If you are turning 65 and first enrolling in Medicare, or you have been enrolled in part a and part B for several years you no doubt have heard of Medicare supplement plan F. This is by far the most comprehensive plan offered by Medicare. But is it right for you?
The Medicare Supplement Plans
With 10 supplement plans offer by Medicare to choose from it can certainly get confusing. At first glance you might not know where to turn or even to begin researching which plan is best for you. In all reality, there are just a few supplement plans that many people enroll in. Medicare supp that plan F is definitely one of the most popular.
Why Choose Medicare Supplement Plan F?
By far the most attractive benefits to plan F is the fact that it pays 100% of the gaps in both Medicare part A and part B. What that means for you is you will have no deductibles, no co-payments, and no coinsurance to pay for Medicare approved expenses. It really is outstanding coverage as you simply show your Medicare card and supplement card to any Dr., specialist, or hospital that accepts Medicare and you will never get a bill on those approved expenses.
As with all the supplement plans there is no network. You may use this coverage Nationwide simply provided that the Dr. accepts part B Medicare. You also do not need a referral to visit a specialist. Considering these excellent benefits it’s no wonder why so many people choose to enroll in a Medicare supplement plan F.
When To Enroll
Anyone who is eligible for Medicare may enroll at anytime during the year into a Medicare supplement plan. None of the enrollment periods that typically apply to either part D drug plans or Medicare advantage plans apply to Medicare supplements. Depending on your own situation however, there might be ideal times that you should apply.
The most practical time to enroll in a plan F is during your open enrollment period. This period lasts six months from the time you are eligible for Medicare part B. During this time you may enroll in any Medicare supplement plan, even with pre-existing conditions, and not be turned down for coverage. There is no medical underwriting. You can certainly apply after this time. However you will have to answer medical questions and go through underwriting. Therefore it is extremely important that anyone with pre-existing conditions take advantage of this timeframe.
Coming Off Employer Health Coverage
If you already have part B Medicare but you are still working and receiving benefits from your employer, then there are few things to know if you plan on retiring. You will have 63 days to enroll in a Medicare supplement after your group coverage end without having to go through medical underwriting. This means that regardless of pre-existing conditions you cannot be turned down for certain plan letters. Eligibility varies by state and company, however the plans that you may be guaranteed issue to enroll in are Plans A,B,C,F,K, or L. Many people in this situation choose to enroll in a Medicare Supplement Plan F as the other plans do not offer as much coverage.
Anyone who already has a Medicare supplement plan and would like to change companies due to either a rate increase or a change in plan letter altogether, can do so at anytime during the year. Often people think that they can only change during the annual enrollment period which occurs from October 15 through December 7 each year. This is not the case as again, Medicare supplement plans do not apply to any enrollment period. Therefore if you have received a rate increase from your current company please use our free quoting tool on this website to choose view better options from other companies.
How To Choose
As you can see there are different scenarios that could affect went to enroll in a plan. Some other options to consider and compare are plans G and N. These do not offer as many benefits as plan F however they could save you money in the long run.
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