The question of whether Medicare Supplement Plan F is still available or not has been flooding the internet for some time. Unfortunately, many think it doesn't exist anymore, whereas some think it's still available.
This article seeks to address this heart-lingering question. Read on!
What is Medicare Plan F?
Medicare Supplement Plan F is one of the ten standardized Medicare supplemental insurance plans that give the most comprehensive coverage among the Medicare plans, making it the most popular.
There are two types of Medicare Plan F. They are:
- Standard Medicare Plan F is the option that requires a monthly premium, just like any other supplement insurance plan. Private insurance companies set the premiums; costs vary based on your age, gender, tobacco use, state of residence, and how the plan is rated.
- High-Deductible Medicare Plan F – This plan has a high deductible with a lower monthly premium. You must pay your entire amount before the plan covers any other costs with this option.
Are Medicare Plan F Rates Changing?
The deductible for the high-deductible plan goes up every year; The Centers for Medicare and Medicaid Services explained that the increasing amount is determined by the Social Security Act. That amount from 2020 to 2021 was 2.5%, which makes the 2022 deductible for Plans F, G, and J $2,490.
The standard and high-deductible plans include a $250 annual deductible for foreign travel emergency healthcare coverage.
Benefits of Medicare Plan F
Medicare Plan F offers several benefits, but we will highlight a few.
- The most comprehensive plan covers 100% of the available benefits of the plan.
- It covers inpatient hospital costs and coinsurance after the Medicare coverage expires for the following year.
- It covers the cost of a skilled nursing care facility.
- It covers the cost of the doctor's charges.
- It pays for emergency medical treatment overseas.
Is Medicare Supplement Plan F No Longer Available?
- Medicare Plan F hasn't been discontinued, but you can only sign up for it if you were previously eligible to join on January 1, 2020.
- Once enrolled in a Medicare supplement plan, you are guaranteed renewable coverage if you don't choose a different plan and continue paying your premiums.
- You can still enroll in Medicare Supplement Plan F if you were newly eligible for Medicare before January 1, 2020. You may be subject to late enrollment penalties for Part A and Part B, which you must pay in addition to your plan's premium. You must be enrolled in Original Medicare Parts A and B to join a Medicare Supplement Plan.
The National Association of Insurance Commissioners explains this amendment is part of the Medicare Access and CHIP Reauthorization Act (MACRA), made law in 2015. This law prevented the sale of any Medigap policies that covered Part B deductibles for newly eligible individuals after January 1, 2020
What Will Replace Medicare Plan F?
Unfortunately, no plan completely replaces Medicare Plan F, but another plan closely substitutes these plans and offers similar benefits, which is Medicare Supplement Plan G.
Medicare Supplement Plan G is a great plan to consider because it offers similar benefits to Plan F. Plan G covers 100% of many benefits, including:
- Part A coinsurance and hospital costs
- Part B copays/coinsurance (not deductibles)
- Three initial pints of blood
- Part A hospice
- Skilled nursing facility
- Part A deductible
- Part B excess charges
Plan G also covers 80% of foreign travel emergency healthcare after you meet a $250 yearly deductible. The only difference between Plan F and Plan G is that Plan G does not cover a Part B deductible.
A Medicare Supplement Plan helps to reduce hospital costs by a considerably low amount and covers expenses which original Medicare doesn't cover.
To register for a Medicare Supplement Plan, you need to be first enrolled on an Original Medicare.
Medicare Plan F is available but not to everyone, but other plans like Plan G can compare to it.
If you qualify for Medicare but don't know where to start, we have licensed insurance agents ready to answer your questions and help you enroll in Medicare Advantage, Medicare Supplement Insurance, and Prescription Part D plans.
- Centers for Medicare and Medicaid Services | F, G & J Deductible Announcements
- Medicare | Find a Medigap policy that works for you
- Medicare | Part A late-enrollment penalty
- Medicare | Part B late enrollment penalty
- Medicare | What’s Medicare Supplement Insurance (Medigap)?
- Medicare | Costs of Medigap policies
- National Association of Insurance Commissioners | Medicare Supplement Enforcement – Implementing MACRA Amendments