What is Medicare Part F?

What is Medicare part F?

Medicare part F is a plan that covers 100% of the gaps in Medicare part A and part B.  These gaps include deductibles, copayments, and coinsurance.  Before we get into too many details, we should cover what actually the parts and plans are of Medicare.

Original Medicare consists of four different parts.

  • Part A which covers hospitalization bills
  • Part B which covers Physician’s services and outpatient procedure costs
  • Part C which is actually a Medicare advantage plan
  • Part D prescription drug coverage

These are the parts of Medicare and they should not be confused with what are Medicare supplement plans.  These plans often referred to as Medigap plans, are lettered a through A- N and each one consists of different coverage.  Because letters are used to define each plan’s coverage, they often are mistaken as parts of Medicare.  For instance a Medicare part F is a term commonly used for what actually is a Medicare plan F.

So what does plan F actually cover?

Medicare plan F is the most comprehensive plan offered by Medicare.  It has numerous benefits which is why it is currently the most popular Medigap plan.  This plan covers 100% of all the bills that Medicare does not cover on approved expenses.  There is no network, no deductibles, and no co-payments to pay.  The 20% coinsurance not covered by Medicare on approved expenses is paid by the plan 100%.

Does this mean Medicare plan F is the best?

While the plan does offer outstanding coverage, that doesn’t necessarily mean it’s the best plan for everybody to get.  For instance, some people might be on a limited income and are unable to afford the monthly premiums of plan F.  Or perhaps you are relatively healthy and don’t visit your doctor very often.  Plan F might be more coverage than you possibly might want as well as a higher premium than you should be paying each month.  In this case there are likely better options that you should consider.  For example, Medicare supplement plan G and plan N are excellent alternative choices to plan F with lower monthly premiums.

Medicare supplement plan G

Plan G is identical to plan F except for one small change.  You must pay the annual part B deductible each year yourself if you have a plan G.  This deductible is relatively small and is just paid once per calendar year prior to Medicare part B paying any of your medical bills.  The amount of the deductible is typically are round $150 and changes slightly each year.  The nice thing about plan G is that after you pay this deductible yourself the plan picks up everything else 100%.  The benefit of paying the deductible out-of-pocket is that you get a lower monthly premium than plan F.  Depending on your age plan G often saves people a great deal of money when switching from plan F. Therefore this might be something you want to consider.  Enter your zip code above to check rates on plan F and plan G and compare premiums.

Medigap plan N

Plan N is a relatively new plan that was introduced in 2010.  It is quickly becoming one of the most popular Medicare supplement plans due to its outstanding coverage at lower premiums than even plan G.  There are some differences that you should know about between plan G and plan N.  For instance, on plan N you still pay the part B deductible each year however after that is met you will have up to a $20.00 co-pay per doctor’s visit.  This is a variable co-pay which means that it is not a set amount each time you visit your doctor.  In fact you might not have any co-pay depending on what you go for however the co-pay will never be more than $20.00 per visit.  This includes visits to specialists as well.

Also, on a plan N if you visit the emergency room but you are not admitted you will have to pay a $50.00 co-pay.  One additional difference between plan G and plan N is that plan N does not cover Medicare part B excess charges.

As you can see Medicare part F is an outstanding plan that covers all of your deductibles and coinsurance.  It is however just one of the few different plans that you should compare.  To get instant quotes and compare plans online simply enter your zip code below.