An important fact to remember to help you not get confused, is that Medicare has parts and Medigap has plans. As of June 1st 2010, there are ten Medigap plans, standardized by the government and distributed to you, the consumer, through Medicare Insurance Companies. Within these ten plans, the most comprehensive insurance plan is Medicare Supplement Plan F.
Plan F covers your basic benefits, Part B coinsurance, skilled nursing, Part A deductible, Part B deductible, Part Bexcess, preventative care, and foreign emergency travel. With Medicare Part A, any length of stay between 1 and 60 days will cost you $1,156 deductible. What most people don’t know is that this deductible’s only good for one benefit period, which consists of 60 days.
So say you checked into the hospital in January, and pay a Medicare Part A deductible. If later in the year, you find yourself on a trip to the hospital again, you must again pay that $1,156 if it’s been more than 60 days since your last visit. Hypothetically, this situation can occur many times a year, so you could end up paying big money. Plan F covers this deductible even if you occur it multiple times a year.
The plan is designed to cover high risk gaps that are not covered by Original Medicare, and what do I mean by high risk gaps? If you were to exceed 60 days in the hospital, Original Medicare pays all byt $289 per day. If you’re in the hospital for 90 days, you can pay up to $8,670 on top of your original Part A deductible. Exceed 90 and you’re looking at $578 per day for up to a total of $34,680. Medigap Plan F will cover this plus up to 365 after Original Medicare coverage ends.
Here’s another misconception. One of the biggest chunks of your healthcare bill is paying for your doctor charges and medical supplies. Through Medicare Part B, Medicare pays for 80% of these expenses. But what most people don’t realize is that Medicare pays 80% of what the government deems reasonable. Medicare Supplement Plan F, on the other hand, pays the entire amount including the other 20%.
These are just a few examples to help you better understand Medigap Plan F and why you should consider this plan if you are eligible for Medicare.