Medicare Supplement Plan F (2024)

Medicare Supplement Plan F is a Medigap plan that helps pay for out-of-pocket costs that Medicare Part A and Part B do not cover.

Medicare has several options, or parts, that you can enroll in to obtain health insurance coverage. The traditional option is Original Medicare (parts A and B).

Medigap Plan F is an add-on to Original Medicare. It is one of several Medicare supplement insurance plans, also called Medigap plans. You can buy these plans to help pay for costs that Original Medicare doesn’t cover.

Keep reading to learn more about Medigap Plan F, its features, and whether it may be a good fit for you.

Medicare supplement insurance plans, also known as Medigap plans, help pay for out-of-pocket costs that Original Medicare doesn’t cover. About 25% of people with Original Medicare also have a Medicare supplement plan.

Private companies sell Medicare supplement plans. There are 10 different Medigap options: A, B, C, D, F, G, K, L, M, and N.

Each of these plans is standardized, meaning that different companies offering the same plan must offer the same set of basic benefits.

For example, a Plan F policy offered by Company A must include the same basic benefits as a Plan F policy offered by Company B.

Note that if you live in Massachusetts, Minnesota, or Wisconsin, the standardization of Medigap plans may differ.

The various Medicare supplement plans each offer different benefits. Some plans offer more benefits than others. Plan F is generally considered the most comprehensive.

People who became eligible for Medicare after January 1, 2020, and onward will not be able to buy Plan F. If you already had Plan F before January 1, 2020, you’ll be able to keep it. If you were eligible for Medicare before January 1, 2020, you may still have the option to buy Plan F if an insurance provider is selling it in your area.

Plan F offers many benefits. These include 100% coverage of the following:

• Medicare Part A coinsurance
• Medicare Part A deductible
• first three pints of blood
• skilled nursing facility coinsurance
• Medicare Part A hospice care coinsurance or copays
• Medicare Part B coinsurance or copays
• Medicare Part B deductible
• Medicare Part B excess charges

Plan F also covers 80% of the cost of medically necessary care while you’re traveling in a foreign country.

Like other Medicare supplement plans, Plan F typically doesn’t cover:

• dental care
• vision care, including eyeglasses
• hearing aids
• long-term care
• private nursing

Private companies offer Medicare supplement plans. The cost of a plan, even for the same benefits, can vary greatly by company.

You’ll have to pay a monthly premium with a Medicare supplement plan. This is in addition to the premiums you pay for other parts of Medicare, such as Medicare Part B or Part D.

An insurance provider can set their Medicare supplement plan premiums in three different ways:

• Community rated: Everyone who has the policy is charged the same amount regardless of their age.
• Issue-age rated: The premium is determined by how old you are when you buy the policy. Premiums are lower for younger buyers and higher for older buyers, but they don’t increase as you age.
• Attained-age rated: The premium increases as you get older. Your policy will become more expensive as you age.

High deductible plan F

Medicare Supplement Plan F also has a high deductible option. While monthly premiums for this option may be lower, you must pay a deductible before Plan F begins paying for benefits. For 2024, this deductible is set at $2,800.

This includes copays, coinsurance, and deductibles that Original Medicare does not cover. There’s also a separate deductible of $250 for medical expenses during foreign travel.

When determining whether Medigap Plan F is a good fit for your needs, consider the following pros and cons.

Advantages of Medigap Plan F

Plan F is a very comprehensive plan, helping cover expenses that Original Medicare doesn’t pay for. This includes:

• deductibles
• coinsurance
• copays
• a portion of your medical expenses during foreign travel

Disadvantages of Medigap Plan F

Medigap Plan F coverage can be costly and have high monthly premiums. Also, if you’re newly eligible for Medicare as of January 1, 2020, or later, you will not be eligible to buy this plan. This is because it is being phased out for new enrollees.

Tips for shopping for a Medigap plan

Follow the tips below while shopping for a Medicare supplement plan:

• Pick a plan: You can choose from several Medicare supplement plans. The extent of coverage can vary by plan. Review your health-related needs to decide on one that’s right for you.
• Compare policies: Once you’ve decided on a plan, compare the policies offered by different companies, as costs can vary. Medicare’s website has a helpful tool to compare policies offered in your area.
• Consider premiums: Providers can set their premiums in different ways. Some premiums are the same for everyone, while others may increase based on your age.
• Remember high deductible options: Some plans have a high deductible option. These plans often have lower premiums and may be a good choice for someone who doesn’t expect a lot of medical expenses.

Plan F is a form of Medicare supplement insurance, also called Medigap. It can help pay for out-of-pocket expenses associated with Original Medicare.

Out of all of the Medicare supplement plans, Plan F offers some of the most extensive coverage.

Starting in 2020, people who are new to Medicare cannot buy Plan F. But if you already have Plan F, you can keep it. If you were eligible for Medicare before 2020 but haven’t yet enrolled, you may still be able to buy Plan F.

All Medicare supplement plans have a monthly premium. The amount can vary by policy, as companies can set their premiums in various ways. It’s important to compare different Medicare supplement policies before choosing one.