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What is Medical Plan F and what are the Differences?

When you turn 65, you become automatically eligible for Medicare. Medicare pays for many types of medical expenses a person would acquire as they age. There are a few coverage gaps here that if left unchecked, could considerably increase your out-of-pocket costs.

What is Medicare Plan F

A good number of Medicare beneficiaries don’t have any other form of health insurance and resort to supplemental insurance plans, or Medigap Plans, to patch these coverage gaps. Most people choose to go with Medicare Supplement Plan F since it offers the broadest coverage. But what is Medicare Part F or What is Medigap Plan F? Continue reading below for the answers!

There are ten Medicare Supplemental plans named from letter A through to N. What is Medigap Plan F? It’s the most comprehensive and the most expensive plan. Original Medicare approved charges for hospitalization (Medicare Part A), and medical services (Medicare Part B) are covered by Medicare up to 80 percent, leaving 20 percent of the expenses to the patient.

This plan covers Medicare Part A and Part B deductible, foreign travel emergency care, skilled nursing facility coinsurance, and Medicare Part A and Part B coinsurance. Supplemental Medicare for hospitalization (Part A) includes general nursing, board and semi-private room, medical supplies, the first three pints of blood, and any other Medicare Part A-approved service.

The coverage for Part B includes inpatient and outpatient medical services, durable medical equipment, diagnostic tests, physical therapy and speech therapy, physician services, as well as treatment and supplies. Plan F also covers Part B excess charges, the only other plan that includes Medicare Part B excess charges is Medicare Supplement Plan G.

What’s the Cost for Plan F?

In a bid to make coverage shopping easier, the federal government standardized all plans. It means that no matter where you purchase a plan, the benefits are all the same. It’s the pricing methodology that differs. Plan F is generally the most expensive plan out of the ten standardized plans.

This is because Plan F offers the most benefits and all factors considered, costs are reasonable given the level of coverage offered. The cost of coverage will vary depending on your location, insurance provider, gender, age and your health history.

Difference Between Standard Plan F and High-Deductible Plan F

Medigap High-Deductible Plan F is the only high deductible plan currently. Just like other high-deductible insurance plans, this plan requires the participant to pay a specified amount of costs covered by Medicare by themselves each year before the plan provides any coverage.

High deductible plans are cheaper than the standard plans, but it also has higher out-of-pocket costs. The insurer will begin to pay benefits offered under the plan once the participant has met the deductible in out-of-pocket costs.

For instance, if an Original Medicare participant needs a blood transfusion, the standard Plan F will cover the cost of the first three pints and Original Medicare will cater for the cost of the fourth pint and anything above that. However, a High Deductible Plan F will be responsible for the cost of the first three pints.

There are numerous coverage options other than the high deductible option if your goal is to obtain a more affordable price than the standard Plan F.

How to Find the Best Coverage

Here are a few tips to guide you to the best coverage:

  • Seek information about all the supplemental coverage options before you purchase a policy. It wouldn’t take much time to talk to a licensed broker or an agent within your locality to get a general idea of how it all works.
  • Investigate other customers’ experiences before you purchase the plan. Unlike Medicare prescription drugs plans or Medicare Advantage, Medigap plans are not rated. Talking to other participants about the experiences is a good way to obtain valuable plan insight.
  • Comparison shopping is a proven cost-cutting method when it comes to insurance, and the same goes for Medigap plans. It’s up to you to find out the prices in your area.

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