Are your healthcare costs increasing at a rate that you cannot keep up with? If you find yourself struggling more and more to pay your medical bills, it may be time to look into applying for additional medical insurance. You may already have insurance with your employer, union or even Medicare, and we want you to consider signing up for the Medicare Supplement Plan F 2019 coverage.
This is some extensive coverage that can take care of all sorts of medical expenses for you. It covers you for a number of different common expenses, and we will talk about what those are for you in just a moment. We want you to know, though, that you do have other options, and Plan F is only one of many choices you can pick from. It’s not going to be right for everyone, but we think every senior should be aware of their choices.
Plan F and How It Covers You
If you were to sign up for Plan F, then you would receive full coverage for supplementary expenses. What that means is that every medical expense that falls under the classification of supplementary would be taken care of for you by your plan. There are a number of them too, and we are going to cover them all here.
Let’s talk about the copayments first. These are expenses that you have to pay when you go to the hospital for certain services. The Part A copayment is due when you receive Part A services, the Part B copayment for Part B services and so on. Plan F will cover you for the Part A and part B copayments, as well as for skilled nursing care and hospice care coinsurance. These are all separate items that some of the other Supplement plans do not bother to provide coverage for, but they are all covered under Plan F.
This robust plan will also cover you for Medicare Part B excess charges. This is an expense that you would pay if you were to go to a hospital or a doctor’s office for treatment and receive Part B services and the medical facility did not accept Medicare fully. That’s not a very common occurrence, so you should look at your situation to see if this particular expense applies to you. If it does not, then you may want to to consider Plan N, which does not include it, but includes most of the other supplemental expenses.
With Plan F, you also receive coverage for three pints of blood on an annual basis. That’s on top of the coverage provided to you by Medicare’s basic plan. The final bit of coverage provided by Plan F is for foreign travel exchange. What that means is that if you were to be transported to a medical facility for emergency treatment and that facility was outside the US borders, then you could be covered for that cost. Now, Plan F does not cover this cost completely, but it does offer you as much coverage as any Supplement plan can and will provide. It covers you for up to 80% for each time you need to be transported to a foreign medical facility, and that can go along way toward making your medical expenses more affordable.
All of these items make up the Plan F coverage, and you can apply for that as soon as you turn 65, if you like.
Applying for Plan F
If you wanted to apply, you simply need to visit the website of the insurance company you want to get Plan F from. You might not know yet which company you want to use, and you may want to compare some prices first to see who has the best deal. Once you do that, though, then you can just visit their website and fill out the form there. That should take just a few minutes, and once it is submitted, you simply need to wait on a response from the insurance company.
As long as you are 65 years or older and you have Original Medicare, you should be approved for the plan you applied for. Once you agree to the terms of the plan, then you can enjoy steady coverage and stable rates for the duration of your term. Medicare Supplement Plan F 2019 will not change on you while you are signed up for it.
The terms and the cost of the plan can change after your contract with the insurance company has expired, but you have the option to cancel your plan, renew it or change it out for something else at that point, if you wish.
How Plan F Compares to Other Plans
Medicare Supplement Plan F has a lot to offer, but it is also a pricey plan. Many people balk at the rate being charged for this plan and seek out something cheaper. The best alternatives are Plan G and Plan N. These two plans offer something very similar to Plan F, but they do so at a reduced rate and with a little less coverage.
Plan G is the closest to Plan F in coverage. It will provide cover for all the same things we discussed Plan F as having. The only thing it doesn’t cover from that list up above is the Medicare Part B deductible. That is something that only costs $183, and you may save money by choosing Plan G over Plan F and paying that one expense out of pocket. You will have to compare the two plans, though, and see how much you save by choosing one over the other.
Next, we would recommend comparing Plan F to Plan N. This plan is similar as well, but it cuts off a bit more coverage for you. It asks you to pay for the Medicare Part B deductible too, as well as the Part B excess charges and the minor copayments you have to make for most visits the emergency room and hospital.
When you look at how similar the three plans are in coverage, it makes sense to spend some time comparing their costs. If you choose an insurance company that you like because of its member benefits and low prices, then compare these three plans from that insurance company and see how they stack up. Of course, the higher coverage Plan F will be the more expensive plan, but how much more expensive it is should be important to you. If it doesn’t cost much more each month, then it may be a wise choice to pick that plan and enjoy the higher coverage it has to offer.
There are some other plans as well that you could pick from, but most of them differ from Plan F a lot more than these two. If you think that you could benefit from Plan F’s powerful overage, then we recommend that you compare it to these two similar plans.
You should also compare prices on Plan F, if you decide it is likely the plan you want to go with. You can get the same coverage at every insurance company for this plan, but you will find widely different prices. Don’t give up on Plan F and being able to enjoy the coverage it offers just because you find an extraordinarily high price for it. You can keep comparing prices on this plan to find one that fits your budget.
You may not want to go with the absolutely cheapest rate you find, though, as having a reliable and customer friendly insurance company can be important as well. Before you apply for Medicare Supplement Plan F for 2019, be sure to take time to examine your options. You have a few, and you want to ensure that you are getting the best rate and the best deal.