Medicare Supplement Plan F is the most comprehensive plan on the market, together with Plan G, because it covers most pocket expenses like coinsurance, deductibles, and copayments. With this plan, you are only responsible for paying a monthly premium. However, plan F has the highest premium in comparison to other Medicare Supplement Plans, and in 2023, the premium costs can be as high as 400$ a month. Medigap policies are sold by private insurance companies approved by the federal government.
Important notice: unless you were eligible for Medicare by Dec. 31, 2019, you cannot purchase Plan F. After that date, new policies aren’t allowed to pay for the Medicare Part B deductible, one of the features of Plan F.
MEDIGAP PLAN F COVERAGE
Plan F has the widest coverage in comparison with nine other Medigap plans. It covers:
- Part A coinsurance and hospital costs, up to an additional 1 year after Medicare benefits are used
Part A deductible
Part A hospice care coinsurance and copayment
Part B coinsurance and copayment
Part B annual deductible (for those eligible before January 1., 2020)
Part B excess charges
Skilled nursing facility care coinsurance
First three pints of blood
Emergency health care services while traveling outside U.S. for the first 60 days
In some states, Medicare Supplement Insurance Plan F is also available in a high-deductible version. High-deductible plan F coverage kicks in only after you meet a deductible of $2,700 for 2023.
Plan F does not cover the following services:
Prescription drug plan
Dental, Vision, and Hearing care
MEDIGAP PLAN F COSTS
Costs for Medigap Plan F vary by area, gender, zip code, and tobacco status. In many areas, average pricing is around $120 – $140/month, but it is always important to get quotes for Medicare Plan F costs in your area.
With most carriers, the Medicare Plan F cost for males will be slightly higher than for females. Tobacco users of course will often have a higher Medigap Plan F cost than non-tobacco users.
PLAN F ENROLLMENT
You can enroll in Supplemental Plan F at any time, as long as you were eligible for Medicare before January 1, 2020. Eligibility for Plan F means that you must be enrolled in Original Medicare – Part A and Part B, and live within the plan’s service area. The best time for sign-up is during Open Enrollment Period (OEP). It begins on the first day of the month that you’re both aged 65 or over, and enrolled in Medicare Part B, and it lasts for 6 months.