The Plan F Medicare supplement insurance policy is the most comprehensive supplemental 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 is quite popular as it covers all the gaps in Medicare Parts A & B. In other words, if your encounter a Medicare approved expense, then your Plan F will pay for the out-of-pocket costs associated with that expense.
(It’s important to note that no Medicare supplements sold today cover prescription drugs – Part D plans help with those expenses.)
Plan F Medicare Supplement Insurance Benefits
If you view any Medicare supplement benefit chart, you will see that Plan fills in all the gaps not paid for by Original Medicare Parts A & B. This is why you will sometimes here agents refer to Plan F as the “Cadillac Plan.”
It has no holes or unusual gaps that you need to worry about. That’s why it’s one of – if not the most – popular plan sold today. When you are comparing Plan F Medicare supplement insurance quotes, then you are shopping more on price and the overall reputation of the carrier. It’s a good idea to shop with an independent agency like ours so you can learn more about claims payment history and year over year premium increases.
Plan F & The 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 a 100% level. Most Medicare supplements cover the Part A deductible, but only two (Plan C & F) cover the smaller Part B deductible.
While the Part B deductible might be of little concern to some, some consumers simply want a hassle free plan with no out-of-pocket exposure to worry about – and that policy is Plan F.
Coverage For Medicare Part B Excess Charges
Not all states allow medical facilities to charge Part B excess fees. If your home state or one that you visit often does, then it can be wise to purchase a plan that covers this benefit. Plans F and G are the only two Medicare supplements sold today covering Part B Excess charges.
If you did face a Part B excess charge (up to 15%) on a significant medical claim and you did not have Plans F or G, you could be encounter a large medical bill. While these charges are rare, it is something to be mindful of in the long run.
If your home state does not allow for Part B Excess Charges (like Ohio for instance) you might consider other plans like C, D and N. However, a Plan F Medicare supplement insurance policy will be more expensive as it is the most comprehensive plan available.
High Deductible Plan F Medicare Supplement Insurance
Plan F is unique in that it is the only Medicare supplement sold today that offers a variation with a deductible. High Deductible Plan F is popular as the premiums can be very low when compared to a traditional Plan F.
With HD Plan F, your benefits will not begin until a predetermined deductible has been reached. The amount in 2014 that must be reached with High Deductible Plan F is $2,140 in out of pocket expenses. This does not mean that Medicare does not still pay its part first – it does. It simply means that your supplemental benefits don’t begin until you have first met the deductible for the year.
This is a yearly deductible and the Medicare bureaucrats usually increase it each year. Any increases will affect all High Deductible Plan F’s - both old and new.
Medicare Select Supplemental Insurance Plans
No matter the chosen insurance carrier, almost all supplemental insurance plans have no network restrictions. As long as your doctors and/or hospitals accept Medicare patients, then they will also accept any supplement you purchase. There is on caveat however.
There are two supplemental insurance policies (Plan C & F) sold today that offer “Select Plans” in some areas of the country. Select Plans will only cover some non-emergency benefits if you stay in network. Their networks may not include all of the doctors and hospitals you might want to use. Thus, it’s important to understand any limitations of a network driven Select Plan before purchase.
Most Select Plans will pay for emergency care outside of the network with no restrictions however. In our experience, Select Plans C & F are rarely purchased, but they can be beneficial for those in need of lower premiums.
Medicare Part D Prescription Drug Coverage
As mentioned before, Plan F Medicare supplement insurance policies do not cover prescriptions drug coverage – nor does any other Medicare supplement sold today for that matter. 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 later by higher premiums if you do not 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 by our agency.
Request Quotes & Information
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 current price and their reputation for premium increases.
We are an independent agency offering Plan F and all other Medigap plans in several states. We can help you compare your best options from several carriers.Medicare Supplement Quote Request