Among all the Medicare Supplement (Medigap) policies — Medicare Supplement Plan F allows the most full basic benefits. Most times, this plan is the most expensive option among all other Medigap plans because of a complete benefits list. However, it still stands as a very popular choice out of all Medigap plans. Medigap Plan F covers the rest of doctor and hospital expenses after Original Medicare (Part A and Part B) has paid its part. This leaves Plan F beneficiaries with only minimal out-of-pocket costs.
What Are The Medigap Plan F Benefits?
Below is what Medicare Supplement Insurance (Medigap) Plan F covers:
- Foreign travel emergency
- Skilled nursing facility (SNF) co-insurance
- Part A hospice care co-insurance or co-payment
- First 3 pints of blood for a medical procedure (yearly)
- If you used up all your Original Medicare benefits, then Plan M will cover an extra 365 days of Part A hospital coinsurance and hospital costs.
- Part B excess charges
- Part B copayment or coinsurance
- Preventative care Part B coinsurance
- Part B deductible
- Part A deductible
What are the costs for Medigap Plan F coverage?
You will have the option to pay a high deductible Medigap Plan F which you will owe a higher out-of-pocket cost from the beginning. You will pay before the plan will start covering your services owing $2,340 in 2020 for out-of-pocket costs. You will owe higher-out-of pocket costs than the standard Medigap Plan F but it still is cheaper than the standard plan.
Most insurance companies offer Medigap Plan F, so you may want to see if the plan fits your needs. If you need regular medical attention, then Plan F is a great value for anyone facing increased deductibles and copayments. Even though other plans may be at a lower cost, Plan F is still worth looking at if you face regular medical attention.
What is happening with Medicare Supplement Plan F?
You won’t be able to purchase Medicare Supplement Plan F if you are newly eligible for Medicare as of January 1, 2020. This is according to terms of the Medicare Access and CHIP Reauthorization Act of 2015. So, if you become qualified for Medicare on January 1, 2020 or later, you may not be able to purchase a Medicare Supplement plan that covers Part B deductible. This also includes:
- The Medicare Supplement High Deductible Plan F
- Medicare Plan C
- Medicare Supplement Plan F
In 2020, you will owe $198 for the standard Medicare Part B annual deductible.
You can typically keep your Medicare Supplement Plan F coverage if you purchased it before January 2020. An insurance company cannot cancel your existing Medicare Supplement Plan F policy unless:
- The insurance company goes bankrupt
- You do not pay your premiums
- You submitted incorrect information on your application