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Although Medicare Part A and Part B offer enrollees health care coverage for hospitalization and doctors’ services, the program also leaves a number of “gaps” that, in many cases, can make care quite costly for some. These gaps come in the form of deductibles, coinsurance, copayments, and limits on certain covered expenses.
For Medicare enrollees who wish to ease this cost burden, Medicare Supplement insurance is available. This coverage – depending on the plan that is chosen (Plan F the most, Plan A the least)- will pay many of the costs that Medicare does not pick up, and it can oftentimes save policy holders a substantial sum on their overall health care expenses.
Medicare Supplement insurance, or “Medigap,” is sold by private insurance companies. There are currently ten different policies to choose from. Each policy is represented by a letter of the alphabet. Plan A has the most basic, or core, set of benefit offerings, with subsequent letters providing more comprehensive coverage options.
While it is required that all policies of the same letter must offer the same exact benefits, insurers do not have to charge the same premium for the coverage. Therefore, the cost of coverage can vary – even for the same benefit options.
It is required by law that the benefits on all of the Medicare Supplement insurance policies of the same letter be identical – even though these plans are sold by numerous different private insurance companies throughout the United States.
The benefits that are offered via Medicare Supplement Plan F include:
In addition, Medicare Supplement Plan F also offers another policy option with a high deductible. Policy holders who choose this plan option are required to pay for their Medicare covered costs up to the deductible amount before the Medicare Supplement plan will pay any benefits. In 2014, the amount of the deductible is $2,140.
Neither of the Medicare Plan F options provides prescription drug coverage. For those individuals who wish to have these benefits, the best option is to purchase a stand-alone Medicare Part D prescription drug plan.
To be eligible for Medicare Supplement Plan F – or any Medicare Supplement insurance plan – you must have Medicare Part A and Medicare Part B. The best time to purchase a Medicare Supplement insurance policy is during your Medicare Supplement open enrollment period. This period of time starts when you are 65 years old and you have initially enrolled into Medicare Part B.
While you are within your 6-month Medicare Supplement open enrollment window of time, the insurance companies that offer this coverage are not allowed to deny you coverage – even if you possess certain health conditions. An insurer is also not allowed to charge you a higher premium rate.
When your six month open enrollment time period has expired, you will not be offered this opportunity for guaranteed policy acceptance again. Therefore, it is a good idea to apply for Medicare Supplement coverage during this time frame. This is especially the case if you have an adverse health issue, or if you have a family history of certain health related conditions.
If you’re ready to purchase a Medicare Supplement insurance policy, there are some important criteria to consider. First, the plan must be available in your geographic area. In addition, while all Medicare Supplement Plan F benefits are required to be identical, the premium cost will typically differ a great deal from one insurance company to another. Therefore, it is essential to compare quotes from several different insurers prior to making a policy purchase.
We work with a number of the best Medicare Supplement insurance carriers in the industry, and can help you in comparing premium quotes. filling out the form on this page, you will be able to quickly and easily compare Medigap Plan F quotes and carriers so you can determine which plan will be best for you.
We also understand that you may have additional questions regarding Plan F or some of the other Medicare supplements, the quote comparison process, or Medicare Supplement insurance in general. That is why we are here to help. Please feel free to contact us directly, toll-free, at 800-376-0824 and we will be happy to address any questions or concerns that you may have.