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.
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.
Check out these great Plan F benefits:
Medicare Plan F provides comprehensive benefits
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
- 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.
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.
Medigap F example
Gracie applies for a Plan F Medigap and is approved. A few months later she sees an orthopedic specialist about problems with her knee. She learns that she is a candidate for a total knee replacement. She undergoes surgery at her local hospital, and is in the hospital a couple days. Grace 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 except for a small copay for a generic pain medication under her Part D drug card.
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 supplements 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. It also helps you to 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 both Plan F and G today to see which insurance carriers offer you the greatest long-term savings and benefits!
Finally, if you are new to Medicare, don’t miss our post on the 4 simple steps for new Medicare beneficiaries.
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.