Almost every carrier that offers Medigap Plans offers Plan F, and the premiums can be quite expensive. Particularly if you choose the wrong company. But that’s because you pay for the coverage your supplemental insurance provides. No other plan offers as much coverage but is the cost of Medigap Plan F worth it?
This plan will take care of all the deductibles and co-pays required by Medicare parts A and B. It will also cover hospitalization up to 365 days after Medicare has paid its part. Plan F also covers excess charges from Part B of Medicare. This occurs when the doctor charges more than the base amount Medicare pays for a visit.
Furthermore, Plan F covers your first three pints of blood every year, professional nursing care at a nursing facility, and expenses incurred for foreign medical treatment. This full-coverage plan is actually one of the most popular plans. But is it worth it? Let’s see.
Medigap Plan F vs Plan G
By far two of the most popular plans available are Plan F as well as Plan G. The only difference between the two is that on Plan G you must pay the annual Part B deductible out of pocket yourself each year. This is around $147. After that, Plan G pays 100 percent of the gaps in Medicare just like Plan F.
Plan F pays this deductible for you, but in reality you are paying higher premiums for that benefit to be paid. And if you compare a company’s Plan F against their Plan G premiums you will almost always find that you will pay more in annual premiums for Plan F than the cost of the Part B deductible.
How to Cut the Cost of Medigap Plan F
But just because Plan F is more expensive, that doesn’t mean you can’t find ways to save money on it. No matter which insurance provider you use, their coverage with Plan F will be the same. The government regulates these supplemental insurance plans to guarantee the same coverage no matter where you receive it. But the prices charged for insurance premiums are up to the discretion of the insurance companies.
You can find a great deal without a lot of hassle and searching around. Just use our free online service to get fast and accurate quotes from a number of insurance providers. Finding the best rates doesn’t have to be a headache- we make it easy for you.
It is a good idea to shop around, because insurance providers each have their own set prices. Some of them will charge you more in premiums based on your age or medical conditions. But you won’t know which company has the best prices until you compare them. Many people are content to just take the first offer they get in the mail for supplemental insurance, but you can save potentially hundreds of dollars a year by doing some smart comparison shopping.
If you want to get the full coverage and check the cost of Medigap Plan F provides without spending a lot, then make use of our online quote service and guarantee yourself the best rates.