Medicare Supplemental Plan F
Medicare Supplemental Plan F is the most common and comprehensive Medigap plan. Of the number of people who have some sort of supplemental coverage to Medicare, it is estimated that approximately 40-45% have Plan F. This is because, primarily, it is the most comprehensive plan - it covers everything that Medicare Parts A & B do not cover. In addition, Plan F is the easiest plan to explain/understand, and almost all companies sell Plan F (companies can pick and choose which of the standardized plans they are going to sell in a certain area).
So, What Does Plan F Cover?
As mentioned above, Plan F is the most comprehensive plan. It is designed to fill in all of the gaps in Medicare. As such, it covers everything that Medicare Part A and B do not cover so that you don't have any out of pocket costs at the doctor/hospital. What does this include:- Plan F covers the Medicare Part A deductible ($1156 for 2012)
- The plan covers the Medicare Part B deductible ($140 for 2012)
- The plan covers the full 20% after the deductibles are met at the doctor and hospital (this is called the Parts A & B coinsurance)
- Plan F cover the 20% skilled nursing facility coinsurance - the portion that Medicare itself doesn't cover
- It pays for the first 3 pints of blood
- It pays the Part B "Excess Charges" in full (occurs when a doctor doesn't accept Medicare's payment schedule and bills over that amount)
- Plan F covers the Medicare Part B preventive care coinsurance (20%)
- The plan covers for Foreign Travel emergencies, up to plan limits ($50,000 lifetime)
Get Medicare Supplemental Plan F Quotes
Is Medicare Supplemental Plan F Always the Best Deal?
Many people are mostly familiar with Medigap Plan F, either because they know someone who has that plan (it is the most common) or companies are promoting that plan primarily. So, we often talk to people who say they "only want Plan F". While it certainly can be enticing to have a plan that pays for everything that Medicare doesn't cover, Plan F is not always the most rational choice.
First of all, it is obviously going to be more expensive. Because it is the most comprehensive plan, it fills in the most gaps in Medicare and is the most expensive. Also, because it is in the most demand, many people believe the companies do not have to price it as competitively as lower-tier plans.
I would always recommend comparing other plan options that may not be as comprehensive but are lower-cost. In particular, Plan G and Plan N may be viable options. For example, the only difference in Plan F and Plan G is the coverage of the Medicare Part B deductible, which for 2012 is $140/year. It's pretty simply math to do, and often, Plan G premiums are $250-400/year less. Obviously, in that case, it makes more sense to go with a Medicare Supplemental Plan G - the premium savings offsets the fact that you would have to pay the deductible. In cases where the premiums are closer to the $140 figure, which is the Part B deductible, Plan F probably does make the most sense.
How to Get a Medicare Supplemental Plan F Quote
Getting a Medicare Supplemental quote is easy to do. Plans are Federally-standardized, so comparing the plans on the basis of cost is the most important thing to do. To get more information or quotes, simply visit the Medicare Supplemental Quotes page of this site.