What Is Medicare Supplement Plan F?

Medicare Supplement Plan F is a Medigap plan only available to people who qualified for Medicare before Jan. 1, 2020. Plan F has historically been the highest-enrolled Medigap plan in the United States and covers the $240 annual Part B deductible. If you qualify, you might consider Plan F. Otherwise, look at its closest cousin, P✨lan G.  

How Plan F Works 

Private insurers sell this 澳洲幸运5官方开奖结果体彩网:medicare supplement policy to help people cover the out-of-pocket costs of Original Medicare, which consists of Part A and Part B. Plan F stands out because it covers both Part A and Part B deductibles. In 2024, that’s $1,872. Most Medig♏ap plans only cover Part A, either partially or fully.

澳洲幸运5官方开奖结果体彩网:Private insurance companies offer Plan F in exchange for a monthly premium. Each insurance company sets its own Plan F price, or the premium you pay monthly. However, the coverage provided by one insurer is basi🎀cal🍎ly the same as that of other insurers. Plan F will also be the same in one state as another.  

Plan F Part A Benefits

• Part A 澳洲幸运5官方开奖结果体彩网:deductible
• Part A coinsurance and hospital costs
• Part A hospice care coinsurance or copayment 
• Skilled nursing facility care coinsurance 

Plan F Part B Benefits

• Part B coinsurance or copayment
• Part B deductible
• Part B excess charge

Other Plan F Benefits

• 80% of foreign travel emergency (to plan limits, generally around $50,000-lifetime limit)
• Blood benefit (first 3 pints)

What Plan F Doesn’t Cover

Plan F doesn’t cover medications and anything not specifically listed above, such as dental, vision, gym memberships, and other 澳洲幸运5官方开奖结果体彩网:Medicare Advantage benefits. However, some Medigap insurers may offer extra cove✤rage in some states or situations. 

Types of Plan F

Two types of Plan F are available, which differ primarily in availability and costs. In the past, Plan F was a required plan and thus was widely available. If an insurer offered plans ot🌊her than Plan A in a regio𝔉n, it also had to provide Plan F (or Plan C) to those new to Medicare before 2020. 

Plan F

On average, Plan F is one of the most expensive Medigap plans. This may partly 🥀be due to its expansive coverage and the dwindling market of 🍎enrollees. 

Insurers set Plan F rates based on ꧅factors such as: 

• Age 
• Sex (male or female)
• Marriage status
• Tobacco use
• Discounts for automatic payments or same-household enrollees
• Location

High-Deductible Plan F

澳洲幸运5官方开奖结果体彩网:High-Deductible Plan F helps reduce the cost of the Plan F coverage. It comes with a significant deductible to meet before your coverage kicꦐks in. 

In 2024, the annual deductible amount for High-Deductible Plan F is $2,800. You must first pay $2,800 for your coinsurance, copayments, and deductibles before the policy starts paying for covered services. You’ll also pay a separate $250 for 澳洲幸运5官方开奖结果体彩网:foreign travel emergency care. 

Part A and 澳洲幸运5官方开奖结果体彩网:Part B premiums don’t count toward meeting the deductible. But the deductible offsets Plan F’s more compr🗹ehensive coverage, so you’ll find that premiums are lower if you choose a High-Deductible Plan F.

Plan F vs. Plan G

The major difference is that 🉐Plan G does not cover the Part B deductible, while Plan F does. This is another reason Plan F premiums canꦡ be more expensive than Plan G.

People new to Medicare on or after Jan. 1, 2020, can buy Plan G but can’t buy Plan F. 

Aside from the Plan B deductible, Plan F and Plan G provide the same comprehensive financial coverage and offer high-deductible options. Both plans cover ꦰMedicare Part B excess charges.

Like Plan F, Plan G must be offered by any insurer offering plans other than Plan A. Plan G is historically the second-most-popular Medigap plan Medicare beneficiaries choose, after Plan F. 

Pros and Cons of Plan F

Plan F Pros Explained 

• Comprehensive coverage: Plan F is one of the most comprehensive Medigap plans, leaving you primarily responsible for Part A and Part B premiums, as well as drug coverage costs.
• Covers Part B annual deductible: Plan F covers Original Medicare’s annual deductible, which no other plan offers other than Plan C. Plan C also isn’t available to those who became eligible for Medicare by Jan. 1, 2020, or later.  
• Widely available: As this is a required plan for private companies offering coverage, many insurers across states offer Plan F—but only to those who qualify.

Plan F Cons Explained 

• Hard to qualify: Newly eligible Medicare recipients likely won’t qualify for Plan F, and switching to Plan F can be challenging even if it’s possible to switch plans.
• More expensive: Plan F is one of the more expensive Medigap plans available.
• High possible rate increases: Future rate increases may be high as the insured pool dwindles for Plan F due to fewer people qualifying for the coverage. 

Qualifications for Plan F

To get Plan F, you must have Medicare Part A and B. You must have become eligible for Medicare due to age, disability, or e🥀nd-stage renal disease before Jan. 1, 2020.

Plan F is not part of 澳洲幸运5官方开奖结果体彩网:Medicare Advantage. Medicare Advantage is🅺 a private insurance alternative to Original Medicare and is s꧂eparate from Medigap plans like Plan F.

Plan F is also not generally ava🔯ilable to those with lower-benefit plans who can switch Medigap plans in a state where switching is allowed. 

Plan F Costs

As mentioned, Plan F is one of the more expensive plans. A High-Deductible Plan F can save money on premiums, but you may find less ava༒ilability. Insurers aren’t required to offer High-Deductible Plan F.  

Buying Plan F 

For most people, the best time to buy a Medigap plan is during your initial Medigap enrollment period. You can get Medicare Supplement plans without underwriting in the first six 🌳months of becoming eligible for Medicare and in ꦫa few other specific circumstances.

Although some people qualified for Medicare before 2020, they might not sign up until later and could still qualify for Plan F 澳洲幸运5官方开奖结果体彩网:guaranteed issue rights i🐲n so😼me circumstances. This might happen if they had another form of coverage or lived outside the U.S. when they turned 65. 

For example, if you or your spouse have employer coverage, you can wait until retirement or until you lose your health insurance, if that happens first. When your employer coverage ends, you can sign up for Part B without paying a late enrollment penalty. After signing up for Part B, you’ll have six months to buy a Medigap (including Plan F) policy.

Switching to Plan F 

If you live in a state with the “b⛄irthday rule” that allows you to change Medigap plans or apply to Medigap without underwriting, you likel🌠y can’t switch to Plan F from another plan. 

You can typically switch from Plan F to a plan with fewer benefits—🦹which is pretty much any other plan. You can switch insurers or choose between a high-deductible Plan F and a non-high-deductible Plan F.

Is Plan F a Good Deal?

To determine whether Plan 🤪F is a good deal, add up 12 months of premiums for Plan F. Then compare that price against Plan 𒐪G plus the cost of the Part B deductible.

Sample Plan Comparison 

Here are sample prices to demonstrate how ﷽to compare plans. 

As you can see, Plan G is cheaper than Plan F, although you must pay the Part B deductible out of pocket. 

However, Plan F is potentially less expens𓆏ive than High-Deductible Plan F in termꩲs of overall costs if you end up needing significant medical care. In that case, your out-of-pocket costs could end up outweighing the extra premium costs of regular Plan F. 

While Plan F’s coverage 🔯may sound good, carefully compare costs annu📖ally. Shop carefully for pricing, particularly if you must qualify for Plan F due to the insurer’s underwriting.  

Frequently Asked Questions (FAQs)

The Bottom Line

Plan F is a comprehensive plan that covers most costs associated with your Medicare coverage and is widely available in most states—to those who qualify to buy it. Unless you choose High-Deductible Plan F, Plan F can have a more expensive premium than many other plans. However, limited availability to people recently qualifying for Medicare makes Plan F less accessible. Plan G is a similar alternative to Plan F that people new to Medicare cಌan buy.