Medicare Plan F
Medicare Plan F is a Medigap policy that has been known for its broad coverage, which may also address some of the out-of-pocket costs in Original Medicare. This option is now closed to new enrollees after January 1, 2020, but could remain pivotal for those eligible before that date.
This article will explain the various aspects of Medicare Plan F, helping you assess its relevance to your healthcare needs.
Key Takeaways
- Medicare Supplement Plan F will likely offer extensive coverage for costs that might not be included in Original Medicare. However, this plan may no longer available for new enrollees after January 1, 2020.
- Plan F could potentially provide a wide range of benefits, yet alternatives such as Plans G and N should be considered due to differences in coverage and cost.
- Existing Plan F enrollees may face premium changes due to the cessation of new member enrollment and may also combine Plan F with Medicare Part D for prescription drug coverage.
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The Basics of Medicare Supplement Plan F
Medicare Supplement Plan F, also known as Medigap, could complement Original Medicare by potentially taking care of certain medical expenses such as hospitalization, doctor visits, and outpatient care.
Plan F will likely handle certain charges left uncovered by Original Medicare, which may include co-payments, coinsurance, and deductibles, possibly giving beneficiaries extensive medical service coverage. However, one should remember that dental, vision, hearing, or long-term care expenses may not be covered by this plan.
Retaining your Plan F policy could be advantageous if you value the comprehensive Medicare benefits it might offer.
With potential coverage for Part A and Part B deductibles and Part B excess charges, Plan F might offer a safety net for those seeking more peace of mind.
Coverage Details
Provided by private insurance companies, Plan F will likely offer coverage for most expenses that may not be included in Original Medicare, such as Part A and B deductibles, copayments, and coinsurance.
However, while it could offer extensive coverage, it is important to remember that it might not cover all medical costs.
Plan F will likely handle certain hospital and doctor costs that might remain uncovered even after Original Medicare has made its contributions, including coinsurance and hospital costs.
Furthermore, this plan could potentially take care of about 20% of Medicare-approved expenses that have not been addressed by Part A. Owing to this wide coverage, Plan F will likely be a preferred choice for many beneficiaries.
Eligibility Criteria
While Plan F could offer extensive coverage, it is no longer available to new Medicare enrollees. The eligibility to enroll in Medicare Plan F will likely be limited to individuals who were eligible for Medicare on or before January 1, 2020. Those who became eligible for Medicare on or after this date may not be eligible to enroll in Plan F.
However, for individuals who had Medigap Plan F coverage before January 1, 2020, they will likely be permitted to keep their plan. This could mean that Plan F coverage may continue to be available for existing eligible individuals.
Comparing Plan F with Other Medicare Supplement Plans
Despite Plan F potentially offering broad coverage, members may also want to explore other options before finalizing their decision. Plan G and Plan N could serve as viable alternatives to Medicare Supplement Plan F, as they could potentially cater to various healthcare services that Original Medicare might leave uncovered.
One of the possible factors that may distinguish these plans could be the coverage they offer. Plan G, while providing the same basic benefits as Plan F, might leave the Medicare Part B deductible uncovered.
Conversely, Plan N, although parallel in coverage to Plan F, might not cover the Medicare Part B deductible or Medicare Part B excess charges. Additionally, Plan N may only cover the Medicare Part A deductible at about 50% as opposed to the full coverage provided by Plan F. As a result, Plan N might offer lower premiums than Plan F.
Plan G
Plan G may be a popular alternative to Plan F. This plan will likely offer similar benefits, with one of the potential differences being its lack of coverage for the Part B deductible. This could mean that with Plan G, you may still need to pay the Part B deductible out-of-pocket before the plan’s coverage kicks in.
Despite this difference, individuals who are no longer eligible for Plan F might choose Plan G instead. This may be due to Plan G offering comprehensive coverage, possibly making it a viable alternative.
Plan N
Plan N could be another alternative to Plan F. Like Plan G, Plan N might not cover the Part B deductible. However, it may not cover excess charges associated with Part B, possibly making it a more affordable option.
Potential Cost Factors for Medicare Plan F
The costs of Medicare Plan F may fluctuate based on numerous factors, including:
- The specific insurance company
- The beneficiary’s location
- Age
- Gender
- Use of tobacco
Proper comprehension of these potential factors could be vital when considering Plan F as a choice.
The premium for Medicare Supplement Plan F may also be lower compared to other supplement plans due to its comprehensive coverage, which may encompass expenses not covered by Original Medicare.
High Deductible Option
Another potential cost factor to consider with Plan F may be the high deductible option. With this option, beneficiaries may be required to cover all out-of-pocket expenses up to the annual deductible, where the deductible amount may change on an annual basis.
The high deductible plan option could be a viable choice for individuals who are comfortable with paying a higher deductible in exchange for lower monthly premiums.
Once the deductible has been met, the plan will likely cover Medicare-covered costs. This could help reduce the financial burden of certain medical expenses.
Possible Impact of Location, Age, and Tobacco Use
Another important consideration might be the impact of location, age, and tobacco use on the potential cost of Plan F premiums.
Age could be another possible factor that might influence the cost of Plan F. Premiums may increase at the age of 66 and will likely continue to rise as the individual gets older.
Lastly, tobacco could impact Plan F premiums, as insurance companies may increase premiums for tobacco users.
Finding a Provider for Medicare Supplement Plan F
Locating a provider for Medicare Supplement Plan F might seem like a challenging task. But, equipped with suitable resources like online directories, the process could be quite straightforward.
Online directories like Verywell Health and Healthnet ProviderSearch could be a helpful starting point when looking for Plan F providers. In addition to using online directories, members may also want to evaluate the insurance companies that may offer Plan F based on criteria such as:
- the extent of states they cover
- industry ratings
- plan options
- member satisfaction
- affordability
- the quality of the company’s website.
Online Directories
Online directories could be a helpful tool when searching for Plan F providers. Some of the top choices for locating providers include directories by this website, Humana, and Forbes.
When using online directories, you should visit their website and search for in-network doctors, medical centers, dentists, and specialists located in your area. When selecting a provider, it may be crucial to:
- Verify if the doctors accept Medicare
- Confirm if they are open to new patients
- Comprehend any restrictions that may necessitate choosing hospital and healthcare providers from a specific network.
Evaluating Insurance Companies
Once you have a list of potential providers, the next step will likely be to evaluate the insurance companies that might offer Plan F. This may involve considering potential factors such as:
- The extent of states they cover
- Industry ratings
- Plan options
- Member satisfaction
- Affordability
- The quality of the company’s website
Some of the leading insurance companies that could provide Medicare Supplement Plan F, Medicare Advantage HMO, and Medicare Supplement Insurance Plan may also include medicare supplement insurance plans and medicare supplement policies from:
- AARP/UnitedHealthcare
- Humana
- Blue Cross Blue Shield
- Cigna
- State Farm
- Mutual of Omaha
- Aetna
- Anthem
- Manhattan Life
Each of these companies will likely offer different advantages, so it’s important to consider your personal needs and circumstances when deciding.
What’s Next for Medicare Plan F?
Plan F’s future might appear uncertain due to its limited availability for new enrollees, but it could be vital to know that this change will likely be a consequence of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
This act will likely restrict the sale of Medigap policies that cover the Part B deductible, potentially leading to the gradual elimination of Plan F starting January 1, 2020.
While this change might mean that Plan F may no longer be available to new enrollees, those who were eligible for Medicare before this date but did not enroll may still have the option to obtain Plan F.
New Enrollees and Plan F Availability
The availability of Plan F for new enrollees will likely be limited. For individuals who became eligible for Medicare on or after January 1, 2020, the confirmed cut-off date to access Plan F may be October 11, 2023.
However, for those who were eligible for Medicare before these dates, Plan F may still be an option. These individuals may still have the option to obtain Plan F, even though it’s not available to new enrollees.
For those who are unable to access Plan F, other options such as other Supplement Plan counterparts or evaluating Plan N or Plan G may be suitable alternatives.
Navigating Prescription Drug Coverage with Plan F
Managing prescription drug coverage under Plan F may be complex since this plan likely won’t include prescription medications coverage. Nonetheless, beneficiaries could potentially merge it with Medicare Part D plans to achieve comprehensive coverage.
Medicare Part D is a voluntary outpatient prescription drug benefit that has been designed for individuals with Medicare. It aims to assist in covering some of the expenses of prescription drugs, reducing costs, and possibly providing protection against higher expenses.
Medicare Part D Plans
Medicare Part D is a program that could provide coverage for prescription drugs. It could potentially reduce expenses and may even protect against increased costs. Part D plans will likely encompass a broad spectrum of prescription drugs, which may include medications in specific protected classes.
Part D will likely operate separately from Plan F. While Plan F could serve as a supplementary insurance plan that might cover some of the out-of-pocket costs not covered by Original Medicare, Part D will likely focus on ensuring coverage for prescription drugs.
Combining the two could potentially offer extensive coverage. However, it’s important to note that there may be distinct premiums for Medicare Part D when added to Plan F.
Combining Plan F and Part D
The potential combination of Medicare Supplement Plan F with Part D may offer comprehensive coverage for both medical expenses and prescription drugs.
To combine Medicare Supplement Plan F with Part D, an individual should:
- Enroll in a Medicare drug plan.
- The Medigap insurance company may eliminate any prescription drug coverage provided under the Medigap policy.
- The insurance company will likely make necessary adjustments to the premiums.
Summary
Navigating the world of healthcare might be complex, but understanding your options could make the process easier. Medicare Supplement Plan F could potentially offer comprehensive coverage for certain out-of-pocket costs that might not be covered by Original Medicare, possibly making it a popular choice for beneficiaries.
However, with its limited availability for new enrollees, members may also want to consider other options and compare them with Plan F. By understanding the potential benefits, costs, and eligibility criteria for each plan, you could make an informed decision that best suits your healthcare needs.
Frequently Asked Questions
→ What is the Medicare F plan?
A Medicare F plan, also known as Medicare Supplement Insurance Plan F, is a comprehensive supplemental insurance plan that may help cover out-of-pocket expenses that might not have been paid by Original Medicare, possibly providing extensive coverage for medical services, and potentially reducing or eliminating deductibles, copayments, and coinsurance.
→ Why is Medicare Plan F being discontinued?
Medicare Plan F will likely be discontinued due to federal lawmakers seeing its first-dollar coverage as potentially overused and detrimental to the Medicare program.
Additionally, the Medicare Access and CHIP Reauthorization Act of 2015 prohibits the sale of Medicare Supplement plans that cover Medicare Part B’s annual deductible in full.
→ What does Plan F cover?
Plan F may cover charges not covered by Original Medicare, which may include Part A and B deductibles, copayments, and coinsurance, but it might not cover all medical costs.
→ Who is eligible to enroll in Plan F?
Only individuals who were eligible for Medicare on or before January 1, 2020, can enroll in Plan F. Those who became eligible for Medicare after this date are not eligible for Plan F.
→ How does Plan F compare with Plan G and Plan N?
Both Plan G and Plan N could offer similar coverage to Plan F, with the main difference potentially being coverage for the Medicare Part B deductible and Medicare Part B excess charges. Plan N could be a more economical option, as it might not cover these additional costs.
ZRN Health & Financial Services, LLC, a Texas limited liability company
Russell Noga is the CEO of ZRN Health & Financial Services, and head content editor of several Medicare insurance online publications. He has over 15 years of experience as a licensed Medicare insurance broker helping Medicare beneficiaries learn about Medicare, Medicare Advantage Plans, Medigap insurance, and Medicare Part D prescription drug plans.