Medicare Plan F
Medicare Plan F is part of the Medicare Supplement Plans offered to seniors looking for extra coverage from the Original Medicare. The plan is provided for by Private insurance companies, who have been designated by Medicare to sell on its behalf.
Of all the plans in Medicare supplements, Plan F has the highest coverage and provides the 10 supplement plans available in each of the plans.
It depends on the senior and the level of coverage he wishes to have because at times, one can go for a high coverage plan, yet the health needs do not require for the same. It may end up being a costly plan, and at times it’s better to get a lower covered one with lower costs.
In this article, we are going to tell you more about what Medicare Plan F has to cover and the benefits associated with it to help you decide whether it is the best plan you can subscribe with.
What Is Plan F?
Plan F is a plan which offers a single Medicare Supplement plan coverage and ensures that most of the medical expenses in the Medicare supplements are well catered for. With an Original Medicare, any senior is eligible to get this coverage at an affordable cost rather than paying for the expenses not covered under original Medicare from your pocket.
One is also not allowed to sign up for the plan if you have an active plan that could be overlapping such as the Medicare Part C. This is because the plans offer similar services and Medicare does not approve for it.
If you have a Medicare Part C plan either from your employer or from a Union, then you can wait for its expiry and then sign up for Plan F. Otherwise you will have to drop if you must sign up for Plan F.
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What Plan F Covers
With Plan F coverage, you will find that it covers quite a number of medical expenses. You could go through each one of them and see if you need all of them.
If the expenses covered are not material to you, then you can opt for another plan that has less coverage and save some dollars on the same.
However, it’s worth to know that Plan F ranks the top in offering the ten plans in the Medicare Supplement Plans.
But if you feel that these are not the best plans for you, then you can opt to choose these other plans which have a lesser cost.
The first and the most critical cover under Plan F is the Medicare Part A and Part B deductible, which is payable once a year.
It also covers for other expenses such as the Part A and Part B copayments, nursing care coinsurance, and even the Medicare Part B excess charges. Remember that Part A refers to the long term covers such as the inpatient covers and Part B expenses is all about the short term covers like the outpatient costs.
You can have a look at this information from our website, to get a clear picture of what happens with Plan F coverage we talk of long term and short term benefits.
Besides this, we also have benefits such as Medicare Part A coinsurance plans and also three pints of blood per year besides what Original Medicare covers for you in terms of blood usage.
The last benefit is for the foreign travelers; if you have a plan F and travel outside the United States, then you will be covered for 80% of the medically-related costs which it’s the maximum allowable, and it happens once in a lifetime.
How You Can Get Plan F’s Coverage
The eligibility for Medicare is 65 years. This happens automatically on the attainment of this age if you have complied with other requirements. To access the plan immediately, a senior needs to start the process early enough. At least six months before turning 656 would be an appropriate time; so that you get enough time to plan you’re your supplement plan.
However, this is a bit different from Plan F. For one, you must have an active Medicare Plan, and you must be a US citizen. One is free then to get several quotes from different insurance companies and confirm if they are offering the plan that would meet the healthcare needs unlike Original Medicare, where you can only access it from Medicare.
Once you apply with the insurance company of choice, you can then start accessing any facility that accepts the coverage for your medical needs. The plan lasts for one year before renewing it. You are also eligible to be paying the monthly premiums for the plan to remain active. Still, there are other costs in Original Medicare that you will still be required to pay such as the Medicare Part B premiums.
In the event you feel that there are some medical needs that you have been missing in the cover, then you can drop the plan after the expiry and sign up for the one that meets your needs.
Comparing Plan F
When it comes to comparing the different available plans, the decision rests on you. This is because you are the only one who knows about your medical needs and the extent to which you need the coverage.
It’s important then to look at other plans with similar coverage to make sure you are aware of other coverages and costs. For instance, there are two other plans, Plan G and Plan N, which are equally popular and offering similar coverages from Plan F.
It’s also good to know that Plan F is only available for renewals. Otherwise, seniors looking for a first-time health insurance plan will not be covered for this plan.
Plan G is a good plan, and the only difference is that it does not cover for Medicare Part B deductible. This costs $183 per year, which is relatively low when you are getting all the other benefits.
Plan N, on the other hand, has high coverage, the only difference being that it focusses on specific needs, and this means less coverage. However, it’s an excellent plan for those seniors who do not have serious health concerns.
Therefore, depending on your need, you can have a look at this plan, and it could probably be one of the best plans to keep renewing for your health insurance.