The Medicare Supplement Plan F is the most comprehensive of the standardized Medicare Supplement plans that is made available in most states. It’s possible that these plans may not be sold after 2020.
Medicare Supplement Plan F
The Medicare Supplement Plan F is one of the standard Medicare supplement plans offered by private insurance companies. These plans are often referred to as Medigap and may help pay the out-of-the-pocket costs of the Medicare Part A and Part B. These costs include coinsurance, co-payments or deductibles.
Keeping in mind the fact that each Medicare Supplement plan has a different set of benefits that are covered, here’s what the Medicare Supplement Plan F includes:-
Coinsurance for skilled nursing facilities.
Coinsurance or Co-payments of Medicare Part B.
Limited emergency medical care overseas.
Part B excess charges.
The Medicare Supplement Plan F also has a high-deductible version as well. The high-deductible version requires you to pay an annual deductible prior to having the Medicare Supplement Plan F pay for your out-of-pocket costs.
Discontinuation of the Medicare Supplement Plan F
Medicare Supplement Plans that pay the Medicare Part B deductible will no longer be sold to those that are newly eligible. These changes are a part of the Medicare Access and CHIP Re-authorization Act of 2015.
Please do keep in mind that:-
If you already have a Medicare Supplement Plan F you are generally allowed to keep it.
If you were eligible for Medicare prior to January 1, 2020, then you may be able to buy the Medicare Supplement Plan F.
However, if you qualify for Medicare on January 1, 2020, or at a later date, you may not purchase the Medicare Supplement Plan F.
How much of the deductible is in question?
It’s important to understand that the Medicare Part B deductible, a deductible amount approved by the MACRA legislation, can change every year. As for 2020, the amount is $198. This figure represents what you have to pay prior to having Part B pay for the covered services.
Similar plans to consider
Although the Medicare Supplement Plan F may not be available you can still buy a comparatively similar plan. The Medicare Supplement Plan G is a great option since it offers the same basic benefits as Plans F. However, Plan G does not cover the Part B deductible (the $198). A high-deductible version of Plan G is also available from many insurance carriers.
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For more details, please feel welcomed to contact us today at (540) 662-4432, and talk to one of our Insurance agents or simply visit our website medicaretrustedagents.com to obtain more information.