A Guide To Understanding The Basics Of Medicare Insurance Plan F
If you are currently signed up for Medicare, its availability is undoubtedly an enormous relief to you on both a personal and financial level. However, Medicare alone is typically not enough to cover all of your medical expenses, especially if you already have or are at an increased risk of needing many expensive prescription medications. In that instance, it is important for you to understand the pertinent details about Medicare insurance plans, which are also known as Medigap. Specifically, Plan F is known to provide the highest amount of coverage for many of the most expensive prescriptions and to cover more procedures, when compared to other supplemental plans.
Understanding Medicare To Choose The Right Medigap Plan
Medicare seems straightforward, but can quickly become confusing. It is first important to note that there are numerous items that are not paid for by Medicare and co-payments that you are responsible for.
Common examples include:
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A portion of the total bill for medical appointments
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Larger bills that result from time in nursing or long-term care facilities
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Uncovered expenses from hospital visits
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Some medications, or a portion of their cost
If you do not have a supplemental policy that is sold by a private insurance company, you will be entirely responsible for those fees. For a major illness or serious injury, the prescription costs alone can become overwhelming very quickly.
It is important to note that you must first have Medicare parts A and B, in order to choose a supplemental policy. In addition, you cannot be using the medicare Medical Savings Account Plan, or MSA, and use a supplemental plan.
Why Plan F?
Once you understand what expenses you need to cover, it is time to understand why Plan F is often known as the luxury Medicare supplement. Specifically, it pays for any unpaid balance that is left after Medicare Part B pays their share, including most prescriptions. In addition, you also have the option of choosing a high-deductible Plan F, which may result in some savings for some people.
The high-deductible plan is unique in that you would be required to pay for any of the costs unpaid by Medicare up to a certain amount each year. In 2013, the maximum that you would have paid was $2,110 and that amount is likely to slightly increase from one year to the next, After that amount is paid, all covered expenses for the rest of the year would be paid in full by the plan.
In conclusion, there are a variety of medicare insurance plans currently available. Although choosing one can have a dramatic impact on your ability to afford quality health care in the future, choosing one that does not provide the coverage you need can also lead to difficult decisions. If you want the space of mind that comes from knowing your health is a priority and that you will be able to afford the procedures or medications that you may need, it is time to speak with your insurance agent.
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