Plan F Medicare Supplement
Quotes »With the adoption of the Medicare modernized plans in June, Plan F will now be the most comprehensive plan available for purchase. The modernized version of Plan F differs very little from the former standardized plan that was available with effective dates up to May 31, 2010.
Plan F was already quite popular and should remain so due to its affordability in most states. When deciding which gap insurance is best for you however, it is important to know more about the rules and regulations in your home state.
Medicare Part B Excess Coverage
Not all states allow medical facilities to charge a Part B excess fee. If your home state, or one that you spend a great deal of time in does, then it is a wise idea to purchase a plan that covers this benefit. Plans F and G are the only two Medicare supplements covering Part B excess after June 1.
If you incurred a Part B excess charge of 15% on a significant medical claim and you did not have Plan F or G, then you would be responsible for significant out of pocket expenses. For instance, if you had a $150,000 Part B medical claim, the 15% excess charge would amount to a $22,500 out of pocket charge to you.
While this may be a rare instance, it is not implausible. It is wise to check the Part B rules of your home state or other states where you spend parts of the year before purchasing any Medigap plan.
If your home state does not allow for this charge, then most other plans should be considered as well. Plan F will be the most comprehensive and therefore the most expensive. It is important to note however that Plan F does not typically cost significantly more on a monthly basis than similar coverages like C, D, and G.
Medicare Part A and Part B Deductibles
Plan F fully covers both Part A and B deductible amounts as well as Part B coinsurance at 100%. Coverage for a foreign travel emergency is included as well as preventive care coinsurance. It is important to know that all modernized plans will be required to cover preventive care coinsurance.
Plan F Network and Select Plans Limitations
Almost all supplemental insurance plans have no network restrictions. As long as your doctor or hospital accepts Medicare patients, then they will accept any supplement that you purchase. There is on caveat however.
There are some supplemental insurance policies that are referred to as “select plans” and will only provide benefits if you stay in network. Typically the networks do not include all of the doctors and hospitals you might visit. Make sure that you understand any and all limitations of a network driven plan before purchase.
High Deductible Plan F
Another variation of Plan F is one where your benefits will not begin until a predetermined deductible has been reached. The amount in 2010 that must be reached with high deductible F is $2,000 in out of pocket expenses.
Should you choose to enroll in this coverage, you will need to have satisfied the deductible first before receiving any benefits. It must also be satisfied in subsequent years. Monthly premiums will be far less for a high deductible plan when compared to traditional Medigap insurance.
Part D Prescription Drug Coverage
Plan F does not cover prescriptions drug coverage nor does any other Medicare supplement currently available for sale. Unless you have credible coverage elsewhere, it is prudent to purchase a stand alone Part D plan from an insurance carrier of your choice.
Part D coverages will vary in price, but you can be penalized in the way of higher premiums if you choose not to enroll during your open enrollment window. Most Part D providers offer three plans to choose from. Based on the rx’s you take, a suitable plan can be recommended for you by our agency.
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There are several companies offering Medicare supplement insurance in every state. This is a highly regulated insurance product and almost all companies pay claims in an orderly and efficient manner. Thus, it is wise to shop for plans mostly on price and somewhat on reputation.
We are an independent agency offering Plan F and all other Medigap plans in several states. We can help you compare affordable coverage from several carriers. Contact us today to view quotes in your area.
