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Medicare Part F – Getting the Best Coverage and Rates

Medicare Part FRegardless of what age you are, having a good solid health insurance policy is more important today than ever before – especially in light of the rising cost of health care. Even a minor health care situation can oftentimes cost patients thousands of dollars out-of-pocket. It is estimated that medical issues are the number one cause of bankruptcy in the United States.

If you’re 65 or over, you are likely to be covered by Medicare. You are also probably aware that even though Medicare covers a large number of benefits, this program still leaves many “gaps” in coverage – especially when it comes to Medicare Part A and Part B deductibles, copayments, and copayments. In some cases, these charges can make health care almost cost prohibitive.

For those who have Original Medicare (Medicare Part A and Part B), there is help available for covering these additional charges. This comes in the form of Medicare Supplement insurance. With Medicare Supplement – or “Medigap” – you can choose from coverage that will provide a basic set of benefits with Plan A, or a more comprehensive array of benefits with Plan F, as well as many other options in between.

Taking a Closer Look at Medicare Supplement Insurance Coverage

In many ways, Medicare Supplement insurance coverage was created to cover the gaps where Medicare lacks in its benefits. This is why Medicare Supplement is oftentimes simply referred to as “Medigap.”

It is important to note, however, that even though Medicare Supplement insurance fills in a number of Medicare’s coverage gaps, this type of insurance won’t provide coverage for items that Medicare doesn’t already cover. For example, if Medicare doesn’t cover a cosmetic plastic surgery procedure, then neither will a Medicare Supplement insurance plan.

Medicare Supplement insurance policies can be purchased through private insurers. These plans are highly regulated by both federal and state laws, and the policies must be approved by Medicare. Although different insurance companies offer these policies, each plan of the same letter must offer identical benefits. For example, Medicare Supplement Plan A has identical benefits regardless of where it is purchased. The premium price, however, can differ significantly from one insurer to another. This is why it is important to shop around prior to making a policy purchase.

In addition to making coverage available via live insurance agents, many insurers today have also made their Medicare Supplement insurance policies available for purchase online. This can make the entire purchase process easier and more convenient for the applicant.

In terms of when coverage should be applied for, applicants should ideally apply during their “open enrollment” period. This period of time will start on the first day of the month in which an individual turns age 65 and is also enrolled in Medicare Part B coverage. The open enrollment period lasts for the following six months.

The reason why it is so important to sign up for Medicare Supplement insurance during your open enrollment period is because during this time, you cannot be turned down or charged more by an insurance company for having an adverse health condition. Once the open enrollment period has ended, however, and a person has not yet applied for Medigap coverage, they run the risk of being denied for coverage or charged a higher amount of premium.

Why Consider Medicare Part F for Supplemental Coverage?

With ten different policy options to choose from, why should someone consider Medicare Part F for their Medicare Supplement insurance coverage? There are actually several very good reasons to do so – the biggest of which is because this particular plan provides the most comprehensive set of Medicare Supplement insurance benefits.

Part F of Medicare Supplement is the only Medigap plan that provides coverage for costs that are known as Medicare Part B excess charges. These charges refer to the difference in the amount that a doctor or medical provider charges to their patients and the amount that Medicare pays.

With this in mind, if a Medicare enrollee owns a Medicare Part F plan, he or she can essentially be protected from many of the high costs that may be incurred if they need medical treatment that exceeds the amount that Medicare approves. In fact, in certain instances, it is entirely possible that a Medicare Part F policy holder could even incur no out-of-pocket costs at all for doctors’ care or hospitalization. It is important to keep in mind, however, that in return for such comprehensive coverage, Medicare Part F typically charges a high premium price.

Benefits Offered Through Medicare Supplement Plan F Plans

There are numerous benefits that are offered via Medicare Supplement Plan F. These include the following:

  • Coverage for Medicare Part A’s deductible
  • Coverage for Medicare Part B’s deductible
  • Medicare Part B’s excess charges
  • Coinsurance for Medicare Part B preventive care
  • Medicare Part A hospital and coinsurance costs, up to an additional 365 days after Medicare’s benefits have been exhausted
  • Medicare Part B’s coinsurance or copayment
  • First 3 pints of blood per year used in an approved medical procedure
  • Medicare Part A hospice coinsurance or copayment
  • Skilled Nursing Facility coinsurance amount
  • Emergency during foreign travel

High Deductible Option with Medicare Supplement Part F

There is also a high deductible option with Medicare Supplement Plan F. Those who opt to purchase this plan are required to pay an annual deductible. In 2014, this amount is $2,140. Each year, the dollar amount of the deductible typically increases.

It is required that the total amount of the annual deductible is paid before Medicare Part F will begin to pay out any benefits to the policy holder. With this particular plan option, although there will generally be higher out-of-pocket costs, the policy premiums are usually lower.

How to Purchase a Medicare Part F Policy for Supplemental Coverage

For those who are ready to purchase a Medicare Supplement insurance policy, we can help you in locating the plan that works best for you at the most affordable premium price. We work with many of the top rated Medicare Supplement insurance carriers in the market place today, and we can help you in comparing the premiums of Medicare Part F plans in order to determine the best quote for you.

We can help you to obtain all of the information that you need online, right from your home computer, without having to meet in person with an insurance agent. This can make the entire process fast, easy, and extremely convenient. When you’re ready to start shopping for your coverage, just simply fill out the form on this page in order to begin the process.

Should you find that you have any questions at all along the way regarding Medicare Part F, or about any other Medicare Supplemental insurance coverage related issues, please feel free to contact us. Our experts are here to help in answering any questions or concerns that you may have as you determine the best Medicare Supplement insurance coverage for you and your specific needs.