There is a fine lineup of plans available for seniors in the Medicare Supplement category, but none of them will offer as much coverage as a restricted plan that most people won’t even be able to sign up for. That would be Medicare Supplement Plan F 2020.
This is a full coverage Medicare Supplement plan, and it will offer you coverage on every single supplemental expense. However, it is not listed on most insurance companies’ Supplement lineups for 2020, since this plan has been delisted. So, how can anyone still sign up for it in 2020? Read on to find out.
The State of Plan F
It wasn’t that long ago that Medicare Supplement Plan F wasn’t just available; it was also the top plan. More people signed up for Plan F than any other Supplement policy. That’s because Plan F covered them for more medical expenses than any other Supplement plan.
For many people, it makes sense to sign up for the highest coverage plan. After all, if you are going to get medical coverage, why not get the best coverage? That’s not to say that Plan F is always the best option, but it did offer the most coverage, and in many people’s’ eyes that is the same thing.
Plan F had a serious problem, though. Because it had a prestige status of being the highest coverage and only full coverage plan, it was priced much higher than the other plans. The insurance companies that sell Medicare Supplements are allowed to set their own rates on these insurance policies. They can decide the prices. What a lot of them did was charge extra for Plan F to the point that it became a bad deal for most seniors. The value just wasn’t there anymore, and more insurance companies were pricing it far above any similar plans.
When the pricing got far enough out of hand, the US government stepped in and imposed some new legislation in Medicare Supplements. Suddenly, Plan F wasn’t available anymore. The plan was forcibly delisted and removed from the lineups of most insurance carriers.
There was some good news, though, for people who still wanted Plan F to provide them with coverage. If they are already signed up for the plan, then they could continue to keep it and receive its coverage. They were even allowed to renew Plan F for as long as they wished. This makes sense because these people already knew how Plan F was covering them and how much it was costing them. The government has allowed them to still keep their Plan F policies and the insurance carriers to still offer Plan F to those current subscribers.
To anyone else, though, Plan F is not available. You cannot sign up for it as your new plan, and you cannot get it back once you drop it. Once it is gone, it is gone completely.
Medicare Supplement Plan F is undergoing some changes still. Since no new people are signing up for it, it will become increasingly expensive. The rates are bound to go up extremely high in a short period of time, as the insurance carriers have to make their money back some way, and they cannot use new subscribers to cushion the rising costs of inflation and healthcare. They have to use the current subscribers to do that. It may be best for anyone who still has Plan F to drop it for something else.
What Plan F Covers
Let’s look briefly at what this insurance plan will cover for you, and you can get some idea of what you might be missing out on if you cannot access Plan F anymore.
Plan F covers all of the following for you:
Medicare Part A hospice coinsurance
Part A copayments for hospital stays
Part A annual deductible
Medicare Part B excess charges
Part B outpatient copayments (emergency room visits, doctor’s office visits, etc.)
Part B annual deductible
Skilled nursing care coinsurance
Three pints of blood every year (the rest being covered by Medicare)
Foreign travel exchange up to 80% for every incident
This is full supplemental coverage, and that has not changed just because Plan F is not available to the general public anymore. However, there are other Supplement plans that offer similar coverage that you may want to look at and that are more widely available.
Your Other Options
You either won’t be eligible to sign up for Plan F or you already have it and are probably contemplating changing plans anyway. Either way, you should know about some other Supplement plans that could be good alternatives for you.
First off is Plan G. This is the current most popular Supplement plan, having dethroned Plan F from that spot a few years ago. Plan G is a better choice in almost every way than Plan F, because it is priced much cheaper and offers more value. It has just about the same coverage too, and the only item from the list of supplemental coverage items above that it doesn’t include is the Medicare Part B deductible. That’s a $185 charge that you need to pay out of pocket, and you can probably save money by going with Plan G instead of having that one extra item covered by Plan F.
Another Supplement plan you can consider is Plan N. This one covers most supplemental expenses, but it asks that you pay for the Part B deductible, some of the smaller Part B copayments and the uncommon expense of Part B excess charges. That’s it- the rest is all covered, and this is an economically priced plan that will often save seniors money.
Those are your top choices for alternatives to Medicare Supplement Plan F 2020. There are others as well, but if you are looking for the powerful coverage of Plan F but not wanting to pay the exorbitant price, then these are probably the plans for you. Check out the rates for them here on our site and get started on choosing the coverage that works best for you.
Compare Medicare Advantage for 2020