Medicare Supplement Plan F
Medicare Supplement Plan F is a highly popular choice among Medicare beneficiaries across the United States. Medigap Plan F will offer you the most benefits (the most notable being coverage of the Part B annual deductible) out of all of the Medigap plans available for Medicare beneficiaries. However, it is only available to purchase now for those who became eligible for Medicare before January 1, 2020.
What Does Medicare Supplement Plan F Cover?
The following are covered by Plan F:
- Medicare Part A deductible and Medicare Part B deductible
- Medicare Part A hospital and coinsurance costs
- Medicare Part B deductible, coinsurance, and copayments
- Medicare Part B excess charges
- Medicare Part B coinsurance for preventative care
- First 3 pints of blood per year when needed for a medical procedure
- Foreign travel emergency medical expenses
- Co-insurance for skilled nursing facility care
What Is Not Covered by Medicare Supplement Plan F?
Some of the things that you will need to cover yourself are listed here:
- Prescription drug costs
- Homeopathic treatments
- Eye exams, eyeglasses, or contacts
- Dental care and dentures
- Foot-related care that is not related to any medical conditions
- Hearing tests or hearing aids
- Assistance with custodial care
- Surgeries that are purely for cosmetic purposes
Of course, there are things that you can do to save money on medical expenses that aren't covered by Medicare or Medicare Supplement Plan F. For example, signing up for Medicare Part D will help you cover your prescription drug costs, and there are dental discount plans that can help you save on dental care.
How Much Does Plan F Cost?
The average price for Medicare Supplement Plan F is $201 - $223 per month in Florida for a 65 year-old-nonsmoking female.
These are the three different ways that insurance companies calculate these rates for a regular Plan F or a high-deductible Plan F option:
- Community-Rated – Companies that use this method to determine rates charge all beneficiaries the same amount for coverage, regardless of age or health conditions
- Issue Age – With this form of rate calculation, insurance companies base rates on your age when signing up. With this type of pricing, it's best to sign up at the youngest age possible, since rates will not increase as you age.
- Attained Age – Your rates change as you age with this form of pricing. Generally, pricing will go up as you get older.
How Is Medicare Plan F Different Than Plan G?
Plan G is a good alternative if Plan F is not available to you, and here are some main differences between the two:
- First, Medicare Plan F covers the Part B deductible, while Plan G does not.
- Monthly premium amounts are lower for Plan G and generally make up for the cost of the Part B deductible that isn't covered.
When Can I Enroll in Plan F?
Here's a quote taken directly from medicare.gov that explains the new changes to Plan F:
As of January 1, 2020, Medigap plans sold to people new to Medicare can no longer cover the Part B deductible. Because of this, Plans C and F are no longer available to people new to Medicare on or after January 1, 2020. If you already have either of these plans (or the high deductible version of Plan F) or are covered by one before January 1, 2020, you can keep your plan. If you were eligible for Medicare before January 1, 2020, but not yet enrolled, you may be able to buy one of these plans (Plan C or F).
Ready to Learn More?
We help educate Medicare beneficiaries on their Medigap options and help them go through the process of reviewing and comparing plans. We work with some of the nation's top-rated Medigap carriers. So give us a call today, or request a quote online to learn more about Aetna Medicare Supplement plan G and Mutual of Omaha Medicare Supplement plan G in your state.
FAQ
People eligible for Plan F enrollment can expect to pay a monthly premium between $200 and $400.
If you were eligible for Medicare before January 1, 2020, or already had Medicare Plan F before that date, you can still enroll or keep your current plan.
Plan G provides similar benefits as Plan F, except for one important distinction - it does not include coverage for the annual Part B deductible.
The sale of Medigap Plan F is no longer allowed under the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). This means that Medicare Supplement plans that fully cover the annual deductible of Medicare Part B can no longer be sold.
You can change at any time, but if you do not have a guaranteed issue circumstance or are outside of your Medigap Open Enrollment Period, in that case, you can be denied coverage if your health conditions cannot pass the underwriting process.
For over 15 years, Matt Kiggins has been the senior editor at Simple Advisor, giving detailed advice on Medicare, life insurance, and dental coverage to thousands of clients in more than forty states. His demonstrated expertise in assisting people with their health plan selection is remarkable — it’s evident that he stands out among competitors as the go-to source for knowledge and support.
Matt holds a resident 2–15 Florida Health & Life (Including Annuities & Variable Contracts) Agent License in Florida, his state license number is P116762 (Issued 10/1/2007).
Please note that the average quotes provided are for demonstration purposes only. Your actual premiums will be determined based on several factors such as your health conditions, age, location, tobacco status, gender, and insurance provider.
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