MEDICARE SUPPLEMENT PLAN FYou’ve decided to go with Medicare Supplement Plan F, but how do you use the coverage to your advantage? Read on to learn some tips strategies for capitalizing on your Medigap Plan F coverage.
While it’s true that Medicare Supplement Plan F will no longer be available to Original Medicare beneficiaries as of 2020, it’s still available now. Additionally, if you sign up for Medigap Plan F before 2020, you get to keep it for the life of the policy.
Known as one of the two most popular Medigap plans — along with plan C — Medicare Supplement Plan F offers a lot of advantages. But how do you use your coverage wisely? Let’s look at some of the best tips and strategies.
FEEL FREE TO SEE THE WORLD
Medicare Supplement Plan F covers 80 percent of healthcare expenses related to foreign travel emergency. In other words, if you have to visit an emergency room in France or Ecuador, you won’t be responsible for the full bill.
This can put many jet-setters’ minds at ease. In retirement, you have more time available to see the world, and if you’re healthy enough, you might as well take advantage. Medigap Plan F simply makes it easier by relieving some of the stress.
Of course, you don’t want to get sick or injured while traveling abroad, and the coverage doesn’t extend to things like prescription refills. Before you leave home, make sure you have a copy of your Medicare Supplement Plan F card as well as your Original Medicare card and that you’ve packed all the medications you’ll need while you’re away.
DON’T HESITATE TO SEE THE DOCTOR
Costs related to deductibles, copayments, and coinsurance often keep people from the doctor even when they need medical attention. Medicare Supplement Plan F can ease your mind because it covers all of those out-of-pocket costs.
As you get older, the relationship you build with your physician becomes even more important than it was when you were younger. Regular visits for prescription follow-ups, sick visits, and more can help your doctor catch any problems that might need further attention.
With Medicare Supplement Plan F in your pocket, you won’t have to worry about rising healthcare costs. Instead of ignoring the sniffles, for instance, visit your physician for some relief. There’s no reason to suffer needlessly.
VISIT ANY DOCTOR WITHOUT A REFERRAL
Nobody likes having to see a doctor just to see another doctor. Under Medicare Supplement Plan F, you don’t need a referral from your primary care physician to see a specialist. You can simply choose from one of the doctors in your area who accepts Medicare patients.
This freedom gives you more time and helps you avoid the frustration of visiting one clinic after another. You still need referrals for specific tests and screenings, but that’s true of any insurance company or healthcare plan in the United States.
You might experience some chest discomfort, for example. Instead of making an appointment with your primary care physician, you can call a participating cardiologist. One great advantage of this benefit is that you don’t have to transfer medical records between as many healthcare providers.
DON’T LOSE YOUR FAVORITE PHYSICIAN DUE TO COST
Even physicians who participate in Medicare sometimes charge more for services than Medicare agrees to pay. These are called excess charges, and with most Medigap plans, you’re responsible for them.
However, Medicare Supplement Plan F pays for your excess charges. You don’t have to switch physicians just because you’re paying out-of-pocket for every visit. This becomes especially important when you’re seeing a specialist whose care and treatment approach you particularly like.
Just remember that, even when you have Medicare Supplement Plan F, you still need to see a doctor who participates in Medicare. If you choose not to do so, you might be responsible for the costs involved.
ATTEND YOUR ANNUAL WELLNESS EXAMS FAITHFULLY
Original Medicare covers 100 percent of your annual wellness visits. These exams are typically designed to create a preventative healthcare plan with your physician and to make sure you’re as healthy as possible.
However, some physicians charge more than Medicare will pay for your annual wellness visits. In these cases, you can count on Medicare Supplement Plan F to pay for the excess charges.
Additionally, you might decide you need a subsequent wellness visit. Medicare will only pay for one every year, which means you can’t have another until 12 months have passed. You also aren’t allowed to get an annual wellness visit within the same 12-month period as you received your “Welcome to Medicare preventive visit.”
BUDGET YOUR MONEY WITHOUT WORRYING ABOUT MEDICAL EXPENSES
Because of its comprehensive nature, Medigap Plan F costs more than other Medigap plans. The flip side is that you won’t have any unexpected medical bills.
It’s often easier to budget your money when you know exactly how much you’ll spend each month. As long as you satisfy your Medicare Supplement Plan F premium, you can go about your life without stressing over healthcare costs.
This approach isn’t for everyone. Some Medicare beneficiaries prefer a lower premium and are willing to trade potential out-of-pocket costs down the road. Since you’ve chosen Medigap Plan F, however, you can budget around your premium and enjoy retirement.
GO TO ANY HOSPITAL WITHOUT WORRYING ABOUT A COPAYMENT OR COINSURANCE
Copayments and coinsurance can blindside anyone when they go to the emergency room or get admitted to a hospital as an impatient. The same goes for outpatient services at a hospital, such as imaging tests.
With Medicare Supplement Plan F, those frustrations no longer exist. Your Medigap plan takes care of your copayment and coinsurance, which means you don’t have to reach into your wallet when you need hospital services.
WHY IS MEDICARE SUPPLEMENT PLAN F SO POPULAR?
As we’ve illustrated throughout this article, Medicare Supplement Plan F offers the most comprehensive coverage available to Medicare beneficiaries. It might come with expensive premiums, but it does away with your out-of-pocket healthcare costs.
Maybe you don’t have a Medigap plan yet, but you’re researching your options. Keep Medigap Plan F in mind, but consider alternatives like Medigap Plans G and N, as well. Balancing your premium cost against out-of-pocket costs will help you make the right decision.
Medicare Supplement Plan F covers your out-of-pocket medical expenses so you don’t have to worry. As long as you use your coverage, you can come out ahead in the financial department.
Having this type of Medigap plan in your corner can encourage you to see the doctor when necessary and to go to the hospital if an emergency arises.
Maybe you’re just now getting ready to apply for Medicare Supplement insurance. Check out Ensurem’s Medigap Quoter. You can generate quotes from multiple insurance companies based on the plans that interest you most.