What does Medicare Supplement Plan F cover?
Compared to other Medicare Gap plans, Medicare Supplement Plan F provides the most benefits. Plan F covers the ‘gap’ in coverage associated with Parts A and B. This plan enables someone to be able to visit a doctor’s office or hospital to receive approved treatment and walk out without paying anything, virtually eliminating all out-of-pocket costs. (It is important to understand that these plans do not cover prescription drugs.)
Similarly, Plan F covers Medicare-approved expenses that are not part of Parts A or B. Foreign travel emergencies and skilled nursing facility coinsurance are included in this category. Plan F is one of only two plans that cover Medicare Part B excess charges.
Plan F pays for 100% of the following:
- Medicare Part A deductible.
- Medicare Part B deductible.
- Part A coinsurance and hospital cost up to an additional 365 days after you’ve used up your standard Medicare benefits.
- Part A hospice care coinsurance or copayment.
- Part B coinsurance or copayment.
- Part B excess charge.
- Skilled nursing facility care coinsurance.
- First three pints of blood each year.
How much does Medicare Supplement Plan F cost?
If you are enrolled in Medigap Plan F, you are responsible for the following costs:
Monthly premium. There is a monthly premium for each Medigap plan. You will pay a different amount depending on the plan you choose and the company you purchase it from.
Yearly deductible. Medigap Plan F does not have a deductible, but Medicare Part A and Part B do. Medigap Plan F, however, covers 100 percent of the Part A and Part B deductibles, unlike some of the other options.
Copayments and coinsurance. With Medigap Plan F, all of your Part A and Part B copayments and coinsurance are fully covered, resulting in almost no out-of-pocket expenses.
Medicare Part F is the most comprehensive Medigap policy, so the premiums can be quite high. A 65-year-old typically pays between $120 and $140 per month for these services. The cost of your plan is determined by your location, plan provider, current health condition, and age and gender. Therefore, it is important to compare rates for the same Medicare plan across different health insurance providers.
Is Plan F Going Away?
Starting in 2020, Medicare Supplement plans that pay the Medicare Part B deductible will no longer be available to newly eligible beneficiaries, according to congress.gov. This change is part of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
Medicare Supplement Plan F (or Plan C, which also covers the Part B deductible) can usually be kept.
If you were eligible for Medicare before January 1, 2020, you may be able to buy Medicare Supplement Plan F or Plan C.
If you qualify for Medicare on January 1, 2020, or later, you may not be able to buy Medicare Supplement Plan F or Plan C.
Is Plan F available in 2024?
Medicare Supplement Plan F is the most comprehensive of the standardized Medicare Supplement plans available in most states. Yes, it is still available for folks who turned 65 prior to Jan 1st, 2020.