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Medicare Supplement – Plan F

Up until 2020, Plan F was the most sought-after Medicare supplement. It provides the most comprehensive coverage, leaving its members with basically no out-of-pocket expenses. As long as Medicare approves the treatment you need, Plan F will pick up all the costs that remain after Original Medicare pays.

Coverage Included in Plan F

Coverage and benefits included in Plan F are:

● Part A deductible ($1,632 per benefit period in 2024)
● Part B deductible ($240 per year in 2024)
● Part A hospital coinsurance, plus an extra 365 days of coverage after your Part A benefits are exhausted
● Hospice coinsurance
● Skilled nursing coinsurance
● First 3 pints of blood in a Medicare-approved procedure
● Part B coinsurance and copayments
● Part B excess charges
● 80% of foreign travel emergency expenses

You can see why Plan F is so popular among Medicare beneficiaries.

Coverage Not Included in Plan F

Since Plan F takes care of all out-of-pocket costs for Medicare-approved services, the only things not included in coverage are the same things you’ll find excluded from all Medicare supplement plans.

Prescription drug coverage is not part of Original Medicare or Medicare supplements. There are certain injectable drugs that are covered under Part B, but when we’re talking about prescriptions you get filled at your local pharmacy – like medications for high cholesterol or high blood pressure – you won’t have coverage under Plan F or other Medigap plans. You’ll need to enroll in a stand-alone Part D prescription drug plan to get those benefits.

Some other common services not included are routine dental care and treatment, vision exams and eyeglasses, and hearing exams and hearing aids. The best way to find coverage for these services is to enroll in a DVH (dental, vision, hearing) plan.

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Who Should Enroll in Plan F?

Even though Plan F offers the most coverage, we actually don’t recommend that any of our clients enroll in this plan. First, Plan F is only available to people who turned 65 before January 1, 2020. Therefore, none of our newly-eligible enrollees have Plan F as an option.

Second, Plan F premiums are hitting all-time highs. Of course, you should expect to pay more for such great coverage, but you also have to do a little math to find out if the higher premiums are worth the extra benefit.

For example, let’s compare Plan F to Plan G. The only difference between these two plans is that Plan G does not cover the Part B deductible. In 2024, that deductible is $240. Now, let’s talk premiums.

In this example, you are eligible for either Plan F for $180 per month or Plan G for $140 per month. Using those numbers, your annual premium for Plan F is $2,160, and your annual premium for Plan G is $1,680. The difference is $480. By enrolling in Plan G, you can still pay the $240 deductible and have $240 leftover!

How Much Does Plan F Cost?

On average, Plan F costs somewhere between $150 – $250. However, there are a number of factors that go into your Medicare supplement premiums. Your zip code, age, and gender all play large parts in setting your rate. In addition, some insurance companies have higher rates than others. We’ll have to look at your unique set of circumstances in order to give you an accurate quote for Plan F.

Next Up: Medicare Supplement Plan G & Medicare Supplement Plan N

Sylvia Gordon, aka Medicare Mama®, is an expert on all things Medicare and Social Security. She is the 2nd Generation here at The Medicare Family and has served on the advisory boards of major insurance companies like UnitedHealthcare®, Cigna, and Anthem. In her free time, she can be found taking care of her animals (dogs, goats, peacocks, chickens), and reading a good book. Learn More.
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