Medicare is a beneficial program which has helped provide millions of seniors with health care coverage they wouldn’t be able to afford otherwise. While it’s a great tool, the program doesn’t pay for everything. There are dozens of different expenses that Medicare doesn’t pay for.
There are a lot of Medicare enrollees who want more protection than Medicare provides. There are several different ways you can get additional coverage. The best way to do that is by purchasing a Medigap plan.
These Medigap plans are sold by private insurance companies and cover dozens of different expenses Original Medicare doesn’t. When you’re looking to get additional coverage through a Medigap plan, there are ten different policies you can choose from. Each of them provides different amounts of coverage.
Medicare supplement plan F is the most popular of the different Medigap plans.
To get a picture of why this particular plan is the most popular this article is going to break down the pieces of the Medicare part F and how it works. If you came here looking to get quotes for Medigap plan f then fill out the form on this page to get started.
Features Of Medicare Supplement Plan F
If you did a Medicare supplement plans comparison you would find Medigap plan F is the most comprehensive of the ten plans.
If you are not familiar with Medicare supplemental insurance then you should know there are nine coverage gaps in Medicare Part A and Part B. Medicare plan F will cover all nine of those coverage gaps.
This means anyone purchasing a Medicare plan F policy will not have to pay any more money out of pocket than the premiums they are paying for Medicare Part B, Medicare Part D, and Medicare supplement plan F.
To put it in the simplest terms possible, Medicare part F is the no mess, no fuss plan. Once you are on Medicare plan F you do not have to worry about anything when it comes to your medical expenses.
Disadvantages To Medicare Part F
The question I always get when I explain Medicare supplement plan F is, “What’s the catch?” This is a reasonable question because it all seems too convenient.
The catch is that Medicare plan F tends to be more expensive than the other plans. This should be expected since when you buy more comprehensive coverage for your car you pay more for it. What is interesting for most people is when you get a set of quotes you will find that Medicare Part F is not much more expensive than the other plans, especially when you take into account the coverage you are giving up by not having the fully comprehensive coverage.
When someone finally breaks down the coverage they are getting versus the price of the premiums, most of our clients are choosing between Medicare supplement plan F, Medicare supplement plan G, and Medicare supplement plan C. These are the most comprehensive of the plans with plan G and plan C only having one coverage gap each.
Deciding Which Medigap Plan Is Right For You
When you want to get supplemental coverage for your Medicare plan, it’s important you pick the right Medigap plan to fit your needs. Because there are ten different plans to choose from, it can be overwhelming trying to decide between them all. There are several important factors you should account for to ensure you have an adequate Medigap plan.
The first factor you should look at is your health.
The primary goal of your plan is to ensure you have the health care you need, without breaking your bank. If you’re in excellent health, with no health complications, than you can consider getting a smaller supplemental plan which leaves behind more expenses, like a Medigap Plan A. These plans provide less coverage, but they will save you money every month in premiums. On the other hand, if you’re in poor health, then you should invest in Plan F, which will save you money in the long run.
Another factor you should consider is your medical history and your family history.
While you can’t predict the future, you can make some wise decisions based on the information you already have. If your family history is full of health loved ones and no serious health problems, then you can buy one of the smaller supplemental plans. If your family has a history of severe health complications later in life, then you’ll want to invest in an all-encompassing Medigap policy, like Plan F.
The next thing you should account for is your finances. While everyone may want to purchase a Medigap Plan F, not every applicant can fit one of these plans in their budget. Before you apply for any of the plans, take the time to look at your finances and determine how much you can afford to spend on any supplemental insurance coverage.
Applying For Plan F
Applying for Plan F Medigap plans is simple. There are only two separate requirements you have to meet in order to be eligible for a supplemental plan.
The first requirement is you have to be at least 65 years old. Some states have exceptions to this rule, but for the vast majority of applicants, you’ll have to be 65 or older.
The other requirement is you have to be enrolled in Medicare Part B to purchase one of these plans. As long as you meet these two simple guidelines, you can purchase any of the ten Medicare supplemental plans that are sold in your area. Once you have met these requirements, you can apply at any time, but it’s important you take advantage of the Medigap Open Enrollment period.
The Medigap Open Enrollment period is a six-month window which surrounds the month you turn 65 and enroll in Part B. In this open enrollment period, regardless of your health, the company can not decline your application for coverage. For a lot of applicants, this is one of the only times they can get a Medigap plan because of their health.
Additionally, the insurance company can’t charge you more for your coverage because of your health or any pre-existing conditions you have. If you want to get the most affordable supplemental insurance, it’s important you enroll during the Medigap open enrollment period. It could save you hundreds or even thousands of dollars on your policy.
If you’ve already missed your six-month window, don’t worry, there is still a good chance you can get the coverage you need. The best way to do that is by working with an independent agency.
It should be noted, these Medigap policies are standardized by the government, which means they are the exact same, regardless of which company you purchase the plan through. The Plan F from one company is going to be identical to a Plan F from another company. The only difference between companies is how much they are going to charge you in premiums for the coverage.
I hope this article helped you understand Medicare supplement plan f. If you are ready to get quotes for Medigap plan F then fill out the form on this page.
It’s our mission to ensure you’re getting the best supplemental coverage to meet your needs. We know finding the perfect plan can be a confusing and frustrating process, but it doesn’t have to be. We are here to answer any questions you have and walk you through the process.
There is nothing you can do about expensive medical bills, but there are a few ways you can protect your savings account from being drained by those bills. Don’t let health care costs turn your retirement dream into a retirement nightmare.