Medicare Supplement Plan F is the most favorite plan. More than half of the total Medigap policies sold in the US in 2017 were under the Plan F. The Plan F provides the most complete coverage to the customers. It also covers the deductible under the Medicare Part B. Some of the key features of the Medicare Supplement Plan F and the reasons for it being the most popular Medigap plan are provided below:
Part B Deductible
Plan F, along with Plan C are the only Medicare Supplement Plans to cover the deductible under the Original Medicare Part B. The Original Medicare Part B covers only 80% of the total cost of medical procedures. Under the Plan F, the remaining 20% out-of-pocket expenses are also covered. The customers do not have to worry about meeting the deductible under the Part B as it is covered by the Medigap Plan F.
Coverage for Foreign Trip
The Plan F provides coverage to the customers during foreign trips. The Plan F covers 80% of the total cost of emergency healthcare expenses when the customer is in a foreign country. The limit for coverage for emergency healthcare expenses overseas is $50,000.
Covers Part B Excess Charges
The Medicare prescribes the Medicare fee schedule which are the Medicare-approved charges for Medicare-covered services. A doctor who does not accept the assignment can charge an excess over the Medicare-approved charges. As per law, the doctors can charge a maximum of 15% over the Medicare-approved rates. The customers under Plan F of Medicare Supplement plan do not have to worry about excess charges as it is paid by the Medigap Plan F.
High-Deductible Plan F
The Plan F also comes with a high-deductible variant which allows the customers to reduce their monthly premium if they pay a higher deductible. In the high-deductible variant of the Medicare Supplement Plan F, the customers will pay more towards the Medicare-related costs before the benefits of the Plan F starts. Once the customers reach their deductible, then they get 100% coverage against all out-of-pocket expenses.
Provides Peace of Mind
Plan F provides the most comprehensive coverage and therefore is the most expensive among all the Medicare Supplement plans. However, it provides the most comprehensive and 100% coverage against any out-of-pocket expenses to the customers. The costly monthly premiums though lead to considerable future savings on healthcare-related expenses. Overall, the Plan F offers a complete peace of mind to the customers.