Understanding Medigap Plan F

choosing a health plan

Medicare supplemental insurance (also known as Medigap) refers to certain health insurance plans sold throughout the United States. Though life and health insurance plans are important, only three in five people own some type of life insurance. Choosing a health plan is one of the most important decisions an adult can make in their lifetime, which means it’s important to understand exactly what your plan covers.

If you’re looking for a comprehensive Medigap plan with affordable term life insurance, then Medigap Plan F is a popular choice. Here’s what you need to know about this type of health insurance.

If you haven’t enrolled in Medicare yet, there is still time to enroll in plan F (or C). You only have until January 1st, 2020, however. Those who enroll in Medicare after that date will not be able to purchase plans for F or C. The reason for this future change in Medigap plan purchasing is attributed to congress believing they will save money by eliminating first dollar coverage plans.

What does Medigap Plan F consist of?
Medicare Supplement plan F is a great option for those who are in the process of choosing a health plan. Plan F offers more coverage than any other Medicare Supplement plan. Keep in mind, however, that there is also a high-deductible plan F option that offers the same health benefits as the standard F plan, but requires higher out-of-pocket costs before the coverage actually begins.

As far as standard plan F benefits are concerned, here is what’s included:

    • Skilled nursing facility (SNF) care co-insurance.
    • Foreign travel emergency coverage up to plan limits.
    • First three pints of blood.
    • Medicare Part A co-insurance, hospital costs, hospice care, and deductible.
    • Medicare Part B co-payment (or co-insurance), deductive, and excess charges.

If you select the high-deductible Plan F option, you’ll need to pay out-of-pocket costs until you reach a designated amount around $2,180 before your policy actually kicks in. With this option, however, you’ll likely have lower monthly premiums than the standard Plan F option.

If you’re still unsure about how to go about choosing a health plan that is right for you and your specific situation, it’s important to seek professional help. There are experienced professionals who can help you find great health insurance packages with all the essential health benefits. Contact Bankers Fidelity today to learn more.

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