Medicare Plan F
What is it?
Do I need it?
How much does it cost?
Medicare Supplemental Insurance is known as Medigap. Medigap has 10 different types of policies. Each plan has a letter between A and N. F is one of those plans.
Medigap Plans are standardized and each lettered plan will have identical coverage nationwide. Plan F in New York will have the same benefits as Plan F in Colorado.
What is different is the cost. Insurance companies have the right to set their own rates, and they vary considerably.
You’ll want to shop around and find the best price in your area. As you compare the costs of different insurance companies make sure you are comparing the same policy type–Plan A to Plan A, Plan B to Plan B, etc.
Each plan provides different coverage, but there are basic benefits included in all plans.
Basic coverage is:
- Payment of Medicate Part A coinsurance for hospital stays once Medicare has paid its maximum.
- Basic coverage also includes an additional 365 inpatient hospital days after using your original Medicare benefits.
- Part B coinsurance is covered, but not the deductible
- Your first 3 pints of blood in a calendar year
After basic coverage each lettered plan will offer different combinations of additional options including:
- Part A and Part B deductible
- Part B excess charges, after Medicare has paid its portion
- Skilled Nursing Facility
- Foreign Travel Emergencies
Plan F is the most comprehensive coverage and the most popular. It includes coverage for all of the above.
Plan F offers a ‘High Deductible’ option with a very low premium. The deductible is $2,180.
What is the cost? Average estimated monthly premium:
Plan A – $158
Plan B – $202
Plan C – $233
Plan D – $173
Plan F – $203
Plan F – $ 60 High Deductible
Plan G – $170
Plan K – $ 74
Plan M – $108
Plan N – $138
That’s an average of $152 per month or $1,824 per year for Medicare Supplemental Coverage also known as Medigap.
We have some great alternatives here that can help keep your medical costs down and keep your retirement dollars in your pocket. Which one is right for you?