Medigap Plan F
Plan “F” Offers the Most Coverage and the Lowest Out-Of-Pocket Costs
Medicare Supplement (Medigap) insurance plans help you bridge the gaps in Medicare Part A and Part B coverage. However, with several plans and several companies who sell them, it can be hard to know which one is right for you.
If you’re looking for the highest level of coverage and the lowest out-of-pocket costs for services covered by Medicare, Plan F is your answer. In fact, Medigap Plan F leaves you with nothing to pay out-of-pocket — covering the rest of hospital and doctor costs after Original Medicare has paid its share.
Important Note: This plan is only available if you first became eligible for Medicare before January 1, 2020. That means you turned 65 before January 1, 2020, or you’ve qualified for Medicare due to disability before that date.
Already Have a Plan F?
If you purchased a Medigap Plan F before January 2020, you can keep it. An insurance carrier cannot cancel an existing Plan F policy unless you fail to pay monthly premiums, are dishonest on your application, or the carrier goes bankrupt.
Medigap Plan F Benefits
Of all the standard Medicare Supplement plans available in Texas, Plan F offers the most comprehensive benefits. This plan covers the following:
- Part A hospital coinsurance and hospital costs — up to one year after Original Medicare benefits are used up
- Part A hospice care coinsurance or copayment
- Part A deductible
- Part B deductible
- Part B prevenative care coinsurance
- Part B coinsurance or copayment
- Part B excess charges
- Skilled nursing facility care coinsurance
- First 3 pints of blood used in a medical procedure (annually)
- Foreign travel emergency care
What separates Plan F from most other standardized plans is that it pays the standard Part B yearly deductible (which is $203 in 2021).
Get the right coverage at the right price.
Plan F Premium
Because it provides a list of complete benefits, Plan F is typically the most expensive option among all other plans — but it continues to be a popular choice for those who qualify.
Policyholders pay a monthly premium for Plan F, which is set by the private insurance carrier, based on any of these three price rating systems: Community-rated, Issue-age-rated, and Attained-age-rated.
Sometimes insurance carriers charge different rates for the same plan. This will depend on many factors such as your location, age, gender, and health status.
Should You Choose Medigap Plan F?
A better question would be, is this plan available to you? It depends on when you turned 65 and became eligible for Medicare.
Other plans like Medigap Plan G or Plan N may be available at a lower cost. However, Plan F generally provides a great value for people who face increased copayments and deductibles because of regular medical care.
We’re Here to Guide You.
Plan F is offered through most insurance carriers, so it’s best to shop around. If you’re not sure which plan is right for you, let Oak Haven Insurance be your guide. We specialize in Medicare Supplements, Medicare Advantage plans, and more!
