Best Medicare Supplement Plan F Rates, Benefits & Coverage
There are 10 Medigap plans available in most states. How do you go about choosing which one is right for you?
Never fear. We are here to help guide you through this process. Let’s talk about the best Medicare Supplement plan F, one of the most popular plans.
Medicare Plan F is chosen by more than half (52 percent) of seniors in the United States. By comparison, only about 12 percent will pick Plan G, which is the second-most popular Medigap plan. Plan N only has 12 percent of the total enrollment. Enrollment percentage for Plan A and Plan C were not available at the time this article was written.
So, why do so many seniors in the United States choose Medigap Plan F for their Medicare supplement policy? In short, its the most comprehensive plan available today. This plan covers all the things that other plans cover, but goes a step further to reduce your out-of-pocket costs. Below, we will break down everything you need to know about Medicare Supplement Plan F rates and benefits.
Best Medicare Supplement Plan F Benefits:
Enhancing your standard Medicare coverage with Medicare Supplement Plan F allows you to have peace of mind, and isnt that what insurance should do? Medigap Plan F also increases the reach of your Medicare policy. Some gaps in the Federal Medicare Program that Medicare Supplement Plan F helps rectify are:
- Lack of a yearly out-of-pocket expense limitation
- Cost-sharing for most Medicare Parts A and B services
- Limits on coverage concerning benefit-period and lifetime hospital days
- Excess charges that occur as a result of healthcare prices that exceed that which is covered
- Limited coverage in health facilities in other countries
- Medigap Plan F DOES NOT cover Prescription Drug
- Foreign Travel Emergency coverage
- Medicare Part B Deductible
How Does Medicare Supplemental Plan F Work With Part A?
After you have reached your Medicare Part A deductible ($198 in 2020), it will cover some costs associated with a hospital stay, this plan has some clear limitations that we need to address. There’s a stark contrast between having a supplement plan in addition to Original Medicare Part A, and not having one. Without a supplement plan, beneficiaries could be stuck paying medical bills with a price tag that can grow to five figures or more. You don’t want to leave your family members with that tremendous financial burden.
One of the main reasons Medicare Supplement Plan F is so popular, despite its higher monthly premium, is because it can help decrease the costs associated with those high medical bills that aren’t covered by Medicare Part A.
Overview of Medicare Supplement Plan F Benefits:
- Hospital coinsurance
- Additional 365 insured days in the hospital after you reach the standard plans limit
- Hospice Care and skilled nursing coinsurance
- Covers 100 percent of the annual deductible
- Covers costs for the first three pints of blood, in the event of an injury
- Urgent and emergency inpatient care in other countries, if you happen to enjoy foreign travel.
After you’ve been to the hospital or received care from a skilled nursing facility, the last thing you or your family should be worrying about is the stack of medical bills flooding into your mailbox because you didn’t have the right Medicare benefits. Medicare Supplement Plan F can eliminate Medicare beneficiaries concerns when it comes to dealing with the price of enormous medical bills and give you the peace of mind you need at such a difficult time. Also, consider High Deductible plan F that has lower premiums but still covers major medical expenses and Medicare costs.
Medicare Supplemental Plan F Covers Part B Coinsurance
It goes without saying that inpatient hospital stays can become quite costly, but many people don’t consider the expenses that come with outpatient costs. Over time, those costs for basic benefits can add up to be just as big a hassle for patients and their families. Individuals who manage chronic diseases generally have to pay numerous visits to outpatient clinical or therapeutic locations. Many cancer patients, for instance, must go to outpatient clinics to receive chemotherapy treatments, with each visit costing an astronomical premium somewhere in the tens of thousands of dollars, thats why a Medigap policy is so important to have because Medicare pays limited amounts.
Deciding to purchase the cheapest supplement plan with the most comprehensive coverage can defray these costs and make what can be a long road to recovery a little less rocky.
Medicare Supplement Plan F Benefits Relating to Part B:
- Covers 100% of your annual Part B deductible
- Covers charges over Medicare-allowed guidelines
- Helps with urgent care in foreign countries
- Covers the cost of copays and coinsurance for office visits, outpatient hospital, outpatient imaging, etc
With Medicare Supplement Plan F, you won’t have to make the potentially dangerous choice to put off getting a check-up or lab work because you’re worried about the expense. Youll also is given the freedom of a liquid network, which means that you can choose your doctor, basing your choice on factors such as their reviews, experience, and proximity to your residence. This is preferable to basing your decision upon how much they will charge you for a visit.
When facing health problems, you dont usually have a lot of choices, so being able to consult a physician you trust is a breath of fresh air and a sigh of relief.
Does Medicare Plan F Have Provider Networks?
- You can seek treatment from any doctor in the United States that accepts standard Medicare
- You won’t be required to get a referral for your doctor visits
- Youll have the freedom of a no provider network
- You can change doctors at anytime
- You have access to any hospital or healthcare facility that accepts standard Medicare
Who Should Buy Medicare Supplement Plan F?
- People who manage and live with a chronic medical condition. These individuals should enroll in the most robust Medicare Supplement plan that they can find to help them save money in the long run.
- People who plan to travel around the United States, cross the border into other countries, or fly or cruise to international destinations may enjoy knowing that they have a policy that will allow them access to urgent care at hospitals in other countries.
- People who want to avoid seeing their plans change year after year
- Individuals who want to budget for the overall cost of a plan, rather than navigate the variable costs of healthcare.
When Should You Buy Medicare Plan F?
In short, you should buy Medicare Plan F when you have an election period.
The best time to apply for Plan F benefits is during your Initial Election Period, which is the time immediately after you qualify for Medicare Part A and Part B. When you do this, not only will you not have to answer questions about your health, you also won’t have to worry about whether or not you are accepted. There are other times when you may be offered a Special Election Period. These happen when you lose job-related coverage benefits or lose your plan through no fault of your own. One thing to keep in mind is that if you change your Plan F outside of your Initial Election Period, you will have to answer a series of health questions to qualify for eligibility. It’s best not to take the risk of being turned down for coverage. For a full list of Special Election options visit www.medicare.gov.
Examples of Medicare Supplement Plan F Rates
Now, we get to the most important part of our discussion. You’re probably wondering: How much will it actually cost for your Medicare Supplement Plan F rates?
To give you a better idea of what you could be paying, we’ve researched rates across the country and pulled a rate to give you an example. Please note that this is simply an example rate. We selected this Medicare Supplement Plan F rate from a major metropolitan area in one state, and it is not the cheapest, nor is it the most expensive. This rate isn’t guaranteed to match the Medicare Supplement Plan F rate that you will receive in your state, but it should provide you with a rough idea of how much you could be paying:
- Florida: $150 to $200 per month
Your Plan F rates will fluctuate based on the following factors:
- Where you live
- How old you are
- If you use tobacco products
- Your gender
- Your health (depending on when you enroll)
How to Find the Best Medicare Supplement Plan F Rates
If you apply for Medicare Supplement Plan F or any other Medicare supplement plan, we can help you with a comparison of competitive rates in your area. Most rate quotes vary by ZIP code or insurance company. Insurance companies can offer:
- Family discounts
- Membership discounts
- Various incentives
It’s a good idea to review an insurance company’s reviews for customer service, claims handling, or billing alternatives. By looking over these important details, it can help you make an educated decision on the best plan for you.
Top Medicare Supplement Insurance Plan F Companies
Choosing the best insurance company for your needs is essential if you want to ensure a high level of comfort with your plan and the most comprehensive coverage. While several insurance companies may be competing for business in your area, these are the Medicare Supplement insurance companies that we commonly suggest:
Each of these companies is considered a nationwide Medicare Supplement insurance company; however, they dont all market their Medigap plans in every state or city across the country. As we mentioned, rates and discounts may vary depending upon your personal health information and location, so we cant decisively say that one company will be a better provider for your Medicare supplement plan than the next. What we can do, though, is compare quotes, check local reviews, and look for membership perks and the cheapest premiums that offer you the best value for your money.
Compare Medicare Supplement Plan F Rates Online
This is a lot of seemingly complicated information to process, but understanding your insurance coverage will be key to saving yourself and your family money and grief down the line. Hopefully, we cleared up many of the questions or concerns you have about choosing the right Medicare Supplement plan F rates.
If you need additional information to aid in this important decision, you can use our online Medicare Supplement quote form to get started comparing monthly premiums for various plans. If you find yourself needing more guidance in choosing a plan, you’re in luck. We provide a toll-free phone service where you can talk to one of our licensed insurance agents about any of your concerns. They’ll review the details and plan options of different programs with you, and they can help you choose the right supplement plan for your needs.
We know that securing health insurance coverage can be a big source of stress at a difficult time in your life, and we want to do whatever possible to make this process run smoothly. We can even help you understand the difference between Plan F, Medicare Advantage plans and Part B Excess Charges.
What is Not Covered by Medicare Supplement Plan F?
Even though Medicare Plan F is the most robust Medigap Policy available, it still has areas that it does not cover. As discussed, a Medicare Supplement plan is simply filling in the coverage gaps for Original Medicare. It’s not adding benefits that Original Medicare does not offer. For instance, Original Medicare does not cover prescription medication. Therefore Plan F does not either. You will need to purchase a separate Medicare Part D Prescription Drug Plan. These can be purchased from insurance companies on a stand-alone basis.
Also, it’s important to understand the Medicare Supplement plans and Medicare Advantage plans are not the same thing. Medicare Advantage plans are considered replacement plans to Original Medicare and are referred to as Medicare Part C. These plans often include extra benefits like dental, hearing and vision, and also have a drug plan built into the benefits on many occasions. If you need help sorting through your options or understanding which path might be best for your situation, give us a call. One of our licensed Medicare Specialist would be glad to assist with the education process and can also help you apply for the plan of choice right over the phone.