What is Medicare Supplement Plan F?

Medicare Supplement Insurance Plan F provides the most comprehensive benefits of all the 10 standardized Medigap plans sold by private insurance carriers. However, if you’re a new enrollee, Medicare Supplement Plan F, just like Plan C, is no longer available as of January 1, 2020. On the other hand, if you had enrolled in Plan F prior to January 1, 2020, you get to keep your coverage.

Because this policy covers most of the gaps in Original Medicare (Parts A & B), many consumers decide to pay the additional cost of premium associated with the plan to avoid paying out-of-pocket expenses. Medicare Supplement Plan F can be purchased from private health insurance carriers that offer standardized Medigap policies. The key difference between policies sold by those carriers is the premium costs associated with the plan. Although some companies choose to offer extra benefits, the basic benefits must be uniform across all companies according to federal laws. For example, Medigap Plan F sold by Insurance Carrier X in Texas offers the same benefits as Plan F sold by Insurance Carrier Y in Florida. The only difference between both could be the premium cost.

To know more general information about Medigap policies, what they cover, deductibles, and coinsurance, click here

Medicare Supplement Plan F Eligibility
Before covering Medicare Supplement Plan F benefits, here are the general eligibility requirements for Part F:

– You are at least 65 years of age, a U.S. citizen or a legal resident for at least five consecutive years
– You are currently receiving retirement benefits

OR
– You are disabled and therefore receiving disability benefits
– You have End-Stage Renal Disease (ESRD)
– You have Lou Gehrig’s Disease (ALS)

What does Supplemental Medicare Plan F cover?

Medicare Supplement Plan F coverage offers:
– Coinsurance and hospital costs for Medicare Part A
– Deductible for Medicare Part A
– Coinsurance and co-pays for Medicare Part B
– Deductible for Medicare Part B
– Excess Charges for Medicare Part B
– The first three (3) pints of blood
– Part A hospice care coinsurance & copay with room & board
– Coinsurance for skilled nursing facilities
– Limited foreign travel emergency care

On the other hand, Medigap Plan F will not cover non-Medicare approved services. These uncovered services are:

– Routine vision care
– Routine dental care
– Hearing aids and routine hearing tests
– Cosmetic surgery
– Acupuncture
– Prescription drugs

Some consumers find that prescription drugs are the most important of the coverage gaps, in which case, you should consider Medicare Part D for prescription drug coverage. Medicare Plan F does cover injections and drugs given in a clinical setting but not other prescriptions.

How much does Medicare Supplement Plan F cost?

Every year, the government establishes costs associated with Medicare. This includes premiums, deductibles, as well as out-of-pocket costs. While the exact premium amount may vary from one insurance carrier to another; Medigap Plan F comes at a high premium, since it also is the most comprehensive policy in terms of overall gap coverage.

Medicare Supplement Plan F Deductible 2020

There is a less expensive alternative to this comprehensive policy, where the policyholder must meet a higher deductible. A high deductible Plan F policy means policyholders must pay out-of-pocket costs for the first $2,340 in 2020 before the policy starts covering their out-of-pocket expenses.

Medicare Supplement Plan F 2020 updates

Is Medicare Supplement Plan F Going Away? The answer to this question depends on your status. If you were eligible and had Plan F before January 2020, you can still retain your policy, however, if you’re a new enrollee, you won’t be allowed to buy this comprehensive policy. You might as well consider a similar plan like Plan G as your next option.

Is Plan G better than Plan F?

Medigap Plan F and Plan G are closely similar with an exception. Although Plan G is not better than Plan F, it does provide for the same gap coverage across the board, with the exception of the Medicare Part B deductible. To compare plans before you make a choice, click here