Medigap Plan F is the most popular Medicare supplement in the nation. It has been the #1 seller with Baby Boomers for many years. According to a 2012 report from America’s Health Insurance professionals, about 53% of the 10.2 million Medigap policies in force were a Medicare Plan F policy.
Plan F does not replace Part B. You must be enrolled in both Part A and Part B to enroll in Plan F. However, it provides the most comprehensive Medigap coverage that you can buy.
(Sometimes people refer to Plan F as Medicare Part F, but correct terminology is Plan F.)
Never Pay a Doctor Copay Again
The reason Medicare Plan F is so well-liked is that it will pay for ALL of the gaps in Original Medicare Part A and Part B, including both your hospital and outpatient deductible. It even pays the 20% that Medicare Part B does not cover.
This means zero out-of-pocket for you at the doctor’s office.
Pretty easy to see why so many people think its the best medicare supplement, right? Check out these great Plan F benefits:
Medicare Supplement Plan F is Comprehensive
Medicare Plan F policies are considered first-dollar coverage. After Medicare pays its share of your claims, Medigap Plan F pays the remainder. This leaves you with $0 out of pocket.
- Plan F fully covers both your Part A hospital deductible and your Part B outpatient deductible
- Plan F covers all of the 20% that Medicare Part B normally leaves for you to pay
- Medicare Plan F covers all Part B excess charges. You will never pay the standard 15% excess charges that doctors under Medicare are allowed to charge for Part B services
- Choose any doctor – from over 880,000 physicians in the United Sates
- No referrals required! Medigap plans allow you to see any Medicare specialist whenever you like. You are not required to get a referral from your primary care doctor.
- Guaranteed renewable. Your coverage can never be cancelled due to health conditions or the number of claims you file.
Medicare Plan F Pays your Deductibles AND Co-insurance
Here’s an example: if you have no supplement, you would owe an $1,316 deductible (Part A deductible) when you go in the hospital. You would also pay 20% of expensive procedures like surgery, because Part B only pays 80%.
If you had a Medigap F policy, though, all of these would be paid for by your insurance.
How much does Medicare F Cost? Well, Medicare Plan F rates vary among carriers. Our agency will help you compare more than just rates. We’ll give you rate increase histories and financial ratings of the insurance carriers offering Plan F in your area.
You might be surprised to learn that there are many solid insurance companies with good financial ratings that offer rates lower than the big brand-name carriers. Get a free quote for Plan F right here. Also, if you are still learning, and want to know more about all your Medigap options, such as Plan G and Plan N, you might consider registering for one of our FREE New to Medicare webinars.
Medigap F Example
Gracie applies for a Plan F Medigap and the insurance company approves her. The following year she sees an orthopedic specialist about problems with her knee. Medicare pays 80% of the cost of this visit to her specialist. Plan F covers the other 20% owed under Part B. Gracie owes nothing.
The specialist sends her to an imaging facility to have an MRI done on her knee. Medicare pays 80% of the cost of her MRI. Medicare F pays the other 20%. Gracie pays absolutely nothing.
The results of the MRI show serious problems. Her orthopedic specialist tells Gracie that she is a candidate for a total knee replacement. She undergoes surgery at her local hospital, and is in the hospital a couple of days. Gracie also has a home health care nurse come out to her home several times in the weeks following her surgery.
The total cost for Gracie’s surgery, hospital stay and follow-up care is $70,000. Medicare pays its share of the bills and sends the remainder of about $14,000 to Gracie’s Plan F insurance carrier. The carrier pays the entire bill, and Gracie owes absolutely nothing for any of these Part A and Part B services. Her only out of pocket spending would for medications. If she has a Part D plan, she will only incur a copays for pain medication under her Part D coverage.
This makes it easy to see why Medicare F has been a popular Medicare supplement for many years. Who wouldn’t want to have Medigap Plan F to provide the ultimate peace of mind when you are going through some healthcare treatments? Many people opt for the full coverage that Plan F can provide them.
However, there are other Medicare supplements that provide great value as well, such as Plan G.
How Much Does Medicare Plan F Cost?
Costs for Medicare Plan F vary by area, gender, zip code, and tobacco status. In many areas we find pricing around $120 – $150/month for a female turning, but it’s always important to get quotes for Medicare Part F cost in your area. With most carriers, the Medicare Plan F cost for males will be slightly higher than females.
We often run into individuals who have been on Plan F for several years. Because the coverage is so good, they find themselves fearful to change carriers. The good news is that benefits for Plan F with one Medigap company will be exactly the same as benefits with a Plan F from a different company. This means you should be compare the Medicare Plan F cost between insurance companies annually.
Changing usually requires answering health questions with the new Supplement F company. However, we find that about 75% of our clients pass the underwriting with no problem.
Be sure to work with an agency like ours that will shop your Medicare Part F cost annually. Our software can generic a quick Medicare supplement Plan F rate comparison. We can review the health questions with you each year, and if we find you can pass them, it’s likely we’ll be able to help you lower your rate every so often. Also, don’t forget to see our article “Ten Tips for Saving Money on Medigap” that appeared recently on Forbes. These are great considerations for keeping costs in check.
Plan F vs. Plan G – Which One is Right for You?
When shopping for a supplement, ask your agent to help compare prices with other Medigap plans that offer similar coverage. Quite often, we find that our clients can sometimes save $200 -$300 per year by looking at Plan G options. The coverage is very similar to Medicare supplement Plan F with one minor exception: The Part B deductible. On Plan G, you pay the once-annual Part B deductible yourself. However the premiums can be quite a bit cheaper, and you pocket the savings.
Plan G might help you keep more of your money in your own pocket instead of an insurance company’s coffers. We can demonstrate the savings for you – get quotes for Plan F vs Plan G today.
Our agency works with about 30 carriers in every state. These include Mutual of Omaha Medicare Supplements, Aetna Medicare Supplements and Cigna Medicare Supplements. All three of these carriers have competitive Plan G rates in 2017.
You’ll learn which insurance carriers offer you the greatest long-term savings and benefits!
Conclusion about Medicare Plan F
We think that Medicare supplement Plan F is one of the easiest plans to learn about. It’s pretty easy to remember that this is the plan that will give you the most comprehensive coverage. That makes Medicare F an easy starting point for getting quotes.
Finally, if you are new to Medicare, don’t miss our post on the 4 simple steps for new Medicare beneficiaries. Once you’ve got a basic idea of how Original Medicare works, it will be easier to learn about Medigap Plan options for yourself. Need help figuring out all this crazy Medicare stuff? Give us a call and a friendly agent will help you today.
If you are following our Medicare learning track, you know have a good working knowledge about Medigap. Go next to: What Is Medicare Advantage? to continue learning all about your Medicare insurance options.
Post- note: Because Medicare terms use the words Parts and Plans, you will often hear people refer to Plan F as Part F, or Medicare Part F. Most agents will know what you mean when you ask about Part F, but here’s an easy way to remember the right words. Medicare itself has Parts and there are only 4 parts – A, B, C and D. No Part F!
All Supplement insurances, on the other hand, are called Plans. So instead of calling it Medicare Part F, say Medigap Plan F, and you’ll be right on track. 🙂