Medicare parts and plans are almost always mistaken for one another. There are only four main Medicare parts which are Parts A, B, C, and D. These parts offer hospital coverage, outpatient services, and prescription drug coverage. Part C, on the other hand, is considered to be an alternative solution for the original parts along with other services that aren’t usually covered in Part A and B such as vision and dental care.
Other than the Medicare main parts, there are other available plans to purchase as an added help to your Original Medicare such as Medicare Supplement Insurance Plans. However, they only work alongside your Original Medicare. That’s why enrolling firstly in Original Medicare is one of the most important requirements to be able to qualify for any Medicare plan. Different Medigap policies are sold across all states, including Plan F which is considered to be one of the most extended-coverage plans out there. Read on to discover more information on Plan F so you can determine whether it is a good fit for you.
What Are Medigap Policies?
Medicare Supplement -also known as Medigap- insurance plans are essentially available to help in covering certain out-of-pocket costs that Original Medicare doesn’t cover. If you are thinking about enrolling in Medigap, especially Plan F, then you must read everything you need to know and understand what exactly this plan has to offer. It’s important to educate yourself regarding the plan you are considering to ensure it is suitable for your needs. While Medigap Plan A is mandatory to be offered by insurance companies that sell supplement insurance plans, there are other plans such as C and F that are sold upon the desire of every consumer.
What Is Medicare Supplement Insurance Plan F?
There are ten different Medigap policies that are available. Plan F is considered to be the most comprehensive plan available in most states. People who seek broader assistance with out-of-pocket costs benefit from the extensive coverage that this plan offers. Plan F offers a great advantage for beneficiaries who often use Part A and B which is that it reduces hospital and medical expenses significantly; most of the time, you won’t need to pay for any additional costs. For these reasons, it’s only logical that premiums might be more expensive. Since this plan, and other Medigap policies, is offered by private insurance companies, it might not be available. Plan availability varies from one state to another, so it’s always a good idea to research the availability of the plan in your region. However, Plan F is highly desirable due to its extensive coverage which pushes most insurance companies to offer it.
What Are Plan F’s Presented Benefits?
Most Medigap plans are standardized across all states. This means that regardless of your location or the insurance company you choose to purchase the plan from, you will be able to get the same benefits that are offered by Plan F in any state. However, Plan F premiums may vary from one insurance company to the other. There is also another high deductible version of Plan F that is different from the original plan.
Here are some of the benefits that you get when you purchase Medigap Plan F:
•Plan F offers additional benefits that reach up to 365 days after the exhaustion of Medicare Part A benefits.
•Plan F offers Medicare Part A deductibles, copayment, and coinsurance. The difference between copay and coinsurance is that the first is a set rate you pay for hospital services you have benefited from. The latter is a percentage of the costs you pay after you have already met your deductibles. Deductibles, on the other hand, are the set amount of charges you pay for medical services before coinsurance is activated.
•It covers the excess charges that come with Part B that specializes in outpatient services and deductibles.
•It covers the cost of the first three pints of blood needed. Yet, the medical procedure must be approved and it only covers three pints of blood annually.
•Trained nursing facility coinsurance.
•It covers 80% and up to the Plan limit of emergency foreign travels.
While a Medicare advantage plan offers different Medicare benefits that aren’t usually covered such as dental and vision care, Medigap policies are considered to be an Original Medicare’s sidekick. Plan F offers coverage for most deductibles, coinsurance, and copayment for Part A; it also covers excess charges for Part B. Investing some time and effort into educating yourself on the differences between Medicare parts, plans, and policies will help in cutting costs and saving money while you are taking care of your health in the long run.
