Medigap Plan F
Overview, Coverage and Costs for Medicare Supplement Plan F
Medigap Plan F: An Overview of Medicare Supplement Insurance
When it comes to healthcare coverage, Medicare is the cornerstone for many individuals who are 65 years or older. However, there are often gaps and expenses that aren't fully covered by traditional Medicare. That's where Medigap plans come in to bridge the financial gaps. Medigap Plan F is one of the most comprehensive and sought-after plans, providing individuals with enhanced coverage and peace of mind.
It’s important to note that starting in 2020, Plan F is no longer available for newly eligible Medicare beneficiaries. If you are eligible for Medicare before January 1, 2020, you still have the option to enroll in Plan F. If you were not eligible for Medicare before that date, you can jump to the similar plans section to view other alternatives that are increasing in popularity.
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What Does Plan F Cover?
Medigap Plan F offers extensive coverage, paying for many of the expenses that traditional Medicare doesn't fully cover. Some of the main benefits of Plan F include:
- Coverage for Medicare Part A and Part B deductibles: Medigap Plan F covers the deductibles associated with Medicare Part A (hospital insurance) and Part B (medical insurance). This means that individuals won't have to worry about paying these out-of-pocket costs when receiving hospital care or visiting doctors.
- Coverage for coinsurance and copayments: Plan F also covers the coinsurance and copayments required for Medicare-covered services. This includes expenses such as hospital stays, doctor visits, lab tests, and other medical services. Individuals can have peace of mind knowing that their share of these costs will be taken care of by the plan.
- Coverage for excess charges: Medigap Plan F goes a step further by covering excess charges, which are fees that doctors who do not accept Medicare assignment can bill. With Plan F, individuals won't have to worry about these additional costs that may arise if they choose to see doctors who charge more than what Medicare typically covers. This provides financial protection and eliminates the burden of unexpected expenses.
By offering coverage for deductibles, coinsurance, copayments, and excess charges, Medigap Plan F ensures that individuals have comprehensive coverage and minimize their out-of-pocket expenses. This comprehensive coverage is one of the main reasons why Plan F is a popular choice among Medicare beneficiaries who want enhanced financial protection and peace of mind.
It is important to note that Medigap Plan F does not cover prescription drugs or dental, vision, and hearing services. If you require coverage for these additional services, you should consider enrolling in a separate Medicare Part D plan as well as dental, vision, and hearing plans.
Medicare Supplement plans do not cover dental, vision and hearing insurance. If you're interested in this coverage, a licensed insurance agent at United Medicare Advisors can help you compare plans available in your area and enroll in this additional coverage.
What Does Plan F Cost?
Medigap Plan F offers extensive coverage, but it's important to understand that with comprehensive coverage comes a higher premium. The cost of Medigap Plan F may vary depending on various factors, such as age, location, and the insurance provider you choose. However, the peace of mind and financial protection it provides can be worth the investment if you're eligible for Plan F.
Example Plan F Costs
While Plan F premium costs will vary based on age, location and other factors, Medicare.gov has a free tool that allows you to input certain demographic information and receive estimated monthly premium costs across all plan types. Below are sample estimated costs from various regions where our customers live, providing you with guidance on the range of plan premiums you could expect.
However, for real-time and personalized costs, United Medicare Advisors can assist you. We compare data from over 20 national insurance providers to help ensure you find a plan that meets your financial and health needs. Our no-obligation quotes can provide you with accurate and up-to-date pricing information.
*Table data courtsey of Medicare.gov and accurate as of Oct. 2023.
|Female, 65-years old, non-tobacco user||$121||$462|
|Male, 65-years old, non-tobacco user||$136||$521|
|Female, 75-years old, non-tobacco user||$157||$462|
|Male, 75-years old, non-tobacco user||$176||$521|
|Female, 65-years old, non-tobacco user||$148||$465|
|Male, 65-years old, non-tobacco user||$167||$524|
|Female, 75-years old, non-tobacco user||$186||$538|
|Male, 75-years old, non-tobacco user||$214||$573|
|Female, 65-years old, non-tobacco user||$141||$550|
|Male, 65-years old, non-tobacco user||$161||$620|
|Female, 75-years old, non-tobacco user||$178||$550|
|Male, 75-years old, non-tobacco user||$201||$620|
Medigap Plans F and G also offer high-deductible versions in some states. These plans typically have lower monthly premiums, but the trade-off is that you must meet the yearly deductible before Medigap coverage begins. A licensed insurance agent at United Medicare Advisors can help you compare all your options if you're interested in these high-deductible plan types.
How & When To Enroll In Medigap Plan F
To enroll in Medigap Plan G, you must first be enrolled in Original Medicare (Part A and Part B). The best time to enroll is during your Medigap Open Enrollment Period, which starts on the first day of the month when you are 65 or older and enrolled in Medicare Part B. During this period, insurance companies are generally not allowed to deny you coverage or charge higher premiums based on your health conditions.
If you miss your Medigap Open Enrollment Period, you may still be able to enroll in Medigap Plan G, but you may be subject to medical underwriting. This means the insurance company can consider your health status and potentially charge you higher premiums or deny coverage altogether.
You also may qualify for Special Enrollment Periods, such as if your current plan has been discontinued, where you can enroll in a new Medicare Supplement plan without underwriting.
If you've missed your Medigap Open Enrollment Period, or are unsure if you qualify for a Special Enrollment Period, United Medicare Advisors can help analyze your situation. Should you require underwriting, our licensed insurance agents can assist you during this process. With access to over 20 national insurance providers with different underwriting standards, we can compare multiple plans and requirements for you to help find a plan that fits your needs.
Medigap Open Enrollment Period Timeline
Month 1: Your Medigap Open Enrollment Period begins if you are 65+ and enrolled in Medicare Parts A & B.
Month 2: You're able to enroll in a Medigap plan.
Month 3: You're able to enroll in a Medigap plan.
Month 4: You're able to enroll in a Medigap plan.
Month 5: You're able to enroll in a Medigap plan.
Month 6: Your Medigap Open Enrollment Period ends at the end of the month; you can still enroll in a Medigap plan, but you may have to go through an underwriting process unless you have guaranteed issue rights.
Understanding Underwriting For Medicare Supplement Plan G
Underwriting is the evaluation process conducted by insurance companies to assess an individual's health status and determine their eligibility for a Medicare Supplement plan. It involves reviewing medical history, current health conditions, and other relevant information.
Why Is Plan F Popular Among Medigap Plans?
Medigap Plan F has gained popularity among Medicare beneficiaries for several reasons. First and foremost, it provides extensive coverage, allowing individuals to have peace of mind knowing that many of their healthcare expenses will be covered. With Plan F, there's no need to worry about deductibles, copayments, or coinsurance, as these costs are typically taken care of by the plan.
Another reason for Plan F's popularity is the convenience it offers. With this plan, individuals don't have to navigate the complex world of Medicare billing and worry about surprise medical bills. Instead, they can enjoy seamless coverage and focus on their health and well-being.
Lastly, Plan F allows individuals to choose their healthcare providers freely. As long as the doctor or hospital accepts Medicare, individuals with Plan F can seek care without worrying about network restrictions.
What Medigap Plans Are Similar to Plan F?
If you're interested in Medigap Plan F but are not eligible due to the cutoff date, there are other similar Medigap plans that may suit your needs. Medigap Plan G is one such plan that is often considered a good alternative to Plan F.
Medigap Plan G offers similar coverage to Plan F, with the main difference being that it does not cover the Medicare Part B deductible. However, the premiums for Plan G are generally lower than those of Plan F, making it an attractive option for individuals who are looking for comprehensive coverage at a slightly lower cost.
Another alternative to Plan F is Medigap Plan N. Plan N also provides comprehensive coverage, but it requires individuals to pay a small copayment for doctor visits and emergency room visits. Plan N can be a good option for those who are willing to pay some out-of-pocket costs in exchange for lower premiums.
It's important to carefully consider your healthcare needs and budget when choosing a Medigap plan. Compare the coverage and costs of different plans to find the one that best fits your unique situation.
|Area of Comparison||Medigap Plan F¹||Medigap Plan G||Medigap Plan N|
|Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up||✅||✅||✅|
|Part B coinsurance or copayment||✅||✅||✅³|
|Blood (first 3 pints)||✅||✅||✅|
|Part A hospice care coinsurance or copayment||✅||✅||✅|
|Skilled nursing facility care insurance||✅||✅||✅|
|Part A deductible||✅||✅||✅|
|Part B deductible||✅||❌||❌|
|Part B excess charge||✅||✅||❌|
|Foreign travel exchange (up to plan limits)||80%||80%||80%|
1 As of Jan. 1, 2020 Medicare Supplement plan types C and F will no longer be made available to beneficiaries who become Medicare-eligible after Dec. 31, 2019. For those who became Medicare-eligible prior to Jan. 1, 2020, Medicare Supplement plan types C and F will remain active and available for future enrollment.
4 After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year
Interested in Medigap Plan F? Here are some next steps.
If you are interested in enrolling in Medigap Plan F, here are some next steps you can take:
- Understand Enrollment Periods: Familiarize yourself with enrollment periods, such as the Medigap Open Enrollment Period mentioned earlier. If you miss this period, check if you qualify for any special enrollment periods or guaranteed issue rights that allow you to enroll outside of the usual enrollment periods.
- Research and Compare Plans: Take the time to research and compare different insurance companies that offer Medigap Plan F in your area. Look at factors such as customer reviews, pricing, and additional benefits they may offer.
- Seek Professional Assistance: Consult with a licensed insurance agent who specializes in Medicare and Medigap plans, such as United Medicare Advisors, to receive personalized guidance, to help understand the different options available, and assist with the enrollment process.
- Review Your Options Regularly: It's a good idea to review your Medigap coverage periodically to ensure it still meets your needs. Circumstances and preferences may change, so staying informed about any new plans or changes in coverage can help you make informed decisions.