security office or online via the federal government’s website at www.medicare.gov/supplemental-insurance/.

Note – work with an independent Medicare agent. There are too many plans and features to wade through to go it alone. You will want an expert sitting on the same side of the table as you, so-to-speak.

It is also necessary that applicants provide proof of U.S citizenship as well as valid identification such as a driver’s license or passport number – before being approved for coverage under any Medicare supplement plan option available in their area of residence (this may vary by state).

Again, an independent agent will also be able to answer any questions about specific plans offered in your area and assist you with finding one that best fits your needs while staying within budget constraints if applicable, making them a valuable resource throughout this process.

Key Takeaway: It is important to understand the open enrollment period for Medigap plans, as well as any other requirements that must be met before signing up. Working with an independent agent will help you navigate the complexities of enrolling into a Medicare Supplement Plan.

Are you looking for a Medicare Supplement Insurance Plan that fits your needs and budget? Look no further. CompareMedicarePlans is here to help you find the best plan for you. With our easy-to-use comparison tool, you can quickly compare plans from different providers and get the coverage that’s right for you.