The most popular plan choice among all Medicare recipients is Medicare Supplement Plan F leaving beneficiaries with the least amount of out of pocket expenses.
Note that all these planes are known as Medigap plans.
Like all supplemental plans, Medicare supplement Plan F has been standardized by the federal government in most states meaning regardless in your choice of carriers, you get the exact same coverage.
Once Medicare has paid their portion of the insurance claim, Plan F will pay for most of the remaining hospital and doctors’ cost which is why it is so popular as it covers the most out of pocket expenses.=
An additional plan is available called HD-F (High Deductible Plan F) which is offered for those willing to pay higher out of pocket costs in exchange for a lower monthly premium.
Note that “Medicare Part F and the Medicare Supplement Plan F” are the same.
Plan F; often called first dollar coverage. What this means the Plan F supplement pays for your share of the Medicare costs from the very first dollar. So, there is no copay for doctor visits using your Medicare covered services. This will also cover items like hospital stays and durable medical equipment, also surgeries, x-rays or lab work and other items.
Medigap Plan F covers 100% of your Medicare Part A deductible.
Traditional Medicare will only the first 60 days of hospital stays, minus the deductible prior to paying the additional coinsurance.
For longer hospital stays exceeding 60 days, 61-90 days, then Medicare Plan F covers the coinsurance cost for the 61-90 day period before you have to pay additional coinsurance.
An additional 365-day hospital coverage will be added with Medicare Plan F if you exceed 90 days.
Additionally, this plan covers the Medicare Part B deductible and 100% of excess charges which are additional costs charge by some doctors.
Traditional Medicare doesn’t pay for your first 3 pints of blood, but your Medicare Supplement plan will.
Traditional Medicare will not cover your foreign travel benefits. Plan F supplemental insurance covers overseas travel medical emergencies when traveling to different countries provided coverage started during the first 60 days of leaving the United States.
While out of the 10 different Medigap Plans, Plan F will offer you the broadest coverage. What’s important to know it you still need to pay your Medicare Part B monthly payments.
If you don’t qualify for the premium free Medicare Part A, then you might have to pay the Part A premium as well.
For those who find the Medicare Plan F to costly for their budget, then Plan G might be a better option since it can be much cheaper than the Medicare Plan F depending on your location and save money on monthly premiums.
The difference between Plan F and Plan G is you must pay the Plan B premiums if you have Plan G.
One plan may save you more money over the other, but this will depend on your health, personal preference, and budget for your current situation.
Anyone enrolled in Medicare Part B will then be eligible to enroll in one of the Medicare Supplemental plans or Medigap plans like Plan F. The easiest way for you to qualify for this coverage will be during your 6-month open enrollment period (OEP). This will begin for you on (the 1st day of the 1st month) which you have turned 65; or older, plus you are enrolled in Part B.
Enrolling during the Open Enrollment Period will automatically qualify you for a policy and guarantees you won’t be rejected or charged higher premiums for any pre-existing health conditions. Waiting to enroll after the OEP will cause the policy to be “medically underwritten” resulting in higher premiums or problems in finding coverage. Use the chart below to compare Medigap Plan F to the other options available.