Medicare Supplement Plan F is the long-standing champion of Medicare plans. Because it was simple to explain, understand, and use.
It helps cover all the Medicare cost-sharing that the beneficiary has to pay. Plan F is the most comprehensive Medicare Supplement available.
It has also been the most popular for a very long time due to these reasons. Unfortunately, it’s no longer available to those considered newly eligible.
What is Medicare Plan F?
Plan F has been known as the Cadillac plan. You pay your monthly premium, and the plan takes care of the rest. All you have to do is pay your monthly premium and sit back and relax. The plan will do the rest. In other words, you have zero cost-sharing.
Who’s Eligible for Medigap Plan F?
Due to the MACRA Act, CMS has discontinued Plan F. Beneficiaries eligible for Medicare on or after January 1st, 2020 are not eligible for Plan F, Plan C, or High-Deductible Plan F. Those who were eligible prior, even if they didn’t have a Plan F before, you’re still eligible to enroll.
What does Medicare Supplement Plan F Cover?
Plan F is a first-dollar coverage plan. This means you’ll pay zero out of pocket outside the monthly premium. No matter what your medical costs are, you’ll never pay any copays, coinsurance, or deductibles. If Medicare covers it, you won’t pay a penny out of pocket.
How Much Does Medigap Plan F Cost?
On average, the monthly premium for Plan F costs between $120 to $250 a month. Some of the things that will impact your cost are your age, gender, where you live, tobacco usage, and in some cases your height and weight.
Less Expensive Alternatives for Plan F
There are two ways to get Plan F coverage for a lower cost:
- Medicare SELECT Plan F – A Medicare SELECT option will have the same coverage as a Plan F. However, it does come with network limitations.
- High Deductible Plan F – The High Deductible Plan F has the same coverage level as the traditional Plan F. The only difference is you’ll have to pay the plan deductible before it kicks in to cover your costs.
When to Enroll in Medigap Plan F?
Since Plan F is a Medigap plan, you can enroll at any time as long as you’re healthy enough and eligible. Medigap does not come with annual enrollment periods like Medicare.
Usually, the best time to enroll in a Medigap plan is during your Medicare Supplement Open Enrollment Period. You must answer health questions unless you’re in open enrollment or have a guaranteed issue right.
Who can enroll in Plan F?
Any Medicare beneficiaries that have both Parts A and B of Medicare & are not considered newly eligible. This means, that if you were eligible for Medicare prior to 2020, regardless if you enrolled in a Medigap plan, you can still enroll in Plan F.
Does Plan F have rate increases?
Yes, no matter who the carrier is, or even the plan letter., Medigap plans will have annual rate increases in most cases. Over the past five years, the rate increase has been roughly 7% to 9% for Plan F. Keep in mind, that other factors contribute to rate increases.
Inflation will always impact increases. Other factors that can impact rate increases are age and the claims history of people that live in your area and that are on the same plan. You cannot be singled out based on your personal claim history.
Why is Medicare Plan F being discontinued?
CMS killed off all first-dollar plans. This change discontinued all versions of Plan F. If you already have Plan F, you can your grandfathered in. As long as you were eligible for Medicare before 2020, you can still enroll in Plan F with any carrier that offers it in your area.
What is the difference between Medicare Plan F and Plan G?
The only difference between these two plans is that Plan G doesn’t cover the Part B deductible, which is currently $233.
Does Plan F Cover Prescription Drugs?
None of the current Medigap plans cover prescription medications picked up at the pharmacy. However, they will cover drugs administered in the hospital or at a medical office.
To have prescription drugs covered that you receive from a pharmacy, you will need to enroll in a Part D prescription drug plan.
How to Get Help Enrolling in Medigap Plan F
The next step is to give us a call or fill out our online request form. Our licensed agents will help guide you through the enrollment process. They can answer any questions you have regarding Plan F or any other supplemental policy.