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Medicare Supplement Plan F – 2020 Rates, Cost, and News

Medicare Supplement Plan F provides a complete lot of benefits, which is why it is one of the most expensive and the most popular plan among Medicare beneficiaries. It offers more comprehensive benefits compared to other Medigap policies.

It leaves the enrollees with the least out-of-pocket expenses by offering coverage for the remainder of the doctor and hospital costs after the portion of the Medicare Part A and Part B are covered. Here is an in-depth description of the coverage of Medicare Supplement Plan F.

Medicare Supplement Plan F Covers the Following Benefits

  • Part A deductible
  • Part A hospice care co-insurance or co-payment
  • Part A co-insurance and hospital costs up to an additional 356 days after original Medicare benefits have exhausted
  • Part B deductible and excess charges
  • Part B co-insurance for Preventative Care
  • Part B co-payment or co-insurance
  • First 3 pints of blood used during an approved medical procedure per year
  • Foreign travel emergency
  • Co-insurance for Skilled Nursing Facility (SNF)

Here’s more information about how Supplement Plan F covers these benefits:

  • Plan F covers Part B expenses including co-payments, deductibles, and excess charges. This means you can consult a physician with typically little or no money to be paid from your own pockets.
  • Plan F also covers expenses related to Medicare Part A including coinsurance during hospitalization, hospice care, and a skilled nursing facility.

It also covers the first three pints of a blood transfusion and Medicare takes care of the rest.

  • It covers Part A deductible that resets after each new period of benefit, typically when you are admitted in a hospital the next time.
  • Medicare Supplement Plan F covers up to 80% of the health care expenses incurred abroad. It should be noted that Original Medicare does not offer coverage for these costs. With Plan F, you need to pay just 20% of the healthcare expenses, when out of the country.

Plan F is often compared with Plan G and Plan N

medicare plan f, g, and n comparison guide

Medicare Plan F compared side by side with Plan G and Plan N

Medicare Supplement Plan F: Whom is it suitable for?

  • People having fixed income: When your cost-sharing expenses and deductibles are covered, Plan F can make your out-of-pocket costs more predictable.
  • People expecting higher healthcare costs: The higher premium of Plan F could be worthy for those who suffer from an illness that involves huge medical expenses.
  • International travelers: Plan F covers 80% of the healthcare expenses incurred during international travel.

Latest and Upcoming Supplement Plan F Modifications

Apparently, Medigap Plan F would be discontinued in the coming year. It might not be sold after 2020. These modifications will be a part of the MACRA (Medicare Access and CHIP Reauthorization Act) of 2015, which states the plans that pay for the Medicare Part B deductible would no longer be sold to the newly eligible.

According to the MACRA signed in 2015, some changes were scheduled to be made to Medicare Supplement Plan F in 2020. The bill prevents Medigap plans (specifically Plan F and Plan C) from covering Part B deductibles. These plans would no longer be available for purchase on or after the 1st January 2020.

The Medicare Part B deductible that refers to the deductible amount involved in the MACRA legislation, changes every year. In 2019, it was $185. This is the amount you need to pay before Part B pays for the services that are covered. However, once MACRA legislation is implemented in 2020, the coverage for this deductible by Medicare plan F would no longer be applicable.

Here are some changes in Medicare Plan F that would be implemented from 1st January 2020:

  • If you are eligible for Medicare before 1st January 2020, you might be able to sign up for Medicare Supplement F.
  • If you already have signed up for any Plan F, you might continue receiving the benefits.
  • However, in case you qualify for Medicare on or after January 1, 2020, you may not be able to receive any benefits under Medigap Plan F.

Important Things to Know About Plan F

  • You cannot have both Medicare and Medigap Advantage. This means if you have already signed up for a Medicare Advantage Plan and want to subscribe to Plan F, you will have to first return your plan. You also need to leave the Original Medicare before the coverage under Medigap begins.
  • You cannot have Medigap when you have signed up for Medicare Savings Account (MSA) plan. The regulations do not permit any insurance company to sell Medigap policy to any person who has a medical savings account plan through Medicare.
  • The premium you need to pay for Plan F is separate from the premium you pay for Part B of Medicare. The premiums for Medicare Part A and B are billed through the Medicare program directly. And the premium for Plan F is billed through the insurance company that offered the plan to you.
  • Plan F is guaranteed to be renewable regardless of the health problems you are suffering from or may develop later. As long as you pay the premiums on time, the insurance company cannot cancel the policy.
  • Plan F can be purchased only for one person. This means each member of your family eligible for Medicare will give to be signed up for Plan F separately.
  • Plan F provides coverage for the healthcare expenses incurred nationwide when the services are provided by the physician that accepts Medicare.

Medicare supplement Plan F represents a great value for the people facing higher co-payments and deductibles due to regular medical attention. It is offered through several insurance companies.

It should be noted that some plans might be available at a lower cost while some may require a higher premium. Hence, it is advisable to check the premiums and specific benefits offered by each plan before you sign up for any.

BGA Insurance Group can assist with Medicare Plan F in the following states:

  • New Jersey
  • Pennsylvania
  • Delaware
  • North Carolina
  • South Carolina
  • Florida
  • Arizona
  • Maryland
  • Texas

Plans we offer:

  • Mutual of Omaha
  • Humana
  • Aetna
  • Cigna
  • Blue Cross (BCBS)