Medicare Supplement Plan F
Medicare supplement Plan F is one of the most frequently purchased Medigap plans throughout the country.
Medicare Supplement Plan F covers the following:
- Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used)
- Medicare Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Part B excess charges
- Foreign travel emergency (up to plan limits)
As you can see in the chart below, Medicare supplement Plan F covers all the deductible, coinsurance, copay and excess charge gaps in Medicare Parts A & B. So, with a Plan F, if you see a physician who accepts Medicare and your treatment is a Medicare-covered expense, you should not have any out-of-pocket medical expenses for those services.
Medicare Supplement Plan F Standardization
Before you consider rates for Plan F from different companies, it is important to understand that Medicare supplement plans have been completely standardized since 1991. So, as you consider Plan F pricing from various insurance companies, you can feel comfortable that a standard Plan F from each company will be identical in the following ways:
- Same Benefits – Medicare supplement Plan F will have the same comprehensive coverage listed above, regardless of the company you buy it from. So, you don’t have to worry about whether one company’s Plan F is going to have more or less benefits than another company. It doesn’t matter which company you buy your plan from, the Plan F benefits will be identical.
- Same Doctor’s Network – The various Medicare supplement insurance companies do not have their own doctor’s networks. Their plans are only supplements to your primary Medicare Parts A & B coverage. Your network is the nationwide Medicare network. Any doctor who accepts “Medicare assignment” will participate in the network. So, you don’t have to worry about whether one company has a better doctor’s network than another. They will all share the same network – the Medicare network of doctors.
- Same Claims-Paying Process – Medicare supplement claims-processing is highly automated now-a-days, making it easy for you to use the coverage. When you receive your medical services from your physician, they will only submit your claim to Medicare and not to your Medicare supplement insurance company. Medicare uses a clearinghouse that knows which Medicare supplement plan and company you use. Once Medicare approves your claim, they will pay the physician their portion and will notify your Medicare supplement company, through the clearinghouse, of the amount due to the physician from your Medicare supplement insurance company. The Medicare supplement company cannot decide they don’t want to, or shouldn’t have to, pay their portion of the claim. They have no choice. They must pay the amount due per Medicare’s instructions. This is automated and completely standardized from company to company. So, you don’t have to worry about whether one company is better at paying for claims than another. Due to the automation and standardization in this area, they’re all equal in their claims-paying history.
Knowing about the areas of standardization above makes it extremely easy to consider rates for Medicare supplement Plan F from any company.
So, it really comes down to who is going to offer the best rate from a company you can trust for your Plan F.
We care about educating our clients throughout the buying process and ensuring they have options from over 30 providers nationwide. This ensures that you’ll know what you’re buying and have the choices available to find the best value.
Medicare Supplement Plan F Pricing
While Plan F tends to be among the higher priced plans, the pricing for it versus other Medicare supplement plans with lesser coverage tends to not be too significant in many situations, especially between the ages of 65-70. Because of this, many people will prefer to spend a little bit more to get the comprehensive coverage in order to know they won’t have to pay for any medical bills when they see a doctor and receive medical treatment.
As you’re considering various Medicare supplement plans, a question you’ll want to ask yourself a couple of questions:
- “Do I want to get the most comprehensive plan at the best rate available from the various companies, even if it’s not the absolute best value?” Or,
- “Do I just want to get the plan that offers the best value, even if I might have some acceptable out-of-pocket exposure for medical services?”
These questions will make it easier to decide if you would want to concentrate on a Plan F, or if one of the other plans may be a better option for you.