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Medicare Supplemental Insurance Plan F Overview

Medicare Supplement Plan F

Here's a few things you should know about plan "F".

The GOOD:

Everyone likes a plan that leaves no bills behind, and that alone is the number one reason plan F is far and away the most written policy each year. The benefit pays both part A and Part B deductibles, all co-insurance costs from part B (20%), and also covers any excess charges that may be incurred from a non-participating doctor. Basically, you pay your premium to the carrier…and you'll never see a bill from a Medicare approved charge….not to shabby. But...

The BAD:

Simple math can set you free in most cases. In general, plan "G" costs around $35.00 less per month than "F", and there is only one difference in benefit. Plan "F" pays the part B deductible ($162 annually) on your behalf, while plan G requires you to write that check yourself. But take a close look: You'll be paying an average of $420.00 per year for the convenience of having a $162 check written for you. Not every carrier offers plan G however, so you might have to poke around.

The UGLY:

Plan F almost always contains more claims each year, and by default covers "sicker" people. This happens because those people who lose their coverage from an employer, or are kicked off their Advantage program are granted a "guaranteed issue" right which lasts 63 days. Plans A, B, C, and F are the plans that must accept these people without health underwriting, and because F is the most benefit rich option, it is the overwhelming choice. Therefore, members of a plan "F" deal with higher and more frequent rate increases due to the health conditions of those they are enrolled with.

Remember this: You can't assume you will be healthy enough to move between plans or carriers in the future. While a plan F may look attractively priced and sound convenient...the price may go up dramatically. Take a good look at plan "G" before settling down.