What is Medicare Plan F?

Most of us have heard of Medicare, a government-run program designed to help cover the costs of health care for people 65 and over, those with certain disabilities, and those with End-Stage Renal Disease (ESRD). But although many people know about the program, few understand the intricacies of Medicare. There are the basic Medicare Parts: A, B, C, and D. However, there are some “gaps” in Original Medicare (Parts A and B) — areas in which coverage may not be enough to offset the bulk of certain medical bills. This problem has led to the creation of Medicare supplement insurance plans including Medicare Plans F, G, K, and L. These plans are known as Medigap.

The ABCs of Medicare Plan F

Medicare Supplement Plan F is the most comprehensive Medigap plan. It covers excess charges, the difference between what a doctor or provider charges and the amount Medicare will pay, for Part B. It offers all of the basic benefits of Medigap Parts C and D (coinsurance cost coverage for basic benefits, and the cost of skilled nursing care). This plan can help with out of pocket costs that can occur with traditional Medicare, including:

  • Part A hospitalization and coinsurance costs up to an additional 365 days after Medicare benefits end
  • Part B coinsurance, copayment, and excess charges
  • First three pints of blood in a blood transfusion
  • Part A hospice care copayment or coinsurance
  • Skilled nursing facility coinsurance
  • Parts A and B deductibles

Enrollment for Plan F starts the month you turn 65, as long as you are enrolled in Medicare Part B, and lasts for six months. After this period, a Medigap policy like Medicare Plan F may be more expensive or you may be ineligible for it.

A high-deductible option for Plan F may have lower premiums, but you will generally have higher out-of-pocket costs. A deductible is the amount you are responsible for before your insurance plan will begin to pay for your care. A premium is an agreed-upon fee paid for coverage of medical benefits for a defined period, usually a year. (In other words, it’s the “price” you pay to purchase your plan.) If you choose the high-deductible option for Medicare Plan F, you must pay for Medicare-covered costs up to $2,180 in 2016 before Plan F will cover anything.

HealthMarkets Insurance Agency is ready to help!

Call today and speak with one of our knowledgeable licensed agents. With over 4 million insurance policies sold, we can help you find the right Medigap plan for your situation. Contact us today to learn more about Medicare Plan F!



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