What is it about Medicare supplement Plan F that attracts so many Medicare subscribers? It can’t be the rates, because those are incredibly high. No, it all comes down to coverage. While it does offer the most coverage, Medicare Supplement Plan F for 2017 really won’t offer much more than the next highest coverage plan- Plan G.
No, what people are really trying to get out of this plan is peace of mind, plain and simple. They want to know that their medical bills will be reduced and that they won’t have to wonder if a charge is going to show up on a bill for them in the mail. They want to know that most medical expenses will be covered by their insurance plan. That’s what Plan F gives them.
It’s not actually the most cost effective plan out there, in many cases. For some people, it is a great plan and it does save them money. Now for many who are even still signed up for Plan F today, they are losing money each month they pay on this plan. That’s because the rates for it are so high and the coverage difference between far cheaper plans is minimal. Let’s take a look at just what Plan F will cover for you.
The major coverage is for Medicare Part A coinsurance, or hospice care as it is also known. This coverage in in addition to what is provided by Medicare basic. That is coverage for the cost of a hospital room and other daily expenses that come with a stay at the hospital. Medicare Supplement Plan F for 2017 will also cover your nursing care services and provide coverage for a few more pints of blood every year.
Beyond that, the coverage from this plan extends to deductibles and co-payments, paying for practically all of them. It covers the Medicare Part B excess charges as well. The final bit of coverage is for 80% of all emergency foreign medical care, after the deductible has been paid.
Now there are some restrictions on some of this coverage. You may need a referral from a doctor before you can be covered for some of them or you may not be fully covered for certain procedures and fees in some states because of how the definition of “medically necessary” can change from state to state. But the coverage is as comprehensive as it can be for a supplemental Medicare insurance plan.
But it could be providing too much coverage, in some instances. Take for example the people who have a lot of medical problems but don’t go to the hospital very often. They may need a lot of care, but they will actually get more efficient coverage from Plan G or N because they don’t offer coverage that would be extraneous for them.
If you are considering Medicare Supplement Plan F for 2017, make sure you are looking at all the other plans as well. You may find that a lower coverage plan is actually a better choice for you and will save you money when compared to Plan F.
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