If you want a lot of coverage from your medical insurance plan, then you need to compare Medicare Supplement Plan F. This full coverage plan takes care of all the supplemental medical expenses, and that allows you to not have to worry so much about what kind of healthcare costs you have to pay out of your own pockets.
Plan F is designed for people with a lot of healthcare needs, and it isn’t the kind of plan we would recommend to just anyone. In fact, before you sign up for it, we suggest you look at some of your other options, since many seniors find other plans to be better fits for them. Plan F may have been the most popular Supplement plan for a long time, but that has changed over the past few years, as seniors find better options that save them money and still cover them fairly well.
We are going to look closely at Plan F and what it covers, but we also want to look at some of the other plans that are similar to it and that may be better fits for you.
What Plan F Has to Offer
So, why should you choose Plan F over the other plans or why is it even worth your time? We want to show you how this plan will cover you for your healthcare expenses- the very costs you pay out of pocket each month or each year for medical care. Those costs could be astronomically high for some people, and those who are just entering senior status may be worried about their health deteriorating over the next few years. It’s understandable that they would want as much coverage as possible so that they can get their medical bills under control.
That’s exactly what Plan F provides. It gives the subscriber as much coverages as they can get from a supplemental coverage plan. Let’s look at exactly what this plan will cover for you.
It covers big expenses you pay often, such as the copayments for Medicare Part A and Medicare Part B. These are expenses you would normally pay each time you receive those related services.
It also covers you for the Medicare Part A and Part B deductibles. These are annual expenses, and while the Part B one is only $183, the Part A one can cost you over $1,000. This coverage can make a huge difference on someone’s finances.
Plan F also provides coverage for Medicare Part B excess charges. That’s something you only pay when you go to a doctor or hospital and receive Part B services, but the medical facility doesn’t fully accept what Medicare is offering. So, for most people this is not a common expense, and it may be something they never have to pay in their life, but you should look at your own situation and see if this kind of coverage may apply to you.
By Comparing Medicare Supplement Plan F it also covers you for nursing care coinsurance, which takes care of the cost of the copayment for each time you receive nursing care services.
It can also cover your foreign travel exchange expenses. These are accrued each time you receive emergency medical transport outside the United States. Not everyone would have to experience that expense, but it can be helpful for those who travel every now and then and for those who live close to another country’s border.
Plan F also covers the cost of blood, taking care of three pints of blood each year, on top of what you get covered for by Medicare’s basic plan.
This powerful coverage makes Plan F the highest coverage plans available, but with all that coverage comes a high price tag as well. We urge everyone who is considering Plan F to consider some alternatives as well.
Comparing the Alternatives to Plan F
Before you get too heavily invested in Medicare Supplement Plan F, we want you to take some time to look at a few plans that many seniors sign up for each year after carefully considering Plan F as an option. These plans are both similar to Plan F in a lot of ways, and they cover a lot of the same ground.
Plan G is the closest in coverage to Plan F. It covers all the stuff we listed earlier for Plan F except for one item. That item is the Medicare Part B deductible, which you only bay $183 for. You might be okay to pay that expense on your own and save money on monthly insurance premiums by going with Plan G instead of Plan F. A lot of seniors have come to that same conclusion, and that’s why Plan F is no longer the top ranked Supplement plan. People just started to realize that Plan G was the better deal, for the majority of seniors. There are some who could still benefit from Plan F and its total coverage, especially if they found it at a decent price.
Plan N is another Supplement plan worth considering. It covers all sorts of medical expenses for you, including a lot of what Plan F and Plan G covers. Rather than tell you what it covers, let’s look at what it does not cover. You can use the list above for Plan F coverage as a refences for what total coverage include. Now, Plan G does not have total coverage. Instead, it asks for you to pay the Part B excess charges, the Part B deductible and the occasional small copayment when you visit the doctor’s office or the emergency room.
These two plans- Plan G and Plan N- make great alternatives to the extensive coverage and high price of Plan F. They both cost less and cover a bit less, and they provide excellent value. They don’t bother with some of the smaller and less essential items of coverage that Plan F provides, and if you do a comparison of how much they charge, plus the cost of what they don’t cover, to the cost of Plan F, you will usually find that either of these plans is going to be cheaper for you in the long run than Plan F is.
How to Get Plan F
If you are interested at all in signing up for Plan or any other Supplement plan, then you need to know what the signup process is like and what you have to do to meet the eligibility requirements.
Signing up is simple. You simply go to the website for the insurance companies that are selling the plan you want. There are lots of companies selling that same plan with the same coverage. These companies cannot change the coverage or make alteration to the plans in any way. They can see prices and decide which of the dozen or so plans they want to sell, but that’s about it. You could visit the website or office for any given insurance company, and as long as they are selling the plan you want, you can apply through them for it.
You will need to meet the eligibility requirements, though, if you want to be approved. That means that you need to have a basic Medicare plan. The Supplement plan cannot provide coverage without it, since Supplement plans fill in gaps left by the basic Medicare plan. So, Medicare will not allow you to only sign up for the Supplement plan. You also cannot sign up for a Medicare Part C (Medicare Advantage) plan at the same time, since it would overlap. Other plans that overlap will not be accepted either, and you need to be aware of that as you try to decide on the right plan. When you compare Medicare Supplement Plan F you could learn that’s it’s perfect for you, but you will need to take time to compare it to your other options and plan letters and costs to be sure.