Around 18.1% of Americans were covered by Medicare in 2019, making it a vital insurance component for many families. The goal of this federal social insurance program is to provide health insurance to disabled and older people.
Unlike Medicaid, Medicare is not just for low-income families. Medicare has multiple parts that you can enroll in to get health insurance coverage. That includes:
- Hospital insurance (Part A)
- Medical insurance (Part B)
- Medicare Advantage (Part C)
- Prescription drug coverage (Part D)
Medicare F is not a part of these Medicare options. It is, in fact, one of the many Medigap (Medicare supplement insurance) plans. Medigap features various plans people can purchase to help with the deductibles, coinsurance, and copayments.
Plan F or Medicare F is the most comprehensive of the plans currently available, starting in 2021. Here, you will take a look at a quick overview of exactly what Medicare F has to offer.
Who Can Get Medicare?
Medicare plays a valuable role in providing financial and health security to 60 million young and old patients with disabilities. It is meant to cover many health services, such as basic care, hospital stay, and doctor services.
According to experts, many patients on Medicare live with health issues, like conditions with functional impairment or poor health. Most beneficiaries have a modest income. Plan F can help pay for costs that Original Medicare won’t cover.
Overall, you can expect Plan F to provide 100% coverage for hospital costs, the first 3 pints of blood, Part B excess charges, copays, and deductibles. As well as nursing facility coinsurance.
How Much Does Medicare F Cost?
Around 25% of patients who already have original Medicare also get Plan F, data shows. It is sold by a private company with its own benefits. Now, when it comes to the cost, it is difficult to identify the exact price range. The cost varies from company to company.
Users pay a monthly premium based on the supplement plan they selected. These are extra costs. The company or provider can determine their plan premiums based on different ways. For example, every user with the policy pays the exact same amount, regardless of their age.
But, the premium will be determined by how old that user is at the time they purchase the policy. Younger buyers get lower premiums, while older users tend to pay more. The policy becomes more expensive as the user ages.
Pros
- Can cover copays, coinsurance, and deductibles. These are all expenses that Original Medicare won’t cover.
- Users can visit a healthcare provider that accepts Medicare.
- Guaranteed annual renewals regardless of your current health state.
- Plenty of plan options available.
- Can cover foreign travel medical expenses.
Cons
- Monthly premiums can be expensive.
- Will not cover private nursing, hearing aids, long-term care, vision, or dental care.
- Can be a little tricky to switch to a different plan.
- Companies or providers might not sell the plan to people younger than 65.
How to Select a Plan F?
Want some practical tips on picking the best Medicare supplement plan? The tips listed below can help you make the right choice.
- Choose a plan. Companies have plenty of plans to choose from. You can select the one with the coverage that best suits your needs. Take a good look at what the plan has to offer before you make that choice.
- Compare the costs and policies from company to company. Since companies have different costs, they also provide different policies. Therefore, it’s a good idea to compare the policies available in your local area first.
- Think about premiums. Although they can be expensive, premiums can be a worthwhile purchase.
- Select a high deductible option. Certain plans have this option. They can be a practical alternative for anyone who doesn’t expect to spend too much on medical expenses.
Final Thoughts
For those who are looking for supplemental insurance that doesn’t cover the costs from the original Medicare, then the Plan F seems like a viable choice. It provides extensive health coverage with plenty of options for health-related problems. As of 2020, those who are new to Medicare in general, can’t purchase Medicare F.
Those who already have can keep it. Individuals who were eligible before 2020, but didn’t enroll, could purchase Plan F. Supplement plans such as these come with a monthly premium. Because of the different costs, it is a good idea to compare the policies from one provider to the other. Now that you know exactly what to expect, you can make the most of it.
References
https://www.healthline.com/health/medicare/medicare-plan-f
https://www.ehealthinsurance.com/medicare/supplement-all/is-medicare-supplement-plan-f-going-away
https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap
https://www.statista.com/topics/1167/medicare/
https://www.kff.org/medicare/issue-brief/an-overview-of-medicare/