By
Marc Manor
Usually
if you find yourself thinking you've been “F'd” it has a negative
connotation; however in the Medicare Supplement world, being “F'd” can
leaving you with the ultimate feeling of safety and security when it
comes to your healthcare. This is because being “F'd” for the
purpose of this article, means you have a Medicare Supplement Plan F.
Medicare Supplement or “Medigap” Plan F provides comprehensive
coverage and provides maximum flexibility when it comes to your use
of medical facilities and providers under Medicare.
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Medicare
Supplement Insurance is used in conjunction with Original Medicare.
This means if you are using Original Medicare and a Medicare
Supplement, you have access to any provider or facility that accepts
Medicare. Original Medicare pays about 80% of
most covered services and Medicare Supplements help pay for those
costs not covered. Plan F is comprehensive and will fill the many of the gaps
where Medicare leaves you with that 20%. This can be a significant
benefit, especially with the high cost of healthcare these days.
Let's break down the standard benefits of Plan F:
- Part A Hospital Costs covered at 100% (up to an additional 365 days after Medicare benefits are used).
- Medicare Part B coinsurance or co-payment covered at 100%
- Blood (first three pints) covered at 100%
- Part A Hospice Care coinsurance or co-payment covered at 100%
- Skilled Nursing facility Care coinsurance covered at 100%
- Part A Deductible covered at 100% ($1364 deductible in 2019)
- Part B Deductible covered at 100% ($185 deductible in 2019)
- Part B excess charges covered at 100%
- Foreign travel emergency covered at 80%
*
Source
https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies
**
There is a High Deductible Plan F (sometimes referred to as “High
F”) that has a $2240 deductible that has to be paid before the
benefits are paid under this schedule.
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“If
Plan F is so comprehensive, why consider others?”
Plan
F usually has the most expensive up-front cost. You get very
comprehensive coverage, but it comes at a price. You will also have
to keep paying your Medicare Part B premiums to the government
(Medicare) and in most cases you will also need to purchase
additional prescription drug coverage. So, don't forget to factor in
those additional up-front costs.
“I
heard Plan F is going away.”
Yes,
Plan F is set to be eliminated for those new enrollees in 2020;
however, Plan G can be a very appropriate alternative. Plan G
usually has lower premiums and has the same coverage as Plan F except
Plan G does not cover the Part B deductible which is $185 in 2019.
There are other alternatives as well and you can discuss other
Medicare Supplement alternatives with your agent to pick the one that
is most appropriate for your situation. If you already have Plan F,
when it is eliminated you will be grandfathered and be able to keep
it if you so choose.
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“When
Can I get a Plan F?”
Usually
the best time is the first six months after you become Medicare
eligible at age 65. However, you can apply for a Medicare Supplement
plan any time of the year. After your initial enrollment period,
there may be a medical underwriting component where you can be turned
down or rated at a higher premium. Some states like California have
annual open enrollment during your birth month. So, if you are in
good health, you could enroll any time and have your new plan start
the following month in many cases.
If
you can afford the premiums, are a frequent traveler, or you just
like the flexibility and peace of mind, knowing you have
comprehensive coverage with your Medicare Plan, then you could be a
good candidate for being F'd. I recommend discussing your options
with your independent agent to find out if Plan F is a good fit for you.
Marc Manor is
a 30-year military veteran who is now dedicated to teaching his
fellow Americans how to make the most of their Medicare and
healthcare benefits. As an independent agent, Marc has
access to a wide variety of carriers with an abundance of resources
to find tailored solutions. There is no charge for a
consultation so call 904-222-0698 or email: marc@marcmanor.com.
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