Understanding Benefits, Qualifications and Costs of Medigap and Medicare F Plans

Medicare F plans are the most popular Medicare supplement plan. It is further called Medicare Supplement Plan F. Simply, it is one of the plans available when you buy a Medigap policy, or also known as Medicare Supplement Insurance policy. In addition, there are other popular Medigap plans such as Medicare Plan G and Medicare plan N. These will be discussed later.

best medicare f plans, medicare plan g and medicare plan n

Remember that Medicare is a service available to seniors age 65 and older. Also, it is available for those under 65 with certain disorders. Moreover, Medicare has parts A, B, C, and D. Each part plays a significant role in medically assisting a senior. It helps senior pay their medical and hospital needs.

 

What Is Medicare?

First of all, Medicare is a federal government program that funds a senior or any eligible citizen’s medical attention. Again, it has four parts: Medicare parts A, B, C, and D. Each part plays a role in aiding a senior’s health care services and/or supplies.

Most eligible seniors get Medicare coverage through Original Medicare. Further, Original Medicare includes Part A (Hospital Insurance) and Part B (Medical Insurance). However, it does not cover everything even you become eligible for Part A and B. But, there are other options which can help cover your medical services.

On the other hand, Medicare Part C, also called Medicare Advantage Plans, is a separate benefit which you can get from Medicare-approved private insurance companies. Technically, it covers all benefits and services under Original Medicare. But, it also includes extra benefits such as dental, vision and hearing coverage.

Meanwhile, Part D Medicare covers the costs of prescription drugs. Also, it is and added drug coverage to Medicare and helps lower your prescription drug costs.

 

How Does Medicare Supplement Work With Medicare?

Well, Original Medicare pays for medical and hospital bills. However, it is not enough for the costs of health care services and supplies. So, this is where you pay attention to Medicare supplement quotes. Medicare Supplement policies are sold by private companies and help pay some of the remaining health care costs. Such as, coinsurance, copayments and deductibles.

Furthermore, Medigap policies also offer coverage for services which OM does not cover. For instance, covering your medical care overseas. Generally, Medigap policies do not cover long-term care, vision, dental or hearing medical service.

Moreover, there are ten standardized Medigap plans. These plans may differ in costs and availability of each plan but still the same benefits. In other words, all insurance companies that offer Medicare F Plans must provide the same standardized benefits.

Medicare plans are stand-alone benefits. Remember that you must be eligible in Original Medicare to be eligible in Medigap.

In addition, here are important facts about Medicare Supplement Insurance Plans:

  • You must be eligible in Original Medicare (Pat A and Part B)
  • You pay the private insurance company a monthly premium for your Medigap policy in addition to Medicare Part B premium.
  • Medigap only covers one person so this means your spouse must buy a separate policy.
  • Also, Medigap policy does not cover prescription drug coverage. So, refer to Part D
  • Compare Medicare supplement quotes because costs vary and may get expensive as you age.
  • In some states, you can purchase another type of Medigap policy which is SELECT policy.

 

Comparing Different Benefits of Medigap Policies

As we said, there are different Medigap policies. Refer to the table below to see basic coverage and benefits each plan offers. Boxes with 100% implies that Medigap plan covers that benefit. For those with other percentage, Medigap only covers that percentage of the benefit. Otherwise, you are responsible for paying the rest.

Medicare Supplement Insurance (Medigap) Policies
Benefits A B C D F G K L M N
Medicare Part A coinsurance and hospital costs (up to additional 365 days after using Medicare benefits) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Medicare Part B coinsurance or copayment 100% 100% 100% 100% 100% 100% 50% 75% 100% 100%
Blood (first 3 pints) 100% 100% 100% 100% 100% 100% 50% 75% 100% 100%
Part A hospice care, copayment or coinsurance 100% 100% 100% 100% 100% 100% 50% 75% 100% 100%
Skilled nursing facility care coinsurance 100% 100% 100% 100% 50% 75% 100% 100%
Part A deductible 100% 100% 100% 100% 100% 100% 50% 75% 50% 100%
Medicare Part B deductibles 100% 100%
Part B excess charges 100% 100%
Foreign travel emergency (up to plan limits) 100% 100% 100% 100% 100% 100%
Out-of-pocket limit in 2017
$5,120 $2,560

 

Understanding Top Three Best Medigap Plans

Among all Medigap plans, there are three plans that are the most comprehensive: Medicare F plans, Medicare Plan G, and Medicare Plan N. Let us talk about these three and understand why they are the most sought-after.

Medicare Supplement Plan F (Medicare F Plans )

Medicare Supplement Plan F (Medicare F Plans) is the most comprehensive plan out of the 10 Medigap policies. Further, its extensive benefits make it a popular plan for eligible who need broader assistance with out-of-pocket costs in Original Medicare. However, this also implies expensive premiums.

Moreover, Medicare Supplement Plan F covers most remaining doctor and hospital expenses after Original Medicare has paid up. Also, it is possible not to have any other hospital costs and medical expenses with Medicare Supplement Plan F.

Lastly, Plan F offers a high-deductible plan available in some states. If you choose this option, it implies you must pay for Medicre-covered costs. Such as, coinsurance, copayments, and deductibles before your policy pays anything.

Medicare Supplement Plan G (Medicare Plan G)

Medicare Supplement Plan G benefits are the same with Medigap Plan F but with one exception. You must pay out-of-pocket Medicare Part B deductibles and not Medigap Plan G. Further, the standard annual Medicare Part B deductible is $183 in 2017. Once your out-of-pocket expenses stretch that amount, then you are responsible for paying 20% of the costs of Part B services.

Medicare Supplement Plan N (Medicare Plan N)

Medicare Supplement Plan N includes the same benefits across all carriers as it is a standardized plan. Also, it covers 100% of the costs for Medicare Part B coinsurance. However, it requires a $20 co-payment for office visits and up to $50 for emergency room visits which does not result in an inpatient admission.

 

Qualifying for Medicare F Plans/ Medicare Supplement Insurance Plans

Most seniors call it Medicare F Plans but, technically the term is Medicare Supplement Plan F. Eligibility for Plan F entails you must also be enrolled in Original Medicare. Further, you must be a resident in the plan’s service area. Also, you must not be enrolled in a Medicare Advantage plan if you want to get Medicare Supplement Plan benefits.

Your enrollment in a Medicare supplement guarantees if you are within your open enrollment period. If past that, you may need to pass a medical screening through several medical questions on the application. Also, it may require a furnished statement from your doctor and including records of your health status.

 

Conclusion

Medigap policies or Medicare F Plans help cover your medical and health expenses. Further, there are different Medicare Supplement Insurance Plans and you can qualify for either plan. Contact Inzur agents so they can provide comprehensive medicare supplement quotes. Also, they can help you decide which plan is right for you. You may contact them at 1-888-999-0089 to know more about Medigap policies.

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