What is a Plan F Supplemental Plan and Why is It a Great Option For Many?

When choosing a Medicare Supplement insurance (Medigap) plan, it can seem a bit overwhelming. There are many different plans to choose from, ranging from the most basic coverage to a wide range of benefits  – and, because these plans are offered by private insurance companies, the premium rates can differ a great deal from one insurer to another.

Yet, if you are searching for a Medicare Supplement insurance plan that provides a long list of benefits, then you may want to consider going with Plan F. This particular plan offers coverage that will pay for Medicare Part A and Part B coinsurance and deductibles for a number of services received.

What Makes Medicare Supplement Plan F Different?

Medicare Supplement Plan F is considered to be the most comprehensive of all of the Medigap plans. Once Medicare Part A and Part B have each paid their portion of your health care charges, Medicare Supplement Plan F will virtually leave you with no additional expenses. This is one big reason why Plan F is such a popular Medigap option for so many people.

What Benefits are Covered Under Medicare Supplement Insurance Plan F?

There are numerous benefits that are covered under Medicare Supplement Plan F. These include the following:

  • Deductible for Medicare Part A
  • Deductible for Medicare Part B
  • Excess charges for Medicare Part B
  • Coinsurance for Medicare Part B preventative care
  • Medicare Part A hospital and coinsurance charges for up to an additional 356 days after Medicare’s benefits have been exhausted
  • Coinsurance or copayment for Medicare Part B
  • The first 3 pints of blood each year that are used in an approved procedure
  • Medicare Part A coinsurance or copayment for hospice care
  • Coinsurance for care in a skilled nursing facility and home health care approved services
  • Hospice care
  • Foreign travel emergency coverage (This includes medically necessary emergency care services that begin during the first 60 days of each trip outside of the U.S.)

While the benefits in Medicare Supplement Plan F are quite extensive, it is important to note that this insurance policy still does not cover absolutely everything. For example, you will still need to pay your Medicare Part B premium each month. In addition, there are certain situations in which you may also be required to pay a premium for Medicare Part A.

How Much Does Medicare Supplement Plan F Cost?

Because Medicare Supplement insurance plans are offered by numerous different private insurance carriers, your premium cost will differ based upon which carrier you choose to purchase your coverage through.

In addition, you may also opt to purchase the “high deductible” Medicare Supplement Plan F option. With this plan, you will be required to pay the initial $2,070 (in 2014) in out-of-pocket charges.

After that amount has been paid, the insurance policy will begin paying the remainder of your coverage. Because of the high deductible, the premium that is charged for this Plan F option is typically cheaper than the regular Medicare Supplement Plan F.

Which Medicare Supplemental Plan Should You Choose?

Certainly, there are also other Medicare Supplement insurance plans that are cheaper than Plan F. However, these plans do not offer the comprehensive set of benefit options that are provided by Plan F.

So, it is important that you determine which of the Medigap plans will truly best meet your needs and if it is best for you to save money on premiums and pay more for care that is received, or to pay more in premiums, but pay less for actual care that is received in terms of out-of-pocket deductibles, copayments, and coinsurance payments.

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