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The 5 Best Features of Medigap Plan F

Five tonythetigersson, Tony Andrews Photography number 5 referencing Drawbacks of Plan F

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Medigap Plan F – If you’re on Plan F or considering it, you might already know that it has one of the best benefits packages available to Medicare enrollees. It reduces your out-of-pocket costs significantly.

There are five features that make Medicare supplement Plan F a great choice.

Coverage and Benefits

Plan F picks up every expense that Original Medicare leaves behind. That includes both deductibles, all the coinsurance costs, and copays. You’ll be left with no out-of-pocket expenses for Medicare-approved services. Benefits include:

  • Part A deductible ($1,556 in 2022)
  • Part A coinsurance and hospital costs with an additional 365 days after Original Medicare’s benefits are exhausted
  • Part A hospice care coinsurance
  • Skilled nursing facility care coinsurance
  • Part B deductible ($233 in 2022)
  • Part B excess charges
  • Part B coinsurance and copayments
  • First three pints of blood used in an approved medical procedure
  • 80% of a foreign travel emergency (up to plan limits)

The full coverage is certainly one of the best features of Plan F.

Provider Access

So, where can you use these excellent benefits? Well, that’s another great feature of this Medigap plan. It’s accepted just about everywhere in the United States. As long as the provider you’re seeing accepts Medicare assignment, they’ll also accept your Medicare assignment. There are no provider networks, nor are there are specific geographical areas you’ll have to stay within. If you live in Missouri and are traveling to Texas, you’ll be able to use your plan.

What does it mean to “accept Medicare assignment?” Any healthcare professional who accepts Medicare assignment agrees to accept the fees Medicare has allowed for a medical service. If your provider doesn’t accept Medicare, they’re allowed to charge an additional 15% above the Medicare-approved rate. Fortunately, if you have Plan F, it will pick up those costs, which are referred to as Part B excess charges.

Predictability

Most older adults are on fixed incomes. Budgeting is an important habit most use to know how money is going to come in and out each month. One of the great things about Plan F is that it makes budgeting easy and predictable.

Senior man calculating finances learning the Drawbacks of Plan F
You’ll be responsible for your monthly premium, which will likely increase each year as you get older.

Since all of your medical costs are covered by Plan F, you won’t have unexpected costs to account for later. You’ll be responsible for your monthly premium, which will likely increase each year as you get older.

Guaranteed Renewable

Plan F, like all the other Medicare supplements, is guaranteed renewable. That means that as long as you make the monthly premium payments, your insurance company will never drop your coverage.

The plan might be guaranteed renewable, but as we mentioned earlier, that does not mean your premiums are locked in place. Each year that your plan renews, you’ll most likely see an increase in the cost. On average our clients see about 5% – 6% increase, but it varies among individuals.

A High-Deductible Option

Plan F is one of two Medigap plans that offer a high-deductible version of the plan. This is a great option for individuals who would like a much lower premium, but also want the peace of mind of having great coverage in case of more major medical expenses.

The high-deductible Plan F can cost less than $50 per month in some states.

Drawbacks of Plan F

Sound too good to be true? It’s not, but there are some drawbacks to Plan F.

First, Plan F isn’t available to all Medicare beneficiaries. You must have turned 65 before January of 2020 to be eligible to enroll. Second, you’ll pay a higher price for Plan F than any other plan. Younger beneficiaries should expect to pay between $150 – $280 for Plan F.

Lastly, Plan F does not offer any benefits outside of the ones covered by Parts A and B of Original Medicare. You’ll need to enroll in a separate Part D prescription drug plan, to begin with. Prescription drugs are not covered by Orignal Medicare, therefore they are not covered by your Medicare supplement insurance.

You may also want to consider an insurance plan that will cover things like dental care, vision, and hearing services. Of course, all these extra plans come with additional premiums. For that reason, some beneficiaries choose to enroll in Medicare advantage instead.

If you’d like to learn more about Plan F, give the agents at Bobby Brock Insurance a call. We can discuss all of your Medicare supplement insurance options, or other plans you might be interested in. Our licensed insurance agents are experts in the Medicare field, so we’ll be able to answer any questions you have.

Justin Brock

Justin Brock

The CEO and President of Bobby Brock Insurance. A nationally syndicated Medicare advisor, best-selling author of Medicare Breakdown: The Alphabet Soup of Medicare, and pacesetter for over 20,000 senior market insurance agents. Featured in many insurance-related publications for his Medicare and Health insurance... Read More »

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