The basic coverages provided by Medicare are Part A –hospitalization – and Part B –required medical equipment and doctor’s visits. Of recent, there are 11 supplement plans also known as Medigap policies that can fill in for any coverage gaps that exist with Parts A and B. One of these supplement plans is Plan F. It is worthy of note that not all companies offer all 11 supplement plans. However, if they do offer a minimum of 2 supplement plans, they are required to offer Plans C and F. Typically, Plan F premiums cost between $65 and $295 each month. Depending on the state you live in and the insurance carrier, the premium will not be the same.
Coverage Provided By Supplement plan F
The coverage expected of Medigap coverage plans is regulated and mandated by the Centers for Medicaid and Medicare. Plan F also has a “high deductible” plan because it will not pay for any kind of services that is covered by Medicare until the beneficiary of the plan has paid a minimum of $2,000 out-of-pocket. When the deductible has been paid, Plan F will cover for 100% of the co-pays, co-insurances, and deductibles of Parts A and B including preventative services, co-insurance as well as hospice. You will have no coinsurance or deductibles if you get the regular Plan F. It is important to make sure of which of the supplement Plan F you are being quoted when you speak to an insurance professional.
There are only two supplements that takes care of any deductible expense of Part B, one of the supplements is the Medicare supplement Plan F. Also, this is the only supplementary plan that covers excess Part B charges. Typically, these charges will accrue if doctors would legally charge more than what is considered by Medicare as reasonable service charges. Usually, other supplement plans will only pay for expenses that are classified by Medicare as allowable. In addition, plan F covers for the excess amount that is allowable according to Medicare.
Is Plan F Right For You?
Medicare supplement Plan F is considered to be one of the most popular plans. This is because it covers 100% of the gaps which exists in Plans A and B. This means that it gives the highest amount of coverage compared to any of the Medigap insurance plans. Initially, the plan may seem a bit confusing for many individuals. However, after you must have answered a few questions, not only will it explain the plan more thoroughly, you will be able to decide for yourself whether the plan is right for you or not.
Basically, if you are an individual who is willing to pay for a100% coverage, this plan is best designed to meet your personal needs. The only expenses you will have to pay with Medicare supplement Plan F, is your monthly premiums. You can speak to a licensed insurance professional or visit the official Medicare website to find out more information about this supplement plan.