Medicare Part F is supplement insurance for Medicare. The correct term is Plan F, but some people will refer to it as Medicare Part F. You must be enrolled in Medicare Part A and Part B to enroll. We’ll discuss the plan details below.
Medicare Part F
The popularity of Medicare Part F is due to the fact that those with this policy don’t have to pay any of their “gaps in coverage” that they would face if they only had Medicare Parts A & B.
Essentially, this policy pays the 20% copay due at a doctor’s office. It will also cover any deductible related costs from a hospital stay or outpatient surgery.
As a first-dollar coverage policy, Medicare Part F benefits pick up the remainder of any bill that your Original Medicare doesn’t cover.
- Never worry about meeting a deductible again
- All remaining costs will be forwarded to your provider
- Any excess charges
- With over 880,000 doctors who accept this plan in the US, you’ll never struggle to find a doctor who will accept your plan.
- You’ll never be required to have a doctor’s referral to visit a specialist, you may go whenever you like.
- Never fear that your coverage will be canceled for filing excessive claims or due to health conditions. Your coverage is guaranteed renewable as long as you’re making your premium payments.
- If you often travel outside of the U.S., Medicare Plan F will cover any emergency medical costs.
How Much Does Medicare Part F Cost
Medicare Part F cost will vary based on a number of different factors. The two primary conditions that will impact the cost will be your location and the company from whom you purchase the plan from.
Additionally, because policies are standardized and sold by individual companies, there may be two different insurers offering the exact same policy with the exact same benefits, at two different prices.
The average lowest premium for Medicare Part F is around $159. The average highest premium is $236. However, in New York the highest premium is almost $450.
As stated above, the premium is completely dependent on your specific information, plan you choose and carrier you go with.
Medicare Part F cost options are one of the most popular choices for supplemental coverage. It has the most comprehensive set of covered benefits.
Standard Part F vs High Deductible Part F
There are two different versions of Part F, one is the standardized Part F and the second is the high-deductible Part F. With the high-deductible plan, after you have met your out of pocket limit, the policy pays for 100 percent of covered services for the rest of the year.
What Does Medicare Supplement Part F Cover
There are a few other benefits that many people don’t think about when enrolling in a supplement policy. For example, Medicare Part F also offers coverage up to certain plan limits for international travel, where Part A and Part B don’t cover any health care costs outside of the United States.
As long as you maintain continuous coverage and pay the monthly premiums, the insurance company cannot cancel your policy – even if you have health problems.
Remember, Part B only covers 80 percent of your incurred healthcare costs. Medicare Part F covers all Part B coinsurance, co-payments, deductibles, and excess charges.
If you’re in Massachusetts, Wisconsin, or Minnesota, your cost options and benefits are standardized differently, and we are happy to explain them in more detail to you if you live in one of these states.
Medicare Parts A & B Alone
Let’s say that for one reason or another you have found yourself in need of a visit to the hospital, and leave with a bill totaling $3,000. You have a $1,500 deductible, which you’re responsible for paying entirely.
The remainder of the bill is $1,500, of which Medicare will pay $1,200, or 80%. The remaining 20% is also your responsibility, leaving you with a total out of pocket expense of $1,800.
20% does not seem expensive, but it’s easy to see how 20% of all medically related expenses over the course of a year can add up to significant amounts of money.
Medicare Part F with Medicare Part A & B
Should you have to visit the hospital, but this time have Medicare Part A, B, and Medicare Part F, the charges decrease drastically. Of your $3,000 bill, Medicare will pay 80% (Minus the cost of the deductible), or $1,200.
Then, the rest of the bill will be forwarded to your supplement provider, who will pay the remaining $1,200. This scenario leaves you with a total cost of $0.
Talking to one of our insurance professionals can be exceedingly helpful when you’re trying to choose the plan best suited for your needs. There are several things to consider when making this decision.
What Plans Won’t Work with One Another
If you’re shopping for additional Medicare coverage, there’s one fact you need to take into consideration. You cannot be enrolled in Medicare Advantage, and also be enrolled in a Medigap plan.
Beneficiaries can apply for Medigap coverage while enrolled in Medicare Advantage, but you must dis-enroll from your Advantage plan prior to the effective date of your Medigap plan.
You CAN be enrolled in a stand-alone Part D Prescription Drug Plan and sign up for a Medigap Plan at the same time. The ideal coverage package would be Original Medicare + Part D + Medigap.
Compare Rates for Medicare Part F
Because rates change frequently, and insurers may charge different prices for the same benefits, it may take some shopping around to find the right one. Please contact us to take a look at the available rates and insurers in your area.
We respect your time, that’s why we also offer an online rate form for your convenience. Once you complete the short questionnaire, a senior Medicare agent will begin to contact the top carriers in your area and compare rates for you. To get started with our online rate form, please click here!
Medicare Part F Frequently Asked Questions
Is Medicare Part F Being Discontinued?
However, as long as you’re Medicare eligible prior to 2020, you can still enroll in Medicare Part F after it’s discontinued. Again, as long as you turned 65 prior to 2020, you CAN still enroll in Medicare Part F after it’s been discontinued.
Does Medicare Part F Cover Prescriptions?
No, Medicare Part F does not cover prescriptions. No Medicare Supplement Plan does. Most people combine Medicare Part F with a stand-alone Part D plan to cover their prescription costs.
What Carriers Offer Medicare Part F
Almost all carriers offer Medicare Part F. It just depends on if each carrier offers the plan in your state. One of our licensed agents can help you find what carriers offer this plan in your area.
Does Medicare Part F cover dental, vision or hearing?
No, unfortunately no Medicare Supplement Plans will cover dental, vision or hearing. Good new is, you do have other options! There are many stand alone plans that you can also enroll in to supplement your Medicare benefits in addition to Medicare Part F. These plans are more affordable than you think. Our agents can educate you on all the different options you have.
Does Medicare Part F Cover Acupuncture?
Medicare Part F does not cover acupuncture. Medigap plans don’t cover alternative medicine, acupuncture is considered an alternative medicine.
Does Medicare Part F Cover Diabetes?
Yes, your Part B will cover many medicare services for diabetes. Once Original Medicare pays their share of your medical services, Medicare Part F will pick up any remaining costs.
Is the Correct Term Medicare Part F or Plan F?
The correct term is Plan F, but many new Medicare beneficiaries might refer to it as Medicare Part F. All supplement policies are identified as plans. However, when you speak to our agents, they will know what plan you’re referring too.
What’s the different between Medicare Plan G vs Plan F?
The second most popular plan is Plan G. We’re always comparing these two plans for our clients. The main difference between Medicare Plan G vs Plan F is that Plan G doesn’t cover your Part B deductible. However, clients can sometimes find that Plan G could save them around $200-$300 a year.
If you’re new to Medicare, make sure to read our post about the basics of Medicare here. Also make sure to check out our post about what Medicare doesn’t cover here. Understanding the basics are crucial when deciding on what Medigap plan is best for you.
Give us a call to get help figuring out all there is to know about Medicare today! Or you can complete our rate form online to get rates in your area.