Medicare Supplement plans provide a great way to extend the benefits of Original Medicare plans. These plans also cover a significant part of the deductibles, coinsurance and copayments attached to Medicare Part A and Part B. Medicare Supplement plans do not offer the benefits already covered under Original Medicare.
There are ten standardized plans under Medicare Supplement named Plan A, B, C, D, F, G, H, L, M and N. These plans are sold by private insurance carriers. However every company does not offer all the plans in every state. Any company which carries Medicare Supplement has to offer Plan A and if they offer any other plan then they also have to offer Plan C and Plan F. All the plans cover the same basic benefits and some specific benefits. The best thing about these plans is that no matter which company you buy a plan from you will get the exact same benefits. For instance, Plan M from one company will offer the same benefit as Plan M from another company.
Benefits of Medicare Plan F
Buying the right Medicare Supplement plan is an important decision. First, you need to go through the benefits of all the plans that are available in your area. This will help you to decide which plan suits your needs in the best way.
Plan F emerges as the plan which gives the widest coverage. All companies will offer the same benefits for Plan F in every area. The monthly premiums, however, will vary from company to company.
These are the benefits covered by Medicare Supplement Plan F –
- Coinsurance costs associated with hospitalization under Part A
- Additional 365 days of hospital stay after Part A benefits are used up
- Out-of-pocket expense with hospice care under Part A
- Deductible of Medicare Part A
- Medicare Part B coinsurance and deductible
- Excess charges not covered by Medicare Part B
- Three pints of blood per year for approved procedure
- Coinsurance for stay in skilled nursing home facility
- A large part of medical emergency expenses while travelling abroad
Costs Associated with Medicare Supplement Plan F
As already said medical insurance companies will charge varying premiums for offering the same benefits of Plan F. So you need to find out the rates charged by some of the insurance companies in your area. Along with the premium for Plan F you have to keep paying the premiums for Medicare Part B. You will also have to pay the Part A premiums if you do not qualify for premium-free Part A plan.
Medicare Supplement High- Deductible Plan F
An alternative option of Plan F is the high-deductible version of the same plan. It offers the same benefits but the deductible amount is high. In 2016, the amount is $2, 180. The benefits start after meeting the deductible amount. The premiums for this high-deductible plan are lower than the regular Plan F.
Medicare Supplement Plan F is very useful for people who have high medical needs and have to pay large out-of-pocket amounts.