Medigap offers 10 standardized plans available in most states, each covering different out-of-pocket expenses. Other states, such as Massachusetts, Wisconsin, and Minnesota, have their own standardized plans. Unlike the other plans, Medicare Supplement Plan F holders may have no out-of-pocket expenses for healthcare needs. It is has the most comprehensive coverage which could also mean a more expensive premium. Patients with this plan usually have no or little amount of out-of-pocket expenses.
Even though Medigap Plan F has comprehensive coverage, you can’t use this to pay for premiums of other policies.
Medicare Plan F benefits 2019
Here are the benefits that Medicare Supplement Plan F provides:
- Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
- Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Part A deductible
- Part B deductible
- Skilled nursing facility care coinsurance
- Part B excess charges
- Foreign travel exchange (80% up to plan limits)
Medicare Supplement Plan F high deductible variation
Medigap insurance plan F cost of premiums may vary. If you don’t mind paying out-of-pocket cost upfront, you can choose a high deductible Medicare Supplement Plan F. In this option, you must pay the deductible amount of $2,300 (2019) before Medigap plan works or pay anything. Once you meet your out-of-pocket yearly limit and Part B deductible, the plan will pay 100% of the rest of healthcare expenses. The coverage and benefits of high deductible Medigap Plan F do not differ from the standard Plan F. The difference of getting this variation of Medigap Plan F is it has a lower monthly premium, which is just an offset of paying the deductible upfront.
Is Medigap Plan F right for you?
Before you decide, it is important that you compare the different Medicare Supplement plans first. If you realize that Medigap Plan F resonates most to all of your needs, then you may proceed to the next steps. Usually, this plan is good for people who are at risk of or already needing a lot of medical attention.
If you decide to enroll in Plan F this 2019, consider the possibility of a premium increase the next following years. That is due to the fact that it will be phased out by the year 2020.
Plan F is going away in 2020
Starting January 1, 2020, Medicare Supplement Plan F will not be available in the market anymore. That is in accordance with the Medicare Access and CHIP Reauthorization Act of 2015, which is passed by Congress and was signed into law on April 16, 2015. A law that prohibits any Medigap plan to cover Medicare Part B deductible, hence Medigap Plan F is going away.
Current Plan F policyholders are not affected by the changes and can keep their plans. They can also opt to switch to another if they wish to do so.
People can still enroll in Medicare Supplement Plan F until December 31, 2019.
How much does Plan F cost?
Just like other types of Medigap plans, Plan F’s monthly premium may vary. Since it is the most comprehensive plan, it is also the most expensive one.
The national average cost for Medigap plan F is $1,712 annually or $143 a month in 2018.
Where can I buy Medicare Plan F?
Plan F is the most popular type of Medigap, because of that, most insurance companies sell this plan. It is best to shop around different insurance companies to find the best value for your money. If you want to know the cost of this plan from the top insurance companies in your location, just request for quotes from us! One of our licensed insurance agents would be happy to discuss the Medigap option with you.