Medigap Plan F is the most comprehensive Medicare supplement you can buy in 2019. Also referred to as Medicare Supplement Plan F, it covers both Medicare deductibles and all copays and coinsurance, leaving you with nothing out of pocket.
This post has been updated for 2019.
Medicare supplement Plan F has also been the #1 seller with Baby Boomers for many years. According to a report from America’s Health Insurance professionals, about 57% of all Medigap policies in force were a premium Medicare Plan F policy. (In recent years, Plan G has been the second most popular Medicare supplement plan, and you can read more on that below.)
A Medigap plan, or Medicare Supplement, pays after Medicare to help cover your deductibles, copays, and coinsurance that you would otherwise be responsible for. Medigap plans do not replace your Medicare Part B. You must be enrolled in both Part A and Part B first, then you are eligible to enroll in Medicare supplement Plan F.
When you add a Medicare Supplement Plan F or G to your Original Medicare benefits, your coverage will be quite comprehensive. By definition, Medigap Plan F is the Medicare supplement policy with the most benefits.
(Sometimes people refer to Plan F as Medicare Part F or Medigap Part F, but correct terminology is Plan F. Just remember: only Medicare itself has Parts.)
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 is why we consider it one of the top Medicare supplement plans in 2019.
This means zero out-of-pocket for you at the doctor’s office.
So when you are asking which Medicare plan is best, it’s pretty easy to see why so many people think Plan F is the best Medicare supplement plan.
Check out these great Medicare Supplement Plan F benefits:
Medicare Supplement Plan F Coverage 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
- It 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 States
- 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 canceled due to health conditions or the number of claims you file.
As you can see, Medicare supplement Plan F coverage is thorough and buys you peace of mind. Many people also ask us: Are all Medicare Plan F the same? The answer is yes. No matter which insurance company you buy your policy from, the benefits are the same.
Medicare Plan F Pays your Deductibles AND Co-insurance
Here’s an example: if you have no supplement, you would owe a $1,384 deductible (Part A deductible in 2019) when you go to 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.
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 Medigap 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 Cost 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 supplemental 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 be for medications.
That means the cost of Medicare Supplement Plan F is really only the premiums that you pay for the plan itself. Medicare Supplement Plan F rates will vary by insurance company, but you can rest assured there is no back-end spending.
Medigap Plan F is a Winner
This makes it easy to see why this particular plan 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 health care treatments?
However, there are other Medicare supplements that provide great value as well, such as Plan G and Plan N.
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 – $140/month for a female turning 65, but it’s always important to get quotes for Medicare Plan F cost in your area.
With most carriers, the Medicare Plan F cost for males will be slightly higher than females. Tobacco users of course will often have a higher Medigap Plan F cost than non-tobacco users. There are also a number of companies who offer household discounts for their Medicare supplement policies.
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 comparing the Medicare Plan F cost between insurance companies annually and looking for the cheapest Medigap Plan F in your area.
An annual review of Medicare supplement Plan F rates in your area can save you a bundle over the years.
Changing Requires Underwriting in Most States
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 Supplement Plan F cost every single year. Our software can generic a quick Plan F rate comparison. We can compare this with other popular plans like G and N to see which has the best value.
We can review the health questions with you each year. 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 Medicare Plan is Best for You?
We often get questions about Plan F vs Plan G. We compare prices for both Plan F vs Plan G for nearly all new clients.
Quite often, we find that our clients can sometimes save $200 -$300 per year by looking at Plan G options. So what is the difference between Medigap Plan F and G and which is better?
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. We can also provide quotes for Medicare Plan N, which is the third most popular Medicare supplement plan.
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 2019.
You’ll easily learn which insurance carriers offer you the greatest long-term savings and benefits.
Common Questions about Medigap Plan F
What is the difference between Medicare Part F and Medicare Plan F?
Original Medicare itself has 4 Parts – A, B, C and D. That’s it. The correct term is Plan F but sometimes when people are new to Medicare, they use the wrong and call it Medicare Part F. An easy way to remember it would be that Medicare has parts and Medigap has plans.
What Does Medicare Plan F cover?
It covers all of your cost-sharing for Medicare Part A and B services.
Does Medicare Plan F cover prescription drugs?
All Medigap plans cover medications administered in the hospital or in a clinical setting. However, Medigap plans do not cover retail prescriptions. You will want to enroll in Part D to get your retail prescription drugs covered.
Does Medigap Plan F cover dental, vision and hearing benefits?
No Medigap plan covers routine dental, vision or hearing services either. However, there are many great standalone plans that you can enroll in to provide these benefits at a reasonable cost. Our agency offers one that lets you use your own providers and the benefits grow over time.
Does Medicare Plan F cover chiropractic?
Yes, Medicare covers 80% of adjustments, and Plan F pays the other 20%. Medicare does not cover other services provided by chiropractors though, such as x-rays.
What is the most popular Medicare supplement plan?
The best Medigap plans in 2019 are still Plan F and Plan G. While Plan F has long been the most popular, Plan G is gaining steam in 2019. Get a quote for both and see which ones offer you the best annual savings.
What are the top 10 Medicare supplement insurance companies in 2019?
This absolutely varies by region. Since Medicare supplement insurance plans are standardized, you don’t have to worry about benefits being different. This means you’ll want to scout out the Medicare gap plans with the lowest rates in your area. The best supplemental insurance rates will be different in each state, and your age, gender, tobacco usage and eligibility for household discount also affect your rate.
Give us a call for a free report listing the top 10 Medicare supplement insurance companies in your specific zip code.
Is Medicare Plan G better than Plan F?
No. Plan G covers less than Medicare supplemental Plan F. You pay your own Part B deductible. However, you get lower premiums for Plan G, and sometimes that makes it a better value. Be sure to compare the numbers. In my opinion, the best Medicare plan is the one that will cost you the least annual out-of-pocket spending and has the lowest rate increases in recent years.
Is Medicare Plan F going away?
Lots of people ask us about Medicare Plan F going away. Yes, in 2020, they will phase out Plan F. It will be no longer be available for new enrollees. Medicare beneficiaries who are already enrolled in it, though, will be able to keep it. Congress passed legislation that will no longer allow Medicare supplement policies to cover the Part B deductible for newly eligible Medicare beneficiaries on or after January 1, 2020.
So should you join Plan F before it gets discontinued? Or would it be better to enroll in Plan G since it will be around long-term?
There are agents out there who will try to switch you out of Plan F by using the coming 2020 changes as a scare tactic. Don’t let anyone panic you. You should enroll in the plan that makes the most financial sense for you. We advise you to get quotes for both plans, which is what we do for our clients here.
We often find that Plan G is actually a better value. The premiums you save annually on Plan G are often more than the Part B deductible that you pay out. If that’s the case, then we think that enrolling in Plan G makes sense.
Check out our blog post about this for more about why this plan is going away.
Our Review of Medicare Plan F Coverage
Medicare Supplement Plan F gets 5 stars from Boomer Benefits. It is the most comprehensive coverage you can buy. We also think that Medicare Supplement Plan F is one of the easiest plans to learn about. It’s pretty simple to remember that this is the plan that will never require you to pull your wallet out for a covered service.
That makes Medicare F an easy starting point for getting quotes. Ask for Plan G quotes as well and compare the value.
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.
Don’t forget that if you enroll in your Plan F insurance policy through Boomer Benefits, you get FREE support from our Client Service Team for life. If Medicare denies a claim, or your doctor mis-codes a bill or any other hiccup of any kind happens, you call us and we resolve it – at no charge. Help with Medicare plans has never been easier.
Give us a call and a friendly agent will help you with Medicare supplement insurance options today: 1-855-732-9055.