What is Medicare Supplement Plan Part F and Part G?
What is Medicare Part F?
Medicare Supplement Plan F is the most comprehensive plan out of the 10 available Medigap policies. The expansive coverage makes this a popular plan, though it is also the most expensive. Plan F leaves a beneficiary with no out-of-pocket expenses because it covers all remaining hospital and doctor costs after Medicare (Part A and/or Part B) has paid its portion. Medicare Supplement Part F Plans provide coverage for both Medicare Part A and Part B deductibles. In addition, Plan F also provides a high-deductible plan. If you choose this option, you would pay for Medicare-covered costs up to the deductible amount of $2,180 in 2015 before your Medigap plan pays anything.
What is covered under Plan F?
Because of its popularity, most Medigap carriers sell Plan F. The details of the plan will remain the same no matter where it is purchased through the cost might vary.
The following is a list of costs and benefits covered by Medicare Supplement Plan F:
- Part A deductible
- Part B deductible
- Part B excess charges
- Preventative care Part B coinsurance
- Part A hospital and coinsurance costs up to an additional 356 days after Medicare benefits are exhausted
- Part B coinsurance or copayment
- First three pints of blood used in an approved medical procedure (annually)
- Part A hospice care copayment or coinsurance
- Skilled Nursing Facility (SNF) coinsurance
- Foreign travel emergency
Medicare Supplement Plan F covers your doctor and hospitals at 100%, but on an extended care illness outside the hospital beyond 120 days, you will need to have long-term care coverage.
What is Medicare Part G?
Medicare Supplement Plan G is nearly identical to Plan F. Both offer comprehensive coverage and are among the most robust of all Medigap offerings, although Plan G requires the beneficiary to pay the Medicare Part B deductible out-of-pocket. In 2013, the standard Part B deductible amount is $147, and once your out-of-pocket expenses surpass that total, you assume the responsibility of paying 20% of the cost of Medicare-approved Part B services.
Medicare Supplement Plan G was designed to help beneficiaries cover excess costs from healthcare providers and include the following benefits:
- Medicare Part A hospital coinsurance and all costs up to 365 days after Original Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Part A deductible
- Medicare Part B preventive care coinsurance coverage
- Part B coinsurance or copayment coverage
- Part B excess charges
- First three pints of blood for a medical procedure
- Skilled Nursing Facility (SNF) care coinsurance coverage
- Foreign travel emergency coverage
The majority of Medicare Supplement plans do not cover Part B excess charges, which is why Plan G may be of interest for those with frequent medical needs. Excess charges are additional expenses incurred outside of the Medicare-approved charge. For example, if Medicare’s allowed charge for a doctor’s appointment is $100, the physician may choose not to accept that amount, electing instead to charge an additional 15% for the appointment. In this instance, Medicare would pay 80% of the allowed charge, sending the physician $80. The beneficiary would then be responsible for paying not only the remaining $20 but also the excess 15% charge, another $15, making the total out-of-pocket cost $35. Because Plan G covers the Part B excess charges, all of the out-of-pocket costs in this example are covered by this policy.
Why should I buy from a local licensed Medigap Supplement Insurance Agency?
There are 10 supplement insurance plans available from multiple major insurance companies. Our job at Choice Plus Benefits is to provide you with the best health insurance policy that fits your needs and lifestyle.
What about my Prescription Drug Plan?
As a customer of Choice Plus Benefits, we will not only keep you apprised of changes to your Medigap Plan but we will also process your Prescription Drug Plan for free. We do this every year for our most valued customers…You!
Do you charge for your services?
No, we do not. The Medigap Policy industry is highly regulated by the government. We work directly with all of the major insurance companies and they pay us for our services. You will see no additional costs on your policy because you decide to work with us. Instead, you get all of the benefits of a great trained team of agents that provide a much better customer experience than a large company might provide. After all, our moto is Client for Life.
Why should I do business with Choice Plus Benefits?
Great question. Choice Plus Benefits has been providing Medigap Policies to customers since 1997. We are a family owned and operated licensed insurance agency in the state of Texas. We have an A+ rating with the Better Business Bureau. Our real secret though is our dedication to you even after you make a decision and purchase a supplemental insurance plan. We are available throughout the year to answer any questions you might have. We will also process your Prescription Drug Plan and our dedicated staff is constantly trained on any and all developments that occur to your plan and the Medicare Insurance marketplace as a whole.
How Do I get Started?
It is easy! You can call us at (972) 850-0680 or fill out the form on the left and our agency will contact you to answer any other questions you may have. You are also always welcome to visit our office. We love to meet and get to know our customers in person!