Medicare supplement Plan F is one of the most popular Medicare options available today, and it’s not without a solid reason. One of the big reasons is its comprehensive nature, even though the prices might be a bit higher because of this. Today, we’ll be looking at what makes it so popular, so you’ll be better equipped with the knowledge necessary in order to decide whether Plan F is a good fit for your particular needs.
First, let’s start with the benefits:
Benefit #1: The same level of healthcare service quality no matter where you go
The Medicare’s network of doctors is pretty much global. According to the latest statistics, 93% of primary care physicians accept Medicare with no problems whatsoever. In practical terms, this means that no matter which part of the country you reside in or travel to, there’s going to be a doctor willing to take you aboard, and you can expect to be treated in accordance with the latest healthcare standards. If a company claims to have a network of better-qualified doctors, this is likely to be nothing more than a marketing ploy; they all share the same network of doctors.
Benefit #2: Plan F is a universal healthcare plan, meaning you can expect the same service quality no matter where you buy it
No matter which company you choose, you can expect the same level of coverage. In other words, the benefits are the same everywhere, so you don’t have to do any research before deciding on a company to buy it from – they are universally the same across all of their offerings. This allows you to save a notable amount of time that would otherwise be spent on research.
Benefit #3: Time-efficient claims processing
The technological advances have made claims-processing incredibly time-efficient and hassle-free. Immediately upon being examined or treated by a doctor, the claim gets submitted to Medicare directly, so you won’t have to deal with the insurance companies. They have it all on record, so they’ll immediately know who you are and what services your chosen plan covers. Additionally, you won’t have to worry about them not paying what is due, since that is one of their responsibilities as outlined by the US law.
How much is this going to cost?
This is where it gets a little trickier, since there’s no straightforward answer. A major factor, however, is the location where you live and which Medicare Supplement insurance companies are located in your vicinity.
The final price you’re going to be paying also depends on whether you’re okay with having to pay the out-of-pocket costs up front. At the time of writing this (in the year of 2018), these expenses total at roughly $2,200. After the deductible is reached, all the Medicare-covered costs are paid as normal. As far as the basic benefits are concerned, there is no difference between the standard and high-deductible Plan F. The high-deductible version may, however, offer lower premium costs.
All in all, Plan F is quite worth it if:
– You often require a doctor’s assistance
– Frequently seek medical services
– Your out-of-pocket expenses quickly start piling up
Many people decide to go for Plan F because it grants them comprehensive coverage, even if this requires spending a little bit more. In return, they can rest assured that no unexpected costs will creep up seemingly from nowhere.
Do you want to go for practicality or value?
Now that you know the rough costs associated with Plan F, in order to determine if it’s a good fit for what you need, there’s one question that needs to be answered:
Would you rather go for practicality and comprehensive coverage (even if it costs a little bit more than the alternative options) or pure value (even though it means possibly incurring some unexpected out-of-pocket costs)?
Answering the question above will help you determine whether to shoot for Plan F or if any of the other plans will end up being a better choice.
To make things even clearer, it’s a good idea to check exactly what’s covered in Plan F:
What exactly does the Plan F cover?
If you visit GoMediGap or another reliable resource, you’ll learn that it covers the following:
– Part A and B deductible
– Up to 3 pints of blood
– Excess charges of Part B
– Coinsurance of nursing facility care
– Foreign travel emergency (some limits may apply)
– Hospital costs of Part A (even an extra year after the Medicare benefits are used)
– Hospice care of Part A (copayment or coinsurance)
– Medicare Part B (copayment or coinsurance)
These are the things you can expect to have covered by choosing Medicare supplement Plan F. If it’s not on the list, then it’s not covered.
To sum it up, here’s what you can expect to have covered with Plan F:
– Coinsurance
– Deductibles
– Copay
– And excess charges of Part A and B
Generally speaking, if you’re careful to only stick to physicians who accept Medicare (which, again, is the vast majority of them), you will never have to worry about incurring any kind of out-of-pocket expenses, since all of them are covered.
What does the future hold for Plan F?
Just a word of warning: Medicare Supplement plan F might not be available in a few years time. From 2020 and onwards, it may no longer include Part B deductible as a benefit. There are even some forecasts of it being discontinued altogether.
While there’s still time, it’s a good idea to voice your concerns and talk to your insurance company about the negative effect such discontinuation would have on the quality of your life. Also, be advised that if you opt out, you may never get the chance to enroll again.
Conclusion
As long as it’s still here, Medicare supplement Plan F remains to be a valuable safety net for you and your health, and its popularity won’t face a decline anytime soon. And if you don’t have a health insurance yet, we strongly encourage you to consider enrolling as soon as possible, so a medical emergency won’t leave your wallet completely dry.
Learn more and compare Medicare Supplement plans on Health.com’s list of the best medicare supplement companies 2020.
