In most states, Medicare Supplement Plan F is considered the most comprehensive plan among the ten Medicare Supplements (Medigap). Due to its extensive coverage, this is a popular plan for beneficiaries who want more assistance with out-of-pocket costs in Original Medicare; however, it is also a disadvantage because premiums may be higher.
Original Medicare (Parts A and B) covers most of the remaining hospital and doctor costs after Plan F is applied, so beneficiaries with this plan are less likely to incur additional healthcare costs.
Medicare Supplemental insurance plans are sold by private insurance companies, who are not required to offer all 10 types of Medigap plans available in most states. Many insurance companies offer Plan F, as it is very popular. The availability of plans varies by region, so it is always best to compare options based on your zip code and county.
How does Medicare Supplement Plan F work?
Medicare Supplement Plan F is the most beneficial plan among Medicare Gap plans. Parts A and B leave a 'gap' in coverage, which is covered by Plan F. With Plan F, you can receive approved treatment in a doctor's office or hospital without paying anything out-of-pocket. Prescription drugs are not covered by these plans.
Additionally, Plan F covers non-Part A and B Medicare-approved expenses. The coinsurance coverage for skilled nursing facilities and foreign travel emergencies falls under this category. There are only two Medicare Part B plans that cover excess charges.
The following are covered at 100% by Plan F:
- Deductible for Medicare Part A.
- Part B deductible for Medicare.
- After you've used up your standard Medicare benefits, you'll be responsible for Part A coinsurance and hospital costs for an additional 365 days.
- Coinsurance or copayment for hospice care under Part A.
- The copayment or coinsurance for Part B.
- The excess charge for Part B.
- Care in skilled nursing facilities is co-insured.
- Each year, the first three pints of blood are given.
What is the cost of Medicare Supplement Plan F?
The following costs apply if you are enrolled in Medigap Plan F:
The monthly premium. Each Medigap plan has a monthly premium. Depending on the plan and company you choose, you'll pay a different amount.
There is a yearly deductible. Unlike Medicare Parts A and B, Medigap Plan F does not have a deductible. Unlike some of the other options, Medigap Plan F covers 100 percent of Part A and Part B deductibles.
Coinsurance and copayments. All copayments and coinsurance associated with Part A and Part B are fully covered by Medigap Plan F.
In addition to being the most comprehensive Medigap policy, Medicare Part F also has the highest premiums. For these services, a 65-year-old typically pays between $120 and $140 per month. Depending on your location, plan provider, current health condition, age, and gender, your plan will cost more or less. Compare rates for the same Medicare plan across different health insurance companies, therefore.
Is Plan F on its way out?
According to congress.gov, Medicare Supplement plans that pay the Medicare Part B deductible will no longer be available to newly eligible beneficiaries starting in 2020. In 2015, Congress reauthorized Medicare Access and CHIP Reauthorization Act (MACRA).
It is usually possible to keep Medicare Supplement Plan F (or Plan C, which also covers Part B deductibles).
Medicare Supplement Plans F and C may be available to people eligible for Medicare before January 1, 2020.
Medicare Supplement Plan F and Plan C may not be available to you if you become eligible for Medicare after January 1, 2020.
In 2025, will Plan F be available?
In most states, Medicare Supplement Plan F is the most comprehensive plan. People who turned 65 before January 1st, 2020 are still eligible.