For people who want a high coverage plan, there is nothing with more coverage than Medicare Supplement Plan F for 2018. This full coverage plan covers all supplemental medical expenses. Essentially, everything not covered by the standard Medicare plan would be covered by this plan.
How It Covers You
The cost of Plan F is often high, but with those high premiums you also get some great coverage. We are going to look closer at what full coverage means when it comes to Medicare supplement plans.
So, with Plan F, you will be covered for 365 additional days of hospital coverage under Medicare Part A. That’s coverage that you might also note is offered by the standard Medicare plan, but that runs out after a while. Once that standard coverage expires, this supplemental coverage will step in and cover those expenses for you. It’s not complete coverage for all hospital expenses, but it is going to take care of a significant portion of them. You should look at exactly how much it covers for you in depth before you decide if this coverage will be beneficial to you.
Plan F also provides coverage for your Part A coinsurance, copayments and deductibles. These common expenses are ones you may have to pay repeatedly throughout the year. In many cases, you would normally have to pay them every time you had a visit to the hospital or a doctor’s office visit. But they can all be covered under this plan.
Plan F also extends its coverage to Medicare Part B, taking care of not only the coinsurance, copayments and deductibles, but also the excess charges. None of these are exceptionally large expenses, but they may be repeatable ones, which means they can add up. Plan F is the only plan to offer coverage on Medicare Part B’s deductible, so that is one expense you should examine carefully. It only costs you $183, but if you would have to pay it multiple times each year, it may be in your bests interest to have Plan F cover it rather than to go for a cheaper plan that makes you pay it out of pocket.
With Plan F, you also receive coverage for nursing care coinsurance and some extra blood. That’s more blood than what Medicare’s standard plan will cover you for. In fact, you can get up to three more pints of coverage each year with Plan F. This is a pretty common coverage item, and most of the supplemental plans will include it.
You can also be covered for foreign travel exchange, which is coverage for some of your cost of transit to a medical facility for emergency care outside the United States. This may not be something that you must pay for often, hopefully, but it can be expensive. You may not be charged for the actual treatment at the facility, but the cost of transit can be expensive, and it may be nice to have that covered. Medicare Supplement Plan F for 2018 does not provide full coverage for that expense, however. It only provides the maximum allowable coverage for a supplement plan, which includes covering up to 80% if the cost, with a lifetime limit of $50,000. All this coverage, however, is contingent on you paying a deductible yourself.
How Plan F Compares to Other Plans
While all the coverage you receive with this plan may sound good, you should compare it to the other plans. Plan F can be expensive, and you might think that all the coverage may seem worth the asking price, but when you compare the coverage and price difference between Plan F and some of the similar Medicare supplement plans, then Plan F may seem like less of a good deal.
Plan F offers very similar coverage to Plan G, which covers nearly the same items, but only misses out on the Medicare Part B deductible. Plan N offers slightly less coverage than either of those plans, and if you look at the pricing for all three, you may find that Plan G offers the most value. Of courses, the prices will vary and will depend on what insurance company you choose to buy your plan from. The companies all have different rates on the plans, but that doesn’t affect the coverage being offered. It’s important to note that so that you make sure you save money by finding the cheapest plan you can.
Plan G and Plan N are usually better deals than Plan F, but that really depend on how much is being charged for the three plans. Some insurance companies will offer very reasonable rates for their plans, while others will price Plan F much higher than the other plans simply for the privilege it offers of being classified as a full coverage plan.
To choose the right plan for you, you can’t just look at how much these costs and how much they cover. You also must compare that information to what you need. Plan F may be a great plan for some people, but for others it is simply excessive. You may be well covered by your standard Medicare plan and not have much left over that you must pay on your own. If that is the case, then Plan F is not for you.
Consider your own health and what kind of coverage you might need to ensure you get the treatment you will require at a price you can afford. The coverage plan that can do that for you is the best one, and that could change from year to year. While Medicare Supplement Plan F 2018 may be a good deal for you this year, in a few years, it may not be such a great deal, as your finances or health changes. Keep that in mind and keep checking to ensure you are signed up for the most suitable plan at all times.