Medicare Plan F is a popular option for those looking to offset out-of-pocket health care costs. Medicare Plan F is a Medicare Supplement Insurance (or Medigap) plan that works alongside Medicare to provide extra coverage to beneficiaries. To understand how much it costs, there are a few things worth noting.
Plan F discontinued for newly-eligible enrollees
If you became eligible for Medicare on or after January 1, 2020, Plan F is not available to you. This is due to federal regulations that discontinued Medigap plans that cover the Part B deductible. Because Plan F was a popular option, Plan G was created to provide comparable coverage (without covering the Part B deductible).
If you became eligible for Medicare before January 1, 2020 and have had Plan F coverage, you are “grandfathered in” and can continue to use your plan.
What does Plan F cover?
Plan F is popular because it includes very comprehensive coverage for health care costs.
Plan F includes:
- Part A coinsurance and hospital costs up to 365 days after Medicare
- Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Part B excess charges
- 80% of foreign travel exchange costs
High-deductible option
The comprehensive coverage of Plan F leads to a relatively high monthly premium compared to other Medigap plans. For those people who want this coverage without the price tag, Plan F offers a high-deductible option.
In this option, your plan will not start to pay for services until you’ve paid the deductible amount out-of-pocket. This allows you to pay a lower monthly premium, yet still have great coverage in the case of a catastrophe or long-term hospital stay. You just have to budget for the deductible.
Plan F price
Like all Medigap plans, Plan F is standardized by the government. That means that the coverage will be the same, no matter which insurance carrier you use. However, Plan F costs vary widely depending on the carrier, the plan rating, your location, your health history, and many other factors.
Prices for Medigap plans like Plan F are uniquely easy to compare, but because there are so many factors that go into pricing, it can be difficult to research on your own. We recommend reaching out to one of our Licensed Insurance Agents. In one phone call, they’ll discuss your health needs and budget, help you find discounts in your area, and even help you enroll in the plan of your choice.
United Medicare Advisors’ Licensed Insurance Agents have access to the details for over 20 national carriers. This gives you a one-stop comparison shopping experience with a personal advocate helping you find the best deal for the coverage you need. Call us at (855) 665-9200 to find out how much Plan F will cost you.
