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 Part 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. Or 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.
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, and 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.