Now we unveil the most popular of all the medicare supplemental insurance plans. Medigap Plan F has been the plan most purchased by medicare beneficiaries looking to fill gaps in the government’s health insurance program for many years. Some insurance industry reports claim that of the 10 standardized medicare supplements plans available to consumers, Plan F is purchased more than all the others combined. Medicare industry watchdogs point out, about 56% of all Medicare supplemental policies in-force was for a Medicare Plan F insurance policy. (Plan F is getting some competition however because recently Plan G has become the 2nd most popular Medicare supplement plan this is purchased. You can find more about Plan G in this article as well.
Here are some basic things to know about Medicare Supplement Plan F. First of all, please keep in mind that this plan doesn’t replace your Medicare Part B coverage. Instead, it enhances it by filling in gaps left behind in the form of out-of-pocket costs that you normally would have to pay. You must be enrolled in both Medicare Part A and Part B, then you can enrol in a Medigap Plan F. We use the words “Medicare Supplement Plan F” and “Medigap Plan F” interchangeably because they are one and the same. A Medigap plan is a Medicare supplement, a Medicare supplement is a Medigap, you get the picture. Now back to some more of the basics about supplemental insurance plans. Here’s another thing to know, whenever you combine any Medicare supplement Plan F or G with your Original Medicare benefits that you receive from the government, your coverage becomes more comprehensive.
Probably the main reason Medicare Plan F is so popular among medicare beneficiaries is that it fills ALL of the gaps in Original Medicare Part A and Part B, including the deductibles, coinsurance and copayments costs for both the hospital and outpatient services. That means it covers even the 20% that your Medicare Part B charges. At this time Medicare Plan F is the most comprehensive plan that is available to individuals relying on Original Medicare for their healthcare coverage.
You can probably understand why most beneficiaries purchasing a Medicare or Medigap plan prefer a Plan F supplement. Look at these benefits that come with choosing a Medicare Supplement Plan F.
Medicare Supplement Plan F policies provide what’s called first-dollar coverage. This means after Original Medicare pays its share of your medical claims, your Medigap Plan F will pay the remainder. No questions asked, No need to get an authorization from an HMO, No wondering whether something is covered or not. If Original Medicare approves the service and pays the claim you can rest assured your Medicare Plan F will pay its share as well. Think of this way, imagine a large dog with a big tail. Without any exception, the tail on the dog follows everywhere the dog goes, right?. Of course, it does. Original Medicare is like the dog’s body and the tail is like your Medigap Plan F that you purchase from a private insurer, it follows Original Medicare without exception and pays its portion of the claim whenever Medicare pays for an approved service. It’s really that simple! Here are some key coverages that you’ll enjoy by purchasing a medicare supplement plan.
As you can see, Medicare supplement Plan F coverage is provides something that other insurance policies often lack in that is buys you peace of mind. And who doesn’t want a little peace of mind when it comes to your healthcare. Many people often ask us: Are all Medicare Plan F supplements the same? Absolutely yes. You are confident that no matter which insurance carrier you end of choosing and buying your policy from, the benefits are exactly the same.
Here’s an example of how a Medicare Plan F Supplement plan works. Lets say you are turning 65 and new to medicare. You are eligible for the government’s Original Medicare Part A and Part B. However you decide not to purchase a medicare supplement Plan F or any other Medigap insurance plan because you feel it would be too expensive and you’re on a fixed income. Lordy, Lordy you end up in the hospital needing a sugery and inpatient services. The procedure was successful but the hospital out-of-pocket charges are about to give you a coronary. Because you decided not to purchase a medicare supplement plan f and rely only on Original Medicare, you owe a $1,340 deductible (Medicare Part A deductible in 2018) for your hospital stay. Now that doesn’t sound too unaffordable until you examine the bill more closely and see that you also must pay 20% of the cost of the surgery because your Original Medicare Part B only pays 80% of the charges. The surgery costs were approximately $100,000 so you can do the math on how much you owe in deductibles, coinsurance and copayments. Did you know that a medicare supplement plan f would have covered ALL of your out-of-pocket costs? This is a simple illustration, but it makes a powerful point about how a Medigap insurance plan can fill in the gaps in your health care coverage and cover your ass-etts at the same time. Yes if only you had a Medigap F policy, all of these would be paid for by your insurance.
So if you do decide to purchase a medicare supplement plan f. You might be surprised to learn that there are many companies that you may not be familiar with have excellent financial ratings but offer lower prices than the blue-chip brand name insurance carriers. Contact our Medicare Coverage Helpline to get a free quote for Medigap F right now.
Also, if you are still learning, and want to know more about all your Medigap options, such as Plan G and Plan N, you may want to download our FREE Medicare Guide which can help you gain the deeper understanding of your medicare supplement options. We also have Medicare Coverage Helpline Review of the top medicare supplement insurance carriers that offer a Medigap Plan F, Plan G and Plan N as well.
medicare part f, medicare f (Roger enjoys the full coverage on Medicare Plan F)
Roger applies for a Plan F Medicare Supplement and the insurance carrier approves him. The next year he goes to see an orthopaedic specialist about problems with his knee. Medicare only pays 80% of the cost of this visit to his provider. However, the Medigap Plan F covers the other 20% of the charges under Part B. Because of this Roger pays nothing.
The doctor being a very thorough specialist sends him to an imaging facility to have an MRI done on his knee. Again Original Medicare pays 80% of the cost of her MRI and the Medicare F insurance plan pays the other 20%. Roger was elated when he saw the billing charges were completely covered and that he had no out-of-pocket.
There were still some concerns though because the MRI results showed some serious problems. All those years of being in the construction business really took its toll on his knees and joints. The orthopaedic specialist informs Roger that he believes he is a good candidate for a complete total knee replacement surgery. Roger wisely asks if the procedure is covered by Medicare and his specialist tells him that “yes” it is covered by Medicare. So he then undergoes the knee surgery at his local hospital and is an inpatient for a couple of days. As you know they don’t generally leave you in the hospital for your rehabilitation, so he was sent to a skilled nursing facility in the local area. Roger rehab was difficult and he was provided skilled nursing for 20 days. He also received home health services upon returning to his residence. A caring nurse came out to his home several times in the weeks following after he left the skilled nursing rehab.
The total cost of Roger’s surgery including the hospital stay, skilled nursing facility and follow-up care provided through home health services was about $70,000. Original Medicare paid its portion of the claim and sent the remainder of the bill, about $14,000 to Roger’s Medigap supplemental insurance carrier. The private insurer paid the entire bill $14,000 bill, and Roger’s knee felt a bit better when he opened the mail and saw $0 balance due to his surgery costs. His only out of pocket cost was for the prescription medications covered by his Part D Prescription Drug plan. If owing absolutely nothing to any of these Part A and Part B services sounds good to you then please contact our Medicare Coverage Helpline and speak to a licensed specialist.
That means the cost of Medigap Plan F is really only the monthly premiums that you must pay when due for the plan itself. Although the benefits provided by any private insurer are standardized, the premium rates for a Medicare Supplement Plan F rates will vary by insurance company. At least you’ll enjoy the peace of mind that there are no copays, no deductibles, no coinsurance or out-of-pocket costs at all for inpatient and out-patient medical services when you buy a Plan F supplement. You just need to be able to pay the monthly strokes and you’re good to go.
So you can see why the plan has been the most popular Medicare supplement for several years running. Anyone who wants peace of mind with their healthcare coverage and can afford to pay the monthly premiums would be wise to select a Medicare plan F supplement or Medigap Plan F. It gives that peace of mind that you’re covered especially when dealing with very difficult health situations someday. However, there are other Medigap Plans that are great value as well, such as Medicare Supplement Plan G and Plan N.
Medicare Plan F is commonly called Medicare Part F. Medicare Plan F cost varies by several factors.
Costs for Medicare Plan F vary by zip code area, a person’s gender, whether you’re a non-tobacco or tobacco user. In a lot of areas, we can find you pricing around $120 – $140/month for a female turning 65, but it’s always important to get the quotes for Medicare Plan F cost for your specific zipcode in order to get exact pricing.
Insurance carriers complete very extensive actuarial studies of their enrolled members, due to the results of their findings on mortality and or morbidity rates among the male versus female population, the Medicare Plan F cost for males will be slightly higher than females. If you’re a tobacco user then you can expect your rates to be higher, sometimes considerably higher than a non-tobacco user when purchasing a Medigap Plan F. Several private insurers are now offering household discounts when both husband and wife are enrolled in a Medicare supplement Plan F with the same company.
You must have Medicare Part A and Part B.
If you have a Medicare Advantage Plan, you can apply for a Medicare Supplemental Plan Fpolicy. But, you should make sure you have disenrollment period allowing you to leave the Medicare Advantage Plan before your Medicare Plan F policy begins.
You must pay the Medicare Supplement insurance carrier a monthly premium for your Medigap policy. You have to pay this monthly premium when due in addition to the monthly Part B premium that you pay to Medicare which is generally deducted from your Social Security check. If you have questions about enrolling in Part B you may contact ssa.gov for more information.
A Medigap policy only covers individuals not families. If you and your spouse both want to purchase a Medicare Supplemental Insurance coverage, you will each have to buy separate policies.
You can buy a Medicare supplemental insurance policy from any private insurance carrier that’s licensed in your state to sell one.
Any standardized Medicare Supplement policy is guaranteed renewable even if you have health problems. This means that the private insurance carrier cannot cancel your insurance policy as long as you pay the premiums when due.
Some Medicare Supplemental policies sold in the past cover prescription drugs. But since January 1, 2006, Medigap policies aren’t allowed to include Part D prescription drug coverage in the policy. If you want to buy prescription drug coverage, you must join a Medicare Prescription Drug Plan (Part D).
It’s against federal and state law for anyone to sell you a Medicare Supplement policy if you have a Medicare Medical Savings Account (MSA) Plan.
Medicare Supplement policies generally will provide coverage for long-term care, vision or dental care benefits, hearing aids, eyeglasses, or private-duty nursing.
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 ever 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. In fact in the industry, we have a saying that goes ” A Plan F is a Plan F is a Plan F'”. Every private insurer that provides medicare supplement insurance policies must adhere to the standardized benefits established by the Centers for Medicare and Medicaid. This means you should compare your plan’s Medicare Plan F cost between other insurance companies annually.
An annual review of your Medigap Plan Plan F with the rates in your area can save you a bundle of money over the years.
The old saying is “Change is good”, however, there are some things to consider before changing your Medigap insurance. Changing medicare supplement usually requires answering some health questions with the new Medicare Supplement Plan F company. However, we find that about 80% of our customers pass the medical underwriting with no problem at all.
Be sure to work with an agency like ours that is independent and not tied down to only one carrier, we will purposely shop your Medicare Supplement Plan F cost every single year. Our software can generic a quick Medicare Supplement Plan F rate comparison through our Medicare Coverage Helpline . We will give you a comparison with other popular medicare supplemental insurance plans like Plan G and Plan N to see which has the best value overall for you. There is no cost to use our services and we’re always glad to help. Just contact the Medicare Coverage Helpline at 1-866-936-3831.
If you select our agency a Medicare specialist will review the health questions with you each year. If we find you can pass them, we can shop for the best rate possible for the exact same plan providing you longterm savings because you know you’ll always have the cheapest rate possible for your Plan F. Some states, like California and Oregon, have a birthday rule. Basically, it provides you with an annual open enrollment to switch your insurance carrier annually around your birthday with no medical underwriting questions posed to you at all. That’s right it’s guaranteed issue. Even you where saying being treated for cancer, but you noticed a more competitive price for Medicare Supplement Plan F through a different insurer. You would be able to switch to the new carrier without any medical questions being asked. We want to keep your costs in check, let us help you manage your Medicare supplement plan f policy and take the worry out of finding a plan you can afford. Also, don’t forget to see our blog articles that give more information about selecting the right Medicare supplement plan.
We often get questions asking to review Plan F vs Plan G. We provide Medicare Coverage Helpline reviews where we compare prices for both Plan F vs Plan G for all clients.
We often find that many of our clients can sometimes save $300 -$400 per year by looking at a Medicare Supplement Plan G as an option. But what is the real difference between a Medigap Plan F and G and which plan is better?
It is important to understand that both coverages are very similar to each other with one minor exception: the coverage for the Part B deductible. With Medicare Plan G, you must pay the annual Part B deductible yourself. However you may still be saving money buying a Plan G because the monthly premiums can be a lot less, and you’re able to pocket the savings.
When you’re on a fixed income, finding ways to save money is a must. Buying a Medicare Plan G just might help you keep more of your hard earned money in your own pocket instead of letting it go an insurance company. We can provide you with a report showing the savings – you’ll get quotes for both Medicare Plan F vs Plan G. We will also provide quotes for another popular plan, Medicare Plan N, which is the third most popular Medigap insurance plan on the market today.
Our agency works with the top carriers in your state. Where we are not licensed we have insurance partners in your state that will provide high-quality service to get you the best rate possible. These include United Healthcare, Mutual of Omaha Medicare Supplements, Aetna Medicare Supplements and Cigna Medicare Supplements. All 4 of these private companies have the most competitive Plan G rates in 2018. We’ll help to educate you about which Medigap carrier offers you the greatest long-term savings and benefits.
Original Medicare itself has 4 Parts, they are A, B, C and D. That’s it. Although the proper term is Plan F sometimes use the wrong term and call it Medicare Part F. A simple way to remember it would be that Medicare has parts and Medigap has plans.
It covers all of your out of pocket cost-sharing for both Medicare Part A and B services.
See these common questions we get about Plan F Medigap.
All Medigap plans cover the medications administered to you while an inpatient in the hospital or when it’s a clinical setting. Injectible drugs administered by a specialist in his office may also be covered, for example, a cortisone shot given to you by an orthopedist is covered under Medicare Part B. However, keep in mind that ever since January 1, 2006, Medigap plans do not cover retail prescriptions. You will need to enrol in aPart D prescription drug plan to get your retail prescription drugs covered.
No Medicare supplement plan covers routine dental, vision or hearing services either. However, there are several great insurance plans that you can buy in to provide these benefits at a reasonable cost. We can provide you information on these stand-alone plans.
Yes, for example Medicare covers 80% for adjustments, and your Plan F pays the other 20%. Medicare does not cover other services by chiropractors however, such as x-rays.
The best Medigap plans in 2017 are still Plan F and Plan G. While Plan F has long been the most popular, Plan G is gaining steam in 2017. Get a quote for both and see which ones offer you the best annual savings.
The best carriers varies to region. Since Medigap plans are standardized, you don’t have to be concerned about the benefits with your Plan F being different from a different company’s Plan F. We’ll use our Medicare Coverage Helpline Reviews process to find the best coverage at the lowest rate possible. The best supplemental insurance rates will differ by the state you reside in, your age, gender, whether you’re a tobacco user or not and whether you’re eligible for a household discount.
Give us a call and get our free Medicare Coverage Helpline Reviews showing the top 10 Medicare supplement insurance companies in your zip code.
Absolutely not. It’s true, the Plan G covers less than Medicare supplemental Plan F. But the difference is simple. With a Plan G Supplement, you must pay your own Part B deductible. That’s it, after you pay your Part B deductible, the Plan G really becomes a Plan F in the way that the policy covers your costs going forward. However, you generally get much lower monthly premiums for Plan G, and usually that makes it a much better value. Be sure to calculate the numbers. In my opinion as a medicare specialist , the best Medigap insurance policy to buy is the one that will cost you the least. The least meaning the total amount of annual out-of-pocket spending and has the lowest rate increases in recent years. We can provide you that information so that you can make an informed choice.
Yes we must report that the Centers for Medicare and Medicaid will phase out Supplement Plan F, in 2020. The plan no longer be available for new medicare enrollees. Medicare beneficiaries who have already enrolled in it prior to 2020, can keep their existing Plan F coverage as long as they pay the premiums when due. You may be wondering whether to purchase a Plan F now before it goes away? Or you may be thinking that would it be better to enroll in Plan G since it will be around for the long-term? Whatever questions you may have, we can help educate you so that you can make the right choice.
Some insurance agents will try to switch you out of Plan F by using the coming 2020 changes as a scare tactic and reason to drop your Plan F coverage. Don’t let anyone misguide you like that. You should purchase the insurance coverage with the plan that makes the most financial sense for you individually. We will provide you quotes for both plans Plan F and Plan G so you can make the comparison and see the savings available to you.
However we must tell you, we do often find that Medicare Plan G is actually a better value. The premiums you save annually on Plan G are often alot more than the cost of Part B deductible that you’ll pay out. If that’s true in your the case, then we recommend that you purchase a Plan G.
See our insurance blog post to find out more about why this plan is going away.
Medigap Plan F gets top stars from us. It truly is the most comprehensive healthcare coverage you can buy as a medicare beneficiary. Medicare Supplement Plan F is one of the easiest plans to learn about. It covers everything and reduces your out-of -pocket costs to nothing, nada, zip!It’s very easy to remember this is the plan because it will never require you to pull out your wallet for any medicare approved service.
Thus Medicare F is a simple and easy starting point for getting insurance quotes. Ask us for Plan G rates as well and we’ll help you compare the value.
If you are turning 65 or new to Medicare, be sure to download our free guide What Is Medicare, its especially designed to help new beneficiaries or any interested in learning the basics of medicare. Once you’ve got the basic concepts of Original Medicare it will be much easier for you to learn about Supplemental insurance or Medigap Plan options for yourself.
Don’t forget that if you buy your Plan F insurance policy through our Agency, you’ll get experienced customer service support for life because we care about you. If Medicare denies any of your claims, or if your doctor wrongly codes a bill or any other problem of any kind happens, simply give us a call and we’ll take care of it – all at no charge to you. Help with Medicare supplemental insurance plans has never been easier.
If you are following our Medicare learning track, you now have a good working knowledge about Medigap. Go next to: What Is Medicare Advantage? to continue learning all about your Medicare insurance options.
Post- note: Because Medicare terms use the words Parts and Plans, you will often hear people say Part F, or Medicare Part F. For example: People will ask “What is Medicare Part F? or “How much does Medicare Part F cost?” or “What does Medicare Part F Cover?”
Most agents will know what you mean when you ask about Part F, but here’s an easier way to remember the right words. Just remind yourself that Medicare itself has Parts, and there are only 4 of those Parts – A, B, C, and D. There’s no such thing as Part F! Many online articles will use the wrong term on purpose, because they know that consumers like you are sometimes search on the wrong term. All Supplement insurances are called Plans. So instead of calling it Medicare Part F or Part F Coverage say Medigap Plan F. Then you’ll be right on track. 🙂