Medicare Plan F: A Guide On Suitable Alternatives And Medigap

Nov 29, 2022

When people are faced with the many aspects of Medicare, they often experience a tiny frisson of fear. It may seem difficult to fully understand the various benefits and exclusions, and exactly how they will impact you and your needs.

These misapprehensions may be appeased through consultations with experienced Medicare agents near you. Seeing as your health is of the utmost importance, you want someone who really cares about you, and someone who will put you first. 

It’s a good idea to find an independent Medicare broker near you who will give you access to not only the most common carriers, but also the smaller ones. This variety ensures that you have sufficient options to ensure the best premiums. 

What is Medicare? 

Medicare is the United States’ federal health insurance program for individuals aged 65 and above. However, it is also available to younger people who fit certain criteria including having disabilities or those who have End-Stage Renal Disease. It’s important to note that there are various aspects to Medicare that have different coverage. To learn more about who has access to this, see this Medicare explained page which details the different parts of Medicare, the cost of the program, what it covers, why you may need extra coverage, and more.

How to choose between Medicare Advantage Plans

There are numerous advantage plans to consider, and each has special features and benefits. It really is best to find a Medicare advantage agent near you so you are completely informed before making a decision. This is also an opportunity to take a look at Medicare Supplement Insurance and see whether it will be of use to you. There are plans covering hospital costs, blood, hospice care, skilled nursing facility, foreign travel emergency, and others. 

Medicare health insurance is a fairly niche area so be sure to choose an agent who knows what they’re doing – and who can give you the individual attention you deserve. One such agent is The Modern Medicare Agency who tries to build long-lasting relationships with clients by going through the process from beginning to end. They have specific experience in Medicare Supplements/Medigap, Medicare Advantage Plans – Part C, and Medicare Part D drug plans, and are a good option for residents of the New York state. 

What is Medigap?

Medical Supplement Insurance, also known as Medigap, is sold privately and covers the healthcare costs which Medicare doesn’t. These include certain co-payments, co-insurance, and deductibles. 

Some of the specific services which aren’t generally covered by Medigap policies include prescription drugs, hearing aid, vision services, dental care, cosmetic surgery, long-term care, and private nursing. 

In order to get Medigap, you have to have Medicare Part A and Part B, and the Medigap premium you pay privately to the insurance company has to be accompanied by the Part B premium paid to Medicare. 

Seeing as the premiums you pay for Medigap vary by insurance company, it’s important to shop around to find one in your state who meets your financial requirements. Learn more about how you can cover any gaps not covered by Medicare

Medicare Plan F: Everything you need to know

Medicare Plan F is widely considered to have the most benefits, and has been a favorite with Baby Boomers for a long time. This is especially due to the fact that it covers the Medicare Part B annual deductible, and can save thousands if you ever have to stay in the hospital for a considerable amount of time. Unfortunately, this plan is currently only available to those who qualified for Medicare before January 1, 2022. As such, everyone who has Medicare should prepare themselves for at least some out-of-pocket expenses.

Those who are still eligible for Medicare Plan F will not have a set amount to pay as it depends on numerous factors including gender, age, smoking, and also the private insurance provider being used. 

According to the United States government, The Medicare Plan F includes the following:

  • Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
  • Part B coinsurance or copayment 
  • Blood (first three pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B deductible
  • Part B excess charge
  • Foreign travel exchange (with a limit of 80%)
  • No out-of-pocket limit

Seeing as many people are no longer able to get this plan, they need to think about the other plans which will suit their needs just as well. Seeing as healthcare in the United States can be expensive without adequate insurance, it’s important to make sure that you’re covered in the case of any medical emergency. 

Options if you don’t fulfill the requirements of Medicare Plan F

There are some good alternatives to Medicare Plan F, if you are no longer eligible. The most popular plans include Medicare Plan G and Medicare Plan N, with Medicare Plan G being the most popular as it has the most benefits which Medicare Plan F has. 

Medicare Plan G

Even though Medicare Plan G is almost identical to Plan F, its primary difference is that it doesn’t have a deductible. Depending on your insurance broker, the premiums for Plan G vary, and you get to choose whether to stick to the normal plan with no deductibles or to switch over to a high-deductible version of the plan. 

Those who opt for Medicare Plan G are often happy to have the reassurance that they won’t have to pay extraordinary amounts of money unexpectedly. They’re willing to spend a little bit more at the beginning so that they won’t be unpleasantly surprised in the future. 

Medicare Plan N

Medicare Plan N is an affordable alternative to both Medicare Plan G and Medicare Plan F. Compared to Plan G, Plan N doesn’t cover any additional costs of Part B which Plan G does. These are the charges applicable when a health practitioner costs more than the amount that Medicare approves. 

If you’re most concerned with covering prescription drugs, Medicare Prescription Drug Plan Part D is a good option, and will give you the coverage you need at an affordable rate. 

Additional Reading: Learn more about the Donut Hole in Medicare – what it is and why you should care about it. 

Final Take

Despite the fact that Medicare Plan F is essentially being phased out, it’s important to have a look at the best alternatives to ensure that you’re covered for most medical eventualities. You never want to get into a situation where a medical emergency ruins your financial security. 

Due to this, find a Medicare agent near you that can help you get the most affordable premiums and be by your side every step of the way – someone who won’t be distanced from your problems, but rather make it their own so that they go the extra mile to help you. Building a real relationship with the Medicare broker who’s helping you can make a huge difference, and ensure that you’re never left out in the cold – and without the medical coverage that will keep you healthy and at your very best so that you can enjoy your golden years.