When it comes to Medicare Supplement Insurance coverage, one plan option is considered the most popular. In fact, two-thirds of Medicare enrollees who purchase a Medigap plan opt for Plan F. Discover the benefits of Medigap Plan F and why this policy is so popular among baby boomers.
1. Medicare Plan F includes most deductibles, coinsurance, and copayment costs
Medicare Parts A and B cover many of your health care expenses, but this basic coverage certainly doesn’t include everything. From deductibles to coinsurance and copayments, your medical costs can add up quickly, especially if you have an unexpected stay in the hospital or nursing home.
Medicare Supplement Plan F, however, helps cover most of these pricey, out-of-pocket expenses. This plan includes all Parts A and B deductibles, along with coinsurance and copayments for Part A hospice care and Part B outpatient services. It also includes Part A coinsurance and hospital costs for an extra 365 days after you’ve used your initial Medicare benefits. If you have a lengthy hospital stay, this can save you thousands.
2. Plan F covers Part B excess charges
In some cases, the actual cost of your health care services, medical supplies, or durable medical goods is higher than the Medicare-approved amount. When your doctor charges more than the Medicare-approved amount, the extra is what’s known as a Part B excess charge.
If you only have Original Medicare, you’re responsible for paying the excess charge out of pocket. Under Medigap Plan F you won’t pay an extra cent since this Medicare Supplement Insurance plan covers Part B excess charges.
3. Plan F features foreign travel coverage
If you’re planning to hit the road and see the world during your retirement, you might be disappointed at just how little coverage Original Medicare provides while you’re traveling. If foreign travel is in your plans, buying a Medigap plan is a smart choice for affordable coverage. Medicare Supplement Plan F features an 80% foreign travel exchange, up to plan limits. That means you’ll stay covered anywhere in the world.
4. Plan F offers comprehensive coverage and peace of mind
For most retirees, getting the right Medicare coverage is a balancing act. When you choose a Medicare Supplement Insurance plan, you want to secure enough coverage without overspending your fixed budget. If you’ve already determined that Part A and Part B don’t cover enough of your expenses, you’ll need to anticipate what your future medical costs could be and consider how you’ll be able to pay for them, given your age, pre-existing conditions, and monthly budget.
Medigap Plan F is the costliest supplement policy available, but for many Medicare enrollees, the future savings make the monthly premium worthwhile. With this plan, you pay no out-of-pocket costs for your medical needs. Whether you can anticipate high medical bills in the future or you simply want to take the guesswork out of the equation, Plan F offers the peace of mind you deserve.
Purchase this plan during your Medigap open enrollment period, and you’re guaranteed to be able to buy the plan you want, as long as it’s available in your state. If cost is a concern, your open enrollment period is the least expensive time to buy into Plan F and the smartest time to gain the comprehensive coverage you need.
5. There is a Plan F high-deductible option
If you want comprehensive health care coverage but you’d like to reduce your monthly expenses as much as possible, Plan F might still be the right choice for you. Many insurance providers also offer a high-deductible version of Medicare Supplement Plan F. This policy features the same wide-ranging coverage you’d get from the standard version of Plan F, only it balances a high deductible with a lower premium.
With a high deductible, you’ll pay more toward Medicare-related costs before Plan F kicks in and begins to pay. Once you reach the deductible, which is $2,200 in 2017, your out-of-pocket expenses will disappear, and you’ll only be responsible for paying the relatively affordable premium.
When you need the best possible health care coverage, Plan F is a smart choice. Share this article with fellow baby boomers who are also searching for the most comprehensive coverage, and make sure your loved ones get the Medigap plan they need.
