The two basic coverages offered by Medicare are the Part A and part B. The Part A Medicare covers cases of inpatient hospitalization while Part B covers essential medical care outside the hospital. Currently, there are about 11 supplement plans collectively called Medigap policies. The aim of these Medigap policies is to fill any coverage gaps between the Parts A and B. One of these Medigap policies is plan F
Not all companies offer all the 11 supplement plans. However, if they offer at least 2 plans, they must be Plans C and F. Each Medigap policy provider has the autonomy to decide the price for the package. Thus, there is no fixed price for Medigap Supplement F plan and the price may vary depending on the insurance carrier and the state you reside.
Medicare Parts A and B
Medicare Part A is majorly hospital insurance and it covers a percentage of the fee required in hospitals, skilled medical faculties, and home health care if some requirements are met. This type of program also addresses hospice care.
Medicare Part B caters for services that are “medically essential” but not to the extent of hospitalization. These services include doctor’s services, occupational therapy, and some home health.
Coverage Provided By F
Flowing from the above, the Medigap supplement comes in to bridge the gap between Medicare Plans A and B. Medigap plans are controlled and regulated by the Centers for Medicaid and Medicare. The Plan F Supplement offers a “high deductible” plan because it will not cater for any type of services covered by Medicare until the beneficiary has paid a minimum of $2,000 from his/her pocket.
Once you meet the deductible requirement, Medigap Plan F will cover 100% if the co-pays, co-insurances, and deductibles of Part A and Part B, plus the hospice co-insurance and preventative services. The Regular Plan F supplement, on the other hand, does not have any deductible or coinsurance.
Make sure you know what plan you are paying for when speaking with your insurance professional on Medigap plan F.
Medigap Plan B is one of the two supplements that cover the deductible expense of Medicare Part B. More so, this is the only Medigap plan that covers the excesses of Part B. These charges usually accrue if doctors legally charge more than what Medicare considers to a normal service charge. These excess charges that Medicare considers as “allowable” are usually covered by Medigap Plan F.
Medigap Plan F in New York
The residents of New York have an advantage over others when it comes to Medigap plans. This advantage is referred to as “community-rated” or “no-age-rated”. What does this mean?
Community-rated Medigap plan F in New York means that you can access this Medigap plan regardless of your age or previous health condition. Therefore, no Medigap company can deny you of Medigap plan F or overcharge you because of your health status. Moreover, all insurance companies must sell you a Medigap policy even if you are under or over the age of 65.
Is Plan F Right For You?
Medicare Supplement Plan F is one of the popular and most community-rated plans in New York. This is because it provides the highest amount of coverage than any other Medigap insurance when it comes to bridging the gap between Plans A and B.
This plan may seem confusing for many individuals. However, by speaking with a Medicare insurance professional, you will not only be able to thoroughly understand this plan but also be able to see the hidden benefits in it.
Basically, Medicare Supplement Plan F is perfect for anyone that is ready and willing to pay for 100% insurance coverage. With this plan, your only expense will be your monthly premiums.
Basic benefits of Medicare Supplement Plan F
The major benefits of Medicare Plan F include the price of hospitalization, payment of Part A coinsurance and extra 365 days coverage after your initial Medicare benefits have ended. Furthermore, Medigap plan F covers medical expenses like copay or coinsurance for hospital outpatient services that you might need.
What’s more, another interesting feature of this Medicare supplement plan is that it covers three pints of blood every year, Medicare Part B deductibles for medical expenses, and all excesses from the items mentioned above. Likewise, Plan F supplement covers emergency medical help when traveling abroad. This is not usually the case with other supplements plans and you may be required to take separate travel insurance.
Thus, this may be a good plan for anyone nearing the retirement age and plan to travel abroad. This will proffer a level of health security while abroad. More so, some countries do require that you show evidence of medical insurance before you enter the country.
Medigap Plan F is a Medicare supplement plan that bridges that bridges the gap between Medicare Parts A and B. Out of all the 11 Medicare supplements, Plan F happens to be the most comprehensive of all. This is one of the reasons why the plan is so common in New York and other states in the US. For more information regarding this supplement, give us a call today!