General overview of Medicare Plan F and the benefits associated with this supplement plan. Also provides tips regarding eligibility and variability.
Medicare Plan F is a supplement plan that covers excess charges from Medicare Part B. This will help pay for additional out–of-pocket payments that may accumulate that Medicare will not pay for. This along with the Medicare Plan G is the only Medicare supplement insurance plans that will cover these charges. Since the plan compensates extra services of Medicare approved amounts, out-of-pocket for hospitals as well as doctor’s fees may be waived during medical or emergency visits.
In addition to the basic benefits including hospitalization fees, medical expenses, and hospice care, the supplement plan will also pay the cost of nursing facility care, added hospitalization fees that Medicare Part A will not cover, and medical and hospital outpatient expenses that are not covered through Medicare Part B. Excess charges from Medicare Part B and medical emergency while traveling abroad are also covered.
This plan does come with a high-deductible option. With this option, higher medical expenses will accrue before benefits become available. Although the plan has a lower premium, it can be a problem once an emergency occurs and will have to pay high out-of-pocket medical fees.
To be eligible for Medicare Plan F, an applicant must be a resident of the state in which the policy is offered, must be enrolled in Medicare Parts A and B, and either be 65 or older, under 65 with a disability, or have End Stage Renal Disease.
Certain states may vary regarding plans and additional steps of eligibility, but regardless of the location or who insures the plan, Medicare Plan F provides the same benefits, but keep in mind that some insurers will base applications on pre-existing conditions and have waiting periods for premiums to begin.