Medicare Supplement Plan F 2020
While there are a number of different Medicare Supplements, none of them manage to cover as many medical expenses as Medicare Supplement Plan F 2020. However, this plan is in a peculiar position for the coming year. It has essentially been canceled. So, how can some people still sign up for it? Let’s talk about Supplement Plan F.
Why Plan F Is Cancelled
Every once in a while, Medicare will take a Supplement plan and drastically revamp it or just get rid of it. This usually means that the plan is forever changed or forever gone. There will still be people who were signed up for these plans before who will be allowed to keep their coverage. This has happened before with Supplement plans, and some of them are never going to show up on the standard list of available plans for most insurance companies, and yet people are still signed up for them and receiving coverage under the terms of these plans.
Plan F is like that as well, where it is gone from most of the regular lists of 2020 plans, but it can still be had by those who are already signed up for. This would be people can decide they want to keep Plan F, but they have to pay the price of working with a cancelled plan.
That means that they will need to pay some higher rates, as most Supplement plans manage to make a profit because the new subscribers are charged a higher rate than the current, faithful subscribers. This makes the old subscribers happy and feel like they are being rewarded for their patronage. There are no new subscribers for Plan F anymore, though, so the new, higher rates fall to the current subscribers.
Plan F was cancelled because it was priced too high most of the time. A lot of insurance companies that sold it were increasing the prices very high because of the prestige of this being the one full coverage plan. You might be surprised at how much people are willing to pay for a coverage plan that includes all the possible coverage. That kind of offer can be tempting and can give people peace of mind about their medical expenses.
How Medicare Supplement Plan F Covers You
Plan F is designed to be a full coverage plan. What that means is that it will cover all of the supplemental expenses that are left over by Original Medicare. Here are the various expenses and services that Plan F can cover for you:
Medicare Part A copayments, coinsurance and deductibles
Medicare Part B copayment, deductibles and excess charges
Three pints of blood each year
Nursing care coinsurance
Emergency travel costs for foreign medical care
No other Supplement plan will cover you for as many supplemental expenses. A couple of them do come very close, but Plan F definitely covers the most. Still, you probably don’t need all that coverage. Expenses like the Medicare Part B excess charges are quite rare for most people. The Part B deductible is probably cheaper to pay on your own, as it only costs $185 a year. Some of the other Supplement plans leave these expenses off in an effort to offer you more relevant coverage.
Do You Need Plan F?
Medicare Supplement Plan F 2020 isn’t going to be right for most people because it simply covers so much and costs so much as well. The coverage could come in handy for some people, but the vast majority of seniors will save money with a different kind of Supplement plan.
Plan F is still widely available, but it cannot be subscribed to any most seniors. It is unavailable to the general public and can only be accessed by those who already have it as their plan.
This means that the choice to sign up for Plan F or not is a moot one for most people. If you have it as your current coverage plan right now, though, then you can choose to continue getting coverage from it. You can decide to renew your Plan F coverage, if you like, but we do not recommend it.
Plan F is soon to experience very high rates, as it is part of closed risk pool. This means that with no new subscribers and already high rates, the current rates are just going to increase. The plan was cancelled for most people due to how high the rates were already, so this situation of limited availability is not going to help it.
We suggest that anyone who has Plan F consider getting a different coverage plan. There are some great alternatives out there, such as Plan G or Plan N. These are priced well and provide nearly the same coverage. They would be better choices, in most instances.
You can use our site to compare the cost of Plan F and see how it is priced from one insurer to another. While you are doing that, it may also be a good idea to get prices from some of the competing plans. You can see what insurers charge for Supplement Plan G and Supplement Plan N. These are often priced much better and offer similar coverage to Plan F. It’s commonly considered good practice to get rid of Plan F for one of them, especially if you do need a high coverage plan.
We really don’t recommend Plan F for anyone. It is simply overpriced and doesn’t offer anything of substance to make it worthwhile, when you compare the coverage difference between that insurance plan and Plan G, which is the next highest coverage plan.
Medicare Supplement Plan F 2020 is available for seniors to sign up for, if they already have it. Anyone else will have to look at one of the other eight Supplement plans. We suggest checking out high coverage plans like Plan G and Plan N and see if they might be what you are looking for and leave Plan F for those who are still getting a decent price for it because they have been signed up with it for so long.