There are quite a number of Medicare Supplement Plans and they are all comprehensive to different levels. However, the most comprehensive of all the Best Medicare supplement plans 2022 is Part F. This plan is referred to as Medicare Supplement Plan F and it covers many medical expenses that are not covered by the original Medicare. With this plan, you won’t have any cost to pay out of your pocket.
Because of the advantages and structure of Plan F, it is the number one seller among baby boomers for years now. Research conducted five years ago indicate that about 57% of all Medigap policies purchased by Americans were premium Medicare Plan F policy. However, due to change in legislature in 2020, Plan F is now only available to people who became eligible in January, 1st 2020. It means that if you weren’t eligible by that time, you can’t buy the policy.
With the semi-exit of Plan F, Plan G became the most comprehensive replacement plan for those who don’t qualify for the latter. Plan G is now the second most popular supplement plan after Plan F. A Medigap or Medicare Supplement Plan exists to help you pay for coinsurance, copayments, and deductibles that you would otherwise be required to pay for when you get medical treatment of any kind. You have to be enrolled in Part A and Part B of Medicare first in order for you to receive Medigap policies. These policies are not meant to replace Medicare Part B as most often think. You only add Medigap or Medicare Supplement Plans to make your healthcare insurance cover complete and comprehensive.
Why Choose Plan F?
People like Medicare Plan F because it removes copays of all kind out of the way for them. Plan F fills any gaps that are often left behind by Medicare, including outpatient and doctor deductibles. Medigap even pays the 20% that Medicare doesn’t pay because Medicare only foots your medical bill up to 80%. The remaining 20% has to come out of the pocket of the patient.
Medigap policies also pay all of your copayments, coinsurance, and deductibles, offering you full healthcare insurance for the rest of your life if you continue to pay the premiums.
You must think given that Medigap Plan F pays all the remaining cost that Medicare doesn’t pay makes it very costly. Well, you might be right, but are you really? The cost of Plan B usually varies from one area to another. The cost will also change based on your zip code, tobacco status, and gender. If you are a female who is turning 65 years, you will pay between 120 and 140 dollars per month in premiums.
Plan F vs. Plan G Comparison
This is a comparison that most people usually ask about. Doing a comparison of the two indicates that one can save between 200 and 300 USD in a year when they buy Plan G. That means that Plan F is slightly more expensive. However, the coverage between the two insurance policies is almost the same.