Medigap Plan F
Medigap Plan F provides the best healthcare coverage as a supplementary plan. Under this plan, you can ease your mind about your medical expenses for it is designed to cover all the gaps left out by basic Medicare. Basic healthcare costs will no longer be a worry for you since Plan F can cover all supplementary expenses.
Plan F is designed with special consideration to people who have several healthcare expenses and cannot easily afford them currently, as opposed to individuals who only require coverage for a few expenses, the cost of which might not be a big concern. As such, we cannot recommend this plan as a one-size-fits-all for everyone, despite its status as one of the most popular Medigap plans. While there is a right supplementary plan for everyone who might need some expenses covered, Plan F might not be the appropriate choice for all. We strongly recommend you compare it to other possible plans and gauge how suitable it is for your needs before signing up for it.
We will help your decision-making by showing you not just how to sign up but also what Plan F has to offer in comparison to other similar plans. Going over this information could help you make a smart decision in picking out a supplementary coverage plan that will fit your needs.
The Cost of Plan F
We will begin by going over how much you will be paying for this coverage plan. Since all insurance providers are allowed to set their prices and Medicare has not set a fixed price, the costs usually vary depending on which provider you choose. This means you have the opportunity to carefully consider price comparisons and make a choice that saves you some money. If you like, you can purchase the cheapest plan without worrying about the coverage changing midway. Insurance companies cannot change coverage, so there is one set coverage list for Plan F. The coverage list will not change depending on how much you are paying for it. This means even while purchasing the cheapest price available, you will get the same coverage that everyone else does for higher prices.
Apart from what you pay for basic Medicare, you will also pay a monthly premium for the plan. Since this is a supplementary plan, to qualify for Medigap’s Plan F you must have the basic Medicare plan. So, you will be paying for the incumbent expenses of both these plans together.
Plan F Coverage
What can Plan F cover for you? Plan F is well reputed for being a complete coverage supplementary plan. This plan can cover every medical expense listed as a supplement, which would be all of the following expenses:
- Medicare Part B excess charges (for Part B care at locations that do not fully accept Medicare)
- Medicare Part B deductible
- Medicare Part B copayment
- Medicare Part A deductible
- Medicare Part A copayment
- Medicare Part A hospice insurance
- Nursing care insurance
- As much as 80% of foreign emergency travel costs per incident
- Up to three pints of blood a year
With these items under its belt, Plan F is one of the high-coverage Medigap plans available currently. The other plans we will go over in a moment do come close, but nothing quite compares to what Plan F can cover, for under Plan F you will be good for just about every supplementary expense. Whether or not you need such expansive coverage is a choice you must make. Some people find that it is often cheaper to pay for some of these supplements out-of-pocket rather than opt for expensive Plan F premiums.
After you find an insurance company you want to buy this plan from, you can simply apply through their website to sign up for Plan F. If this does not sound like your cup of tea, you can get more hands-on help by making a phone call to the company to kickstart your application, or go to their office in person. Filling the forms does not take more than a few minutes, and after you complete them you should get an answer shortly.
All Medigap plans have the same approval processes and conditions in their place, so your application might be approved or rejected based on these guidelines. Firstly, you must be eligible for Medicare, which means you need to be a US citizen and 65 or older (or have a medical condition that qualifies you for Medicare.)
To be approved for the Medigap plan, you also need to be signed up for Original Medicare. This is a must, for the Medigap plan is a supplementary coverage that works together with Original Medicare plan to fill its coverage gaps.
Your application for Plan F will not be approved if you have an overlapping plan, which includes another Medigap plan of any kind, or a Medicare Advantage plan (Medicare part C). If you have a union or employer medical insurance plan, you should check if they overlap with Plan F, for your application will not be approved in the presence of any overlap.
Comparing Plan F
As appealing as Plan F’s broad coverage sounds, you should not jump into making this choice- first, you must ensure that it is the best possible plan you could opt for. There is a wide range of other available plans, some with very similar coverage to Plan F. You may want to consider Plan G and Plan N, two plans quite similar to Plan F but marginally cheaper.
Plan G covers everything listed above for Plan B, but you will need to pay the Medicare Part B deductible.
Plan N also has the same level of coverage, but you will need to cover for Part B excess charges, some small copayments, and the same Part B deductible.
Plan G and Plan N both form good alternatives to Plan F. While they cover less, their costs are also comparatively lower. Since Plan F can come at a souped-up price in line with its full-coverage status, in some scenarios these alternatives come at a significantly lower cost. There is no other plan that claims complete supplemental coverage, and this reputation is carried on the back of a substantial price tag. The significantly lower cost of these plans is something you will want to consider if saving is a priority.
There may be instances when Plan F can be the most cost-effective Medigap plan to choose, but we find that this is often the exception and not the case. While the coverage provided by Plan F is nearly unmatched, what it offers and what you need is something you need to consider before signing on for the extra costs. You can come to the choice that will best fit your needs once you take your time to compare the Medigap Plan F to other options.
