Can Plan F Work for You and Medicare?
Today, plenty of seniors still look forward to enrolling into Original Medicare coverage since it means they’ve got something to turn to in case of a medical emergency. Although Medicare handles the medical expenses of most seniors, that 20 percent which Medicare leaves to its recipients can add up real fast. Without a doubt, if these sort of bills scare you because of all the debt it can up to, then you have got to buy your self a Plan F to avoid any such occurrence, with the amount of coverage that Plan F provides you will have nothing to worry about.
Medicare Plan F is the most popular option from all the medigap plans as it will comletely cover every gap that medicare has. This will include all deductibles, co-pays and excess charges for office visits. Take a look at the chart below to compare plan benefits: Finding reputable information over the internet can be difficult which is why I included some information from Humana-Medicare on shopping for Medicare Plan F.
Medicare Plans F and G
Plans F and G are the only supplement insurance plans that cover costs known as Medicare Part B excess charges. An excess charge is the difference between what a doctor or provider charges and the amount Medicare will pay. These plans will help protect you from additional out-of-pocket expenses should you need treatment that exceeds what Medicare will approve. Plan F also has a high-deductible option*. Plan G covers a percentage of Part B excess charges.
Medicare Supplement Plan F*
With Medicare Supplement Plan F, you get the most complete coverage available. Because the plan covers costs in excess of Medicare-approved amounts, you may have no out-of-pocket costs for hospital and doctor’s office care with this plan.
This plan can help against charges for a procedure that Medicare will not approve all the charges for. This creates an excess charge between the doctor and Medicare and is thus covered by Plan F. Medicare Plan F works in a way to help the patient not incur devastatingly high bills.
This plan also has the option of a higher deductible. This will translate to a lower premium. This also means that out of pocket costs will be higher. If this bulk amount of money is available then the higher deductible might be the way to go.
This plan is generally a little cheaper than some other supplement plans. It does covers all of the gaps in Medicare. Costs incurred from recovering at home are not covered by this plan since medicare does not cover them at all. Also some costs not covered by Medicare for certain types preventive care will not be covered.
Medicare Supplement Plan F covers:
- Basic benefits including
- Hospitalization: pays Part A coinsurance plus coverage for 365 additional days after Medicare benefits end
- Medical Expenses: pays Part B coinsurance – generally 20 percent of Medicare-approved expenses – or copayments for hospital outpatient services
- Blood: pays for the first three pints of blood each year
- Hospice care: pays Part A coinsurance
- In addition to the basic benefits, Plan F also provides coverage for:
- Skilled nursing facility care
- Medicare Part A deductible for hospitalization
- Medicare Part B deductible for medical and hospital outpatient expenses
- Medicare Part B excess charges (This is the difference between what a doctor or provider charges and the amount Medicare will pay up to Medicare’s limiting amount)
- Travel-abroad medical emergency help
*Plan F also has a high-deductible option. If you choose the high-deductible option on Medicare Supplement Plan F, you have to pay a deductible of $2,000 for 2011 before the plan pays anything. This amount can go up each year. High-deductible policies have lower premiums, but if you become sick, you’ll have higher out-of-pocket costs. Depending on where you live, you may be eligible for Medicare Select Plan F.
Seniors will find that this plan offers fairly comprehensive coverage. It is less costly and will fit into most budgets. Seniors that are making a decision on which supplemental plan to go with should reference the materials provided on the Medicare website. There are also documents on other government websites pertaining to Medicare supplemental coverage. Several websites have tried to make sense of language used in those documents. They have been able to make it easily understandable as opposed to the original document.
Before selecting a provider for Medigap insurance it is important to do some preliminary research. There are a number of websites that try to break down the pros and cons of each. On most websites they will admit that it can be hard to follow all of the quirks of each plan.
By doing this preliminary research it will reduce the chances of selecting the wrong type of coverage for your needs. This could be a costly mistake. Once you have an idea of which one is right for you then seek a broker that can help. Many websites also have personal comments from customers about insurance agencies. These can be helpful in making decisions about what company is most helpful. Also do some comparison price shopping. Prices will vary from state to state. The prices will also vary from one company to another.