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Understanding Medicare Supplement Plan F

Medigap Plan F

Today, there are millions of Americans who are age 65 and over who rely on Medicare for their health insurance coverage. For many, Original Medicare is their coverage of choice. This includes Medicare Part A for hospitalization coverage and Medicare Part B for doctors’ services. Unfortunately, even though Medicare covers a wide range of health care services, it also leaves a number of coverage “gaps” in terms of deductibles, copayments, and coinsurance expenses.

This can oftentimes leave enrollees with substantial out-of-pocket expenses to pay and for some, this can essentially make their annual health care costs extremely difficult to manage. The good news is that Medicare Supplement insurance coverage can help to keep these expenses in check.

How Medicare Supplement Insurance Works

With Medicare Supplement Insurance, an insured can obtain protection from the high costs that are associated with Medicare Parts A and B. These can include deductibles and coinsurance expenses. It is important to note, though, that Medicare Supplement insurance does not cover items that Medicare itself doesn’t also include. For instance, if an individual is seeking coverage for non-essential plastic surgery, it is not covered at all via Medicare, nor will it be covered under a Medicare Supplemental insurance plan.

There are many choices that consumers have when it comes to choosing how much coverage they can receive through Medicare Supplement. For instance, currently, there are ten standardized plans that can be chosen from. These plans are all named after letters of the alphabet, beginning with Plan A, which is the most basic of the options.

Medicare Supplement Plan F offers the most comprehensive of the benefit plan packages. All of the Medicare Supplement plans that are offered in the market place must contain at least the set of core benefit offerings that are contained in Medigap Plan A.

Why Consider Medicare Supplement Plan F

Those who are seeking the most comprehensive Medicare Supplement Insurance plan benefits may wish to consider Plan F. There are numerous options that are paid for by this plan, including the following:

  • Medicare Part A hospital deductible
  • Medicare Part A coinsurance.
  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Medicare skilled nursing facility coinsurance
  • Foreign travel emergency care.

With Medicare Supplement Plan F, an enrollee will typically then only be required to pay the following expenses out of his or her own pocket:

  • Costs of hospitalization that are beyond the additional 365 days following the lifetime reserve days from Medicare
  • The costs after the 100th day in a skilled nursing home facility
  • $250 per calendar year for foreign travel emergencies, as well as 20 percent of the expenses that fall within the first $50,000 of expenses thereafter.

In addition to the regular Medicare Supplement Plan F option, there is also a high deductible option for Plan F as well. With this alternative Plan F policy, an enrollee will be required to first pay a plan deductible before any of the plan’s coverage benefits will be paid out. However, the tradeoff here is that the premium for this plan is lower than the premium for the regular Medicare Supplement Plan F. In addition, once the plan’s required deductible has been paid, benefits will be paid to the insured.

While there are other Medicare Supplement insurance plans that may be available to consumers at a lower premium cost than Plan F, the fact that Plan F offers so many benefit options makes it a very attractive alternative for those who may face high out-of-pocket health care costs, as well as those who typically need a great deal of medical attention each year. In these cases, the premium costs may be well worth the benefits that are ultimately received.

When to Sign Up for Medicare Supplement Insurance

The best time to sign up for a Medicare Supplement insurance plan is during a person’s six-month” open enrollment period. This is because, during this time frame, the person cannot be denied a plan, nor can they be charged a higher amount of premium if they have an adverse health related condition. During this period of time the insurance company also cannot make you wait for coverage to begin.

This six-month open enrollment period begins automatically in the month in which you are both age 65 and you are enrolled in Medicare Part B. It is important to sign up during this time period – especially for those who have adverse health issues – because once the time frame has elapsed, you cannot get it again.

This means that if a person applies for Medicare Supplement coverage outside of his or her open enrollment period window, an insurer will be allowed to use underwriting in order to decide whether or not to accept or reject an applicant for coverage. The insurance company can also decide how much to charge a person for their coverage. Therefore, if you have health issues, you could still end up qualifying for coverage, however, the price may be quite a bit higher than if you had applied during your open enrollment period.

Once you have a Medicare Supplement insurance policy, the plan is considered to be guaranteed renewable. This means that, as long as you pay your premium, it cannot be cancelled by the insurance company.

Where to Purchase a Medicare Supplement Plan F Policy

When considering the purchase of Medicare Supplement Plan F, it is best to first do some comparison shopping – not necessarily for different policy benefits, but more so for the premiums. This is because even though the Plan F benefits will be identical from one offering insurer to another, the premiums can – and typically do – differ a great deal. By comparing the prices before you buy, you can oftentimes save yourself several hundred dollars per year – and sometimes even more.

If you are shopping for a Medicare Supplement insurance policy, we can assist you. We work with many of the best Medicare Supplement insurance companies in the market place today, and we can get you all of the pertinent information that you need quickly and easily.

We can obtain information for you regarding plans that are offered through various insurance companies, as well as the premiums that are charged. In addition, we can also help you in finding out how each insurer is rated by the independent insurance company rating agencies. This is important to know, as you will want to be covered by an insurer that has a strong financial foundation and has a good, solid claims paying reputation.

When you are ready to begin your search for Medicare Supplement insurance coverage, feel free to contact us. In order to begin comparing Medigap policies and policy premiums, simply use the form on this page.

When the time comes for you to enroll in a Medicare Supplement insurance plan, you will want to ensure that you join the plan that makes the most sense for your specific coverage needs, as well as your coverage budget.