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Medicare Supplement Plan F 2021

Are you wondering about the type of healthcare coverage you require in 2021? Or are the different plans and rates in the Medicare insurance confusing you? If so, you came to the right place!

It’s true that Medicare supplement plans for 2021 offer a unique coverage that makes medical care affordable, besides offering us that elusive peace of mind when it comes to our state of health. As 2021 approaches though, you need to be well informed about the Medicare Supplement Insurance, as does anybody else who’s getting into the retirement age.

This article covers the Medicare Supplement Plan F Rates For 2021, Medigap Plan F Benefits 2021 and important details concerning Plan F vs Plan G.

Medigap Plan F Benefits 2021

Of all the ten Medicare Supplement policies available in most U.S. states, Medigap Plan F is the best Medicare supplement plan. It basically offers full coverage across the board, except for foreign travel, where all the emergencies get 80% covered. It has an extensive coverage that make it quite an attractive plan for anyone looking for a broader form of assistance with an out-of-pocket cost in the original Medicare.

This plan covers a huge chunk of the remaining doctor-related and hospital costs after the original Medicare -which involves Part A and B- has settled its share, which means that as a beneficiary, you can avoid any hospital and medical expenses. Here’s a list of the benefits you can expect:

  • Part A (coinsurance and hospital costs) up to 365 days after exhaustion of Medicare benefits
  • Part A coinsurance or hospice care copayment; deductible
  • Part B coinsurance, excess charges and deductible
  • A good nursing facility coinsurance
  • As mentioned earlier, emergency coverage during foreign travel
Medicare Supplement Plan F 2021

Medicare Supplement Plan F Rates For 2021

This Medicare Supplement plan policy helps you cover your Medicare coinsurance, deductibles and copayments. Unlike most other plans, it covers the Part B calendar year deductible. This plan is only available to you if you qualified for Medicare before 1st January 2020. Anyone who’s newly eligible will no longer enjoy the Medicare Supplement plans paying the Medicare part B deductible, a development that is part of the MACRA (Medicare Access and CHIP Re-authorization Act) 2015.

The Part B deductible, or the deductible amount that is part of the MACRA legislation tends to change each year. This year, the amount you have to pay is $198- before Part B pays for the services covered. If you choose the high-deductible Plan F option, you have to pay for up to $2,300 in Medicare-covered costs before the plan starts covering any expenses.

Plan F vs Plan G

There’s no doubt that it can be difficult to know which Medicare plan is most suitable for your medical needs, particularly when it’s a question of coverage. However, you can easily determine the plan that better supplements your existing coverage by comparing Plan F and Plan G.

As you compare these two plans, you need to understand their similarities. Both plans basically offer the same coverage benefits including:

  • Part A coinsurance costs and hospital costs, deductible and hospice care
  • Copayment or coinsurance
  • Part B copayment and excess charges
  • The first three pints of blood
  • Good nursing facility care coinsurance and no limit to the out-of-pocket
  • Foreign travel emergency coverage of up to 80 percent

With all these similarities, it’s easy to think that there are no differences here. Nonetheless, you might be surprised to find that they’re polar opposites. With Plan F, you get the highest coverage. Plan G doesn’t cover Part B deductibles, while Plan F does. On the other hand, Plan F has a higher premium compared to Plan G. So, does that mean that Plan F is better than G? Unfortunately, No. The ideal Supplement plan really depends on individual needs and budget.

If you really need the Part B deductible coverage, you may need to select Plan F. Conversely, Plan G doesn’t offer that, but instead, allows you to offset the cost of the annual deductible with the premium savings. If we use the average premium rates of 2018, for instance, we find that Plan G costs less per month by $36. That means you get to save as high as $432 each year.

To learn more about Medicare supplement Plan F or to receive a free consultation, contact us at 855-249-0191. We would be happy to answer any questions and assist you in your Medigap needs.