Medicare Supplemental Health Insurance

Medicare Supplement by the Letters - A look at Plan F

Medicare Supplement by the Letters - A look at If you had traditional Medicare, Medigap Plan F, and a Medicare Part D plan for prescription drugs, it could be said that just about the only healthcare costs you would have, is your Medicare supplement monthly premiums.

There are currently 10 different Medicare Supplement plans available for purchase, letters A-N. Yes, astute readers, that adds up to 14 letters, but since June of 2010, Plans E, H, I, and J have been eliminated, leaving only 10 plans. Those with the eliminated plans can keep them, however they are no longer being sold.

Okay, now that we have the alphabet straightened out - which plan is best? That has a lot to do with your own financial situation, and healthcare needs – but in this entry we are going to take a little closer look at one of the most popular plans  - Plan F.

Until the introduction of the highly affordable Medicare Supplement Plans M and N in June of 2010, Plan F was hands down the most popular Medicare Supplement plan among seniors, because it offered the most comprehensive additional benefits to traditional Medicare.

If you had traditional Medicare, Medigap Plan F, and a Medicare Part D plan for prescription drugs, it could be said that just about the only healthcare costs you would have, is your Medicare supplement monthly premiums.

Remember that when shopping for a Medicare supplement, all the Lettered plans are standardized, so it does not matter which insurance company you purchase your Plan F from, it will have to have the same coverage - but rates can vary from company to company, so look for the one that offers you not only the most competitive rates, but the best customer service. You can get a free rate quote on Medicare Supplement Plan F from Medigap insurance providers in your area by clicking here.

Medicare Plan F:

• Pays for Part A coinsurance plus coverage for 365 additional days after Medicare benefits end
• Pays for Part B coinsurance - generally 20 percent of Medicare-approved expenses - or copayments for hospital outpatient services
• Covers the first three pints of blood each year
• Covers you for skilled nursing facility care
• Pays your Medicare Part A deductible for hospitalization
• Pays your Medicare Part B deductible for medical and hospital outpatient expenses
• Pays for your Medicare Part B excess charges - that is the difference between what your healthcare providers charges and the amount Medicare reimburses them
• Pays for emergency medical help when you travel outside of the country

With a traditional Medicare and a Medicare Supplement Plan F, you have the emotional freedom of being able to see any doctor or specialist that accepts Medicare, without the need for a referral, and the financial freedom of knowing that most, if not all of your out of pocket medical expenses will be covered. For many seniors this is great piece of mind, and why a lot of elderly advisors recommend this combination for seniors who can afford it.

There is a high deductible option for Plan F, which makes this very comprehensive plan even more affordable. For seniors for whom Plan F still seems too expensive, the newly introduced Plans M and N are good alternatives.

These Plans have many of the same benefits as Plan F - however there are still some small copays involved, which help to defer the cost of the affordable Medicare supplement premiums.

For a more detailed look at all of the Medicare Supplement plans available, visit Medicare.gov, or speak to one of our qualified Medicare Supplement counselors, they would be happy to help you select the Medigap plan that is right for your needs.