Plan F can provide you with some powerful coverage for your healthcare expenses. Compared to the other Supplement plans, it stands above all, offering you the most possible coverage. We are going to look at Medicare Supplement Plan F and what it can do for you and your healthcare costs.
This is the plan seniors choose when they want absolutely all the medical coverage they can get. They pair it with Medicare’s basic plan to get some extensive coverage. However, it can’t be paired with Medicare Advantage or many union and employer medical coverage plans. If you have Medicare Part D, though, then you can still sign up for Medigap Plan F.
Who Is Medicare Supplement Plan F for?
This is not the kind of coverage plan that you would want to sign up for unless you specifically need what it has to offer. It’s not a one-size-fits-all type of plan by any means, because it covers you for so much and often costs quite a bit. This plan is a serious investment and one you should be taking time to consider. You not just want to jump into it because someone recommended it to you. Be careful about signing up for any Supplement plans after it is recommended to you. What works well for one person may not be a good choice for you.
Plan F is designed to offer seniors as much coverage as possible, but it only covers supplemental expenses. These are healthcare costs that are not covered under the basic Medicare plan but that many people pay commonly. Let’s look ta what those are.
If you have basic Medicare and its coverage, then you are covered for Medicare Part A and Medicare Part B. These cover the most common medical procedures, tests and professional care. What Medicare will not cover for you are the copayments and the deductibles, but Plan F will cover all that for you. It covers all of the copayments and the deductibles for Medicare Part A and Part B, and few other plans cover all that for you.
This plan also covers the cost of Medicare Part B excess charges, which isn’t something you probably have to pay often, no matter what your situation is, but it can still be useful to have that kind of coverage.
Plan F can cover you as well for skilled nursing care coinsurance, with you pay every time you receive nursing services. Under Plan F, you would be complexly covered for all nursing care expenses.
Your blood use can be covered for up to three more pints each year than what you get with basic Medicare. That basic plan will provide some coverage for blood, and once that coverage has been used up, the Supplement plan will step up and cover you.
The final bit of coverage is for emergency medical transport outside the United States. You can be covered for as much as 80% for any transportation involving emergency medical services in foreign countries, but only if that is your best or only option.
Plan F, as you can see, is a robust plan it a lot of coverage to offer. You may not need all of this coverage, and you will have to examine what the plan offers and how it compares to your own needs to make that decision.
How You Get Plan F
To sign up for this plan, you simply need to go to the website of the insurance company you want to buy it from. There are lots of insurance companies selling this Supplement plan, plus many others, and you need to compare them to find the best price for this plan or whatever other Supplement plan you want to go with.
Medicare Supplement Plan F stays the same no matter where you want to buy it from and no matter how much you pay for it. It still offers the same coverage we listed above, and only Medicare gets to change that. If it is going to change the coverage on this plan or any other Supplement plan, then all Medicare subscribers will be notified about those changes long before they go into effect.
You just need to fill out the application form for Plan F and then wait for approval. In order to be approved, you usually just need to be 65 or older (or meet certain medical requirements that allow you to be eligible earlier), and you need to have basic Medicare coverage. You have to have that basic plan in order to qualify for a Supplement plan, since the Supplement plan won’t work without it.
Before you sign up for Plan F, though, you should compare the cost of this plan to other plans and the cost of different Plan F’s. Each insurance company has their own rates set, and those rates can change every now and then. It is in your best interests to get many quotes as you can for this plan and compare them to see which one is the best deal.
Comparing Medicare Supplement Plan F
Plan F is a full coverage plan, and if you think you could use most or all of the coverage it offers, then we recommend that you look at a few other plans that are very similar. One of them may be a better choice for you, and you should know the ones we are going to talk about all cover less than Plan F. You may want the convenience of full coverage provided by Plan F, but it could be cheaper to go with a lower coverage plan and pay out of your own finances for what it does not cover.
Plan G is one of the top Supplement plans right now. It covers you for so many medical expenses but doesn’t quite reach the heights of Plan F. It covers all the stuff we listed above for Plan F, except for the Medicare Part B deductible. You should know that this expense is only $183, and if you compare the prices on Plan F and Plan G, you may see that most of the time you will pay more for Plan F with its high monthly premiums that you would pay for Plan G and its premiums as well as paying for the deductible out of your own pockets.
A lot of seniors have been switching from Plan F to Plan G over the last few years as they start to realize the savings they can enjoy by giving up the full coverage plan. Plan F has quite a reputation and people love how it covers everything, but it isn’t the best plan for most people.
Plan N is another plan we want to discuss and that we think you should compare to Plan F. It covers you for some the items we listed above, and that makes it a high coverage plan. What it does not cover for you is the Part B deductible, some copayments you have to make for most trips to the hospital and the Part B excess charges. You should look through each of these expenses and see if they apply to you and if you really can afford to not have them covered.
Most seniors, once they do the comparison and look at the differences between the plans, choose Plan N as the most economical choice. It might not cover as much as the other two, but the low price and high coverage makes it appealing.
We suggest you look at these and some other coverage options before you sign up for Medicare Supplement Plan. You may just find that you have a better option that can save you money and still cover you for most of the things you want to be covered for.