Medicare Supplement Plan F Explanation

Medicare is a great insurance plan but it doesn’t cover all of the costs of healthcare. Private insurance companies offer a variety of Medicare supplement plans for the differences between what doctors and hospitals charge and what Medicare actually pays. Most healthcare providers will work with their patients and will agree to accept what Medicare and the Medicare supplement pays.

Medicare supplement plans are labeled as A, B, C, D, F, G, K, L, M, and N. These plans will cover the hospitalization deductibles of Medicare Part A plus the 20% deductibles for physician and other services. Medicare supplement plan F provides the most coverage and is the most desirable plan on the market. Medicare Plan F is also the most expensive of the Medigap plans on the market.

Consumers are frequently confused by the term Medigap policy. Insurance companies use this term sometimes but they are they same thing as a Medicare supplement plan.

Individuals become eligible to purchase a Medicare supplement policy without restrictions during the three months prior to the month that they turn 65 years old. Eligibility for purchase without regard to current health status or past medical history remains in effect up until three months after the month in which the individual turns 65. It is important to be prepared and sign up during this window for maximum lifetime health coverage.

All Medicare supplement plans offered on the open market must offer the same benefits for each plan type. For example, a Medicare supplement plan F offered by Insurance Company A is required to offer the exact same benefits as the plan offered by Insurance Company B. The only difference between plans will be the price, so it pays to shop around.

Selecting the best plan at the get-go is very important because if you decide to change plans later on, you will be accepted or rejected based upon your current health and prior medical history. The associated costs may be very different if you apply outside the window listed above.

A Medicare supplement plan F may have a higher monthly premium than other plans, but there will be no unexpected out-of-pocket expenses with it. Your copay and deductibles will be covered.

Leave a Reply