Medicare Supplement (Medigap) Plan F is the most comprehensive Medicare Supplement plan available. Specifically, Medicare Supplement Plan F covers 100% of your Medicare cost-sharing and leaves you with no out-of-pocket expenses.
For beneficiaries who want full coverage, including deductibles, coinsurance, and copayments, Medicare Supplement Plan F is usually the best option. However, it is not available to everyone who is eligible for Medicare. We will help you understand when Plan F is the best choice for you and whether you’re eligible.
What is Medicare Supplement Plan F?
Medicare Supplement Plan F is a standardized Medicare Supplement Plan that covers all the cost gaps Original Medicare leaves behind. Once you enroll in this plan, you will have $0 cost-sharing and will only be responsible for your monthly premium.
Essentially, once Medicare pays its share of your medical related costs, your Medigap Plan F will pick up the full remaining balance.
What Does Medicare Supplement Plan F Cover?
Medicare Supplement Plan F is a first-dollar coverage plan. This means you receive coverage from the first dollar you spend on the plan. As long as the doctor accepts Medicare and Medicare pays its share first, your Medigap Plan F will cover the rest.
Medicare Supplement Plan F covers:
- Deductibles for Medicare Part A and Part B
- Medicare Part A and Part B coinsurance or copayments
- Medicare Part B excess charges
- Skilled nursing facility coinsurance
- Foreign travel emergency expenses up to plan limits
Medicare Supplement Plan F Comparison Chart for 2022
How Much Does Medicare Supplement Plan F Cost in 2022?
The average cost of Medicare Supplement Plan F is around $173.00 per month. However, there are many factors that impact the premium price. Premium costs for Medigap Plan F can range from as low as $150.00 per month to as high as $250.00 per month or more.
Factors that determine your cost include your location, gender, age, tobacco use, and more. However, rates could be higher or lower, depending on your ZIP Code and other factors.
A major factor that influences your monthly Medicare Supplement premium rates is the plan you select. With more benefits come higher monthly premiums. Thus, Medicare Supplement Plan F is the highest-priced plan available.
Is There a Lower Premium Option for Medicare Supplement Plan F?
If you are interested in enrolling in Medigap Plan F but find that the premium rates are more than you want to spend, High Deductible Medicare Supplement Plan F is a potential option for you to consider. If you are comfortable with reaching the higher deductible prior to receiving full coverage for this plan, the lower premium could be worth it.
The Medicare Supplement High Deductible Plan F provides the same great Plan F benefits at a lower premium rate by eliminating the first dollar coverage. Once the deductible is met, you then receive 100% coverage from the high deductible plan.
Will Medicare Supplement Plan F Rates Go Up in 2022?
Each year, every Medigap plan is subject to rate increases. The pricing method used partially determines this.
When choosing a plan, researching rate increase histories is beneficial. On average over the past five years, Plan F rate increases have been between 3% and 6%.
Ask your agent what the rate increase history is for the Medicare carriers with which you are considering enrollment. You will want to research carrier reviews before making a choice.
Why is Medicare Supplement Plan F Being Discontinued?
Medicare Supplement Plan C and Plan F are no longer available to newer beneficiaries. CMS discontinued all first-dollar coverage plans with the passing of the Medicare Access and CHIP reauthorization Act (MACRA).
Medigap plans unavailable for those who are new to Medicare include standard Medigap Plan F, High Deductible Plan F, and Innovative Plan F. Beneficiaries already on these plans or who received any part of Medicare prior to January 1, 2020, are grandfathered in and won’t be impacted by the change.
Does Medicare Supplement Plan F Include Prescription Drug Coverage?
Medicare Supplement Plan F will only cover the costs of prescription drugs administered at the hospital that are typically covered under Medicare Part A. However, Plan F will NOT cover prescription drugs that are prescribed by a doctor and taken at home. To receive prescription drug coverage, you’ll want to enroll in a Medicare Part D plan.
What is the Difference Between Medicare Supplement Plan F and Plan G?
Medicare Supplement Plan G offers excellent benefits and is sometimes more suitable than Medigap Plan F for many beneficiaries.
The only difference between Medicare Supplement Plan F and Plan G is that you are responsible for the Medicare Part B deductible when enrolled in Plan G. Yet, the lower premium with Plan G is often worth it.
Often, it is more cost-effective to elect the lower premium and pay the Part B deductible than it is to receive first-dollar coverage.
When Can I Enroll in Medicare Supplement Plan F?
You can enroll in a Medicare Supplement plan at any time, as long as you are eligible. However, the best time to sign up for Plan F is during your one-time Medicare Supplement Open Enrollment Period.
How to Get a Medicare Supplement Plan F Rate Comparison
If you are interested in comparing the cost of Medigap policies near you, we are here to help. A Medicare agent licensed in your state will help guide you through the process of choosing the best coverage for your needs.
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