Medicare Supplement Plan F is the most comprehensive coverage plan on the market because it covers most benefits like coinsurance, deductibles, and copayments. It is one out of ten standardized Medicare Supplement (Medigap) plans, sold by private insurance companies, and one of the most popular plans as well. With this plan, you do not have any other pocket costs besides paying a monthly premium. However, Plan F has the highest premium in comparison to other Medicare Supplement Plans, and in 2022, the premium can be as high as 400$ a month.
Important notice: unless you were eligible for Medicare by Dec. 31, 2019, you cannot purchase Plan C or F. After that date, CMS no longer allows any Medicare supplement plan to include first-dollar coverage. Beneficiaries who were already enrolled or who turned 65 prior to January 1, 2020, are still eligible for this medicare supplement insurance plan.
MEDIGAP PLAN F COVERAGE
Plan F has the widest coverage of all Medigap plans. It covers:
- Part A hospital costs and coinsurances, up to an additional 1 year after Medicare benefits are used
- Part A deductible
- Part A hospice care coinsurance and copayment
- Part B coinsurance and copayment
- Part B deductible (for those eligible before January 1., 2020)
- Part B excess charges
- Skilled nursing facility care coinsurance
- First three pints of blood
- Emergency care coverage while traveling abroad
In some states Plan, F is available as a high-deductible plan F. The only difference is that in high-deductible plans coverage kicks in only after you meet a deductible, which was $2,490 for 2022.
Plan F does not cover the following services:
- Prescription drug coverage (Medicare Part D)
- Long-term care
- Dental, Vision, and Hearing care (DHV services)
- Private-duty nursing
MEDIGAP PLAN F COSTS
Beneficiary premiums for Medigap policies will vary based on which state the individual is seeking coverage in, which insurance company they are purchasing from, and also individual factors like gender, age, tobacco use, and a few other details. In many areas, the average pricing for Plan F is around $120 – $140/month. With most carriers, the Medicare Supplement policy F cost for males will be slightly higher than for females. Tobacco users, of course, will in general have a higher cost of supplemental policies than non-tobacco users. In general, Medigap plan premiums are higher in states who have a higher cost of living.
ELIGIBILITY
Everyone eligible for Medicare can enroll in any Medigap plan during the Medigap Open Enrollment Period which starts the first day of a month when you turn 65th birthday and are already enrolled in Medicare Part B. However, if you enroll later, not in the initial enrollment period, instead of during the annual enrollment period you may be responsible for a late enrollment penalty. This means that you would pay a higher monthly premium payment as long as you have that plan. So, it is recommended to enroll in all Medicare supplement plans when you are first eligible for them.
However, in the case of Plan F (and Medigap Plan C as well), this works only for those eligible for Medicare before January 1, 2020. As it is mentioned at the beginning, after that date this plan is suspended from further use for everyone, besides those who were eligible for Medicare before January 1, 2020.