Once a person reaches age 65 to become eligible for Medicare, their options and medical coverage journey will begin. And although it might seem completely confusing at first, this website was created to make the process as simple as possible. While there are many great options when it comes to Medigap insurance, and it can be easy, there are some basics that one should know prior to entering their search for the perfect plan. A Medicare Supplement Plan F (Sometimes referred to as Medicare Part F) is a great addition to help protect someone from the rising cost of medical bills.
There are four major parts of Medicare, and between the parts and the “plans” it can get indeed get confusing. This should help clear up any confusion and break it down in a simple way to understand it.
The Medicare basics begin with Part A which covers hospitalization, and for all intents and purposes, is free. There is no monthly premium as the cost for this has been deducted for your paycheck taxes over the last 10 years you worked. Part A does cover the costs of being in the hospital, as well as hospice coverage.
Step two is Medicare Part B which is doctor’s services and this does have some out-of-pocket cost to it, where you (or your Medigap plan) pay all the expenses until you meet the annual Part B deductible. After that you’ll pay about 20 percent of the Medicare approved amount. However many Medicare beneficiaries find that there are “Gaps” in coverage that must be paid that Part A or Part B does not address. There is also a monthly premium for Part B that is typically withdrawn from one’s social security check. This premium is income related, and is determined based on how much money you make. To find out what your Part B premium with be, click here.
Part C Medicare is referred to as a Medicare Advantage plan. These are private plans in which you opt-out of original Medicare to enroll in, and are usually HMO’s or PPO’s. There are also Private-Fee-For-Service versions of these plans. You do not have the luxury of visiting any doctor on these plans as they are in a network. Most people do not like this fact and would rather have the flexibility of going to any doctor in the country that accepts Medicare, and not having any bills beyond their monthly premiums. A Medicare Part F is the one supplement plan that allows them to do this with 100 percent coverage of the gaps in Medicare.
Part D Medicare covers prescription drugs and is voluntary to enroll in. Even people who do not take prescriptions will elect to enroll in a low cost Part D drug plan as there is a penalty if you do not within a certain time. As well, if you do not have a drug plan and need one, and your are outside your enrollment period you must wait until the end of the year to get a plan. This can get quite costly if you get a brand name drug prescribed mid-year, so you must think carefully about not enrolling in a Part D drug plan even if you take no prescriptions.
On occasion the Medicare “terminology” can be confusing. Sometimes Medicare supplemental insurance is referred to as “Medigap.” Plus you must have enrolled in Medicare Part A and Part B in order to move forward to the supplement plans that are offered by Medicare approved insurance companies. That said you should also remember that even though all of the supplemental insurers will offer the same coverage benefits per Medicare requirements, you’ll find that costs will vary from one “Medigap” plan to another. So like buying a new car it will be incumbent on you to shop around for not only the “Gap” coverage you need, but the cost, as well.
In the final analysis you will be the one who makes the choice on any Medicare Supplement Insurance (Medigap) Plan, but there’s no need to go it alone. Medicare Part F Coverage is certainly one of the very best options, and is the only Medigap plan that does in fact offer 100 percent coverage. Whether it’s foreign travel emergencies, skilled nursing or hospice care, you’re in good hands with Plan F.
Remember that all companies have the exactly same Plan F, and by entering your zip code at the top of this page you can Medicare Supplement quotes from top carriers and instantly compare plans.