Medicare Plan F offers the most benefits of any of the Medigap Plans offered by Medicare, which gives people a great peace of mind in knowing they won’t have any other out-of-pocket medical expenses beyond their Part B, supplement, and Part D monthly premium. There is no question that this coverage is excellent, but is it the best plan for you?
Choosing a Medigap Plan
For most people turning 65, a Medicare Supplement plan is an outstanding option for them to reduce their medical expenses and not have to worry about any medical bills. With 10 different Medigap plans available, offered by several different insurance carriers, it’s obvious there are many choices available. And while it’s relatively easy for an agent to tell you to just enroll in a Medigap F plan because “it’s the best”, you should first at least learn about other options and plans and determine which one is truly best for YOU.
As you can guess, the “best” always seems to cost the most. And in the case of Medigap plans it’s no different. There are some questions you should ask yourself prior to purchasing any Medicare Supplement, and if working with an agent (which is advised and costs you nothing extra), he or she should be asking you these questions to determine which Medicare Supplement plan might fit your needs the best. If an agent simply tells you to enrol in a Medicare Plan F without bringing up some of these questions or learning about your own current situation chances are they’re thinking of their commission or the sale, rather than putting your best interests first.
Which Plan is Best?
Answering these questions will help greatly in determining which direction you might want to go with your Medigap insurance.
- Are you healthy? Or do you have pre-existing conditions or a major illness?
- Do you visit your doctor on a regular basis, or maybe just once or twice per year?
- Are you on a severely limited income? Do you never want to pay a deductible or copay?
Because everyone’s situation is different, there isn’t a “one plan fits all” scenario when it comes to Medicare Supplements. Thankfully, there aren’t too many plans that you need to wade through to see which is best.
We know that Medicare Supplement Plan F offers the most benefits out of all the plans, as it pays 100% of the gaps in Medicare. There is no network (as with all the Medigap Plans), and with Plan F you will never pay a deductible, copay, or coinsurance as the plan pays that for you. It is also the most expensive plan available, however depending on your age, zip code, gender, and tobacco use you just might be surprised how reasonable the premiums really are for this kind of coverage. For anyone who is currently paying for private health insurance on their own and turning 65, they will likely get a nice pay raise when switching to Medicare Supplement premiums as they tend to run much lower.
If you are the type of person who never wants to have to pay a deductible, or even a small copay, and wishes to have 100% coverage of their medical bills than there is no question that Medicare Plan F is the best option. However, you must take the time to compare rates from several companies and make sure you don’t overpay for your coverage!