Medicare Plan F is a supplementary insurance plan for seniors that pays a portion of the Medicare Parts A and B fees and lets you choose from an expanded network of health care providers. Medicare Plan F does not pay for routine services like physician visits. However, it does offer some great benefits to seniors such as: full coverage of Medicare Part A and B, premium assistance, additional benefits like prescription drug coverage and vision insurance. These Medicare Supplement Plans benefits are provided in the following ways:
* Out of pocket costs – There are many medicare plans available to choose from. Some are designed to cover costs completely, while others may just cover a percentage of your costs. When choosing a supplemental insurance coverage, make sure that you get one with the highest percentage of out of pocket costs. Some plans may offer a set monthly maximum out of pocket costs. If you have medical problems that require very high deductibles or do not have health insurance at all, you may want to consider getting a plan that will cover all of your out of pocket costs.
* Medicare Advantage Plans – Part D is a prescription drug program and part A of Medicare Part A. If you enroll in both parts A and B, you can often get discounts on the total cost of your medications. Some medical plans offer a Medicare Advantage Plan that allows you to choose one of many options from a network of participating pharmacies. The Medicare Advantage Plans may cover all of your medications or just a portion of them. The coverage and benefits are standardized between the different plans, so be sure to shop around if you are considering getting a Medicare Advantage Plan.
* Medicare Security Features – There are a few changes that may affect how much you pay out of pocket each month based on your current age and what features are available. For instance, Medicare Part A will increase your deductible gradually as you age. You may need to pay more out of pocket if you are in relatively good health and Medicare Part B will increase your monthly premium by inflation. Stay current on your premiums to avoid losing coverage.
* Medication coverage options – There are a couple of differences between Part A and B. Medication coverage options in a Medicare Plan are standardized. There are some additional options in a Medicare plan such as vision care, hearing aids, prescription drugs, psychotherapy and mental health services. Before you enroll in a Medicare plan, be sure to ask what coverage options are included in your service.
Medicare Part A will cover medical expenses up to the start of the first eligible month (ie: birthday month). Medicare Part B will cover the same services up to the start of the second eligible month (ie: birthday month – December 31st). At the end of the second calendar month, Medicare Part A will cover the same services that Medicare Part B covered for the first month. If you need both Medicare Part A and B, make sure you start the third month immediately upon enrolling in a Medicare plan to ensure that you’re receiving the maximum benefits.