Gradually, more and more Medicare plans are being formed. You might have heard about Parts A, B, C & D, but what about the others? For example, what is Medicare Part F?
The best healthcare system offers a plan for everyone. Gradually, the United States government has become more and more entrenched in offering healthcare to its citizens. This explains the proliferation of these healthcare supplement plans.
Medicare Supplement Plans
The list keeps getting longer, but as of this moment, there are 10 Medicare supplement plans (also known as Medicare plans): A, B, C, D, F, G, M, N, L, and K. These are used to provide important benefits that might be missing in other plans. A key benefit of this plan standardization is that any insurance company offering the named plan must offer exactly the same coverage. You might also notice that the Medicare plans are grouped alphabetically: F & G, M & N, and L & K are similar to each other. Medicare gives you two Medicare plans offering similar features, but they might be priced differently.
What Is Medicare Part F?
Medicare Part F is an optional coverage sold by insurance companies. It is meant to be a comprehensive supplement to cover extra medical expenses. Sometimes, Medicare will pay a portion of your medical bill based on their sliding scale of prices. Unfortunately, there might still be a remaining portion including the doctor’s fee and some other charges. Medicare Part F aims to pay these extra charges, including the following:
- Part A & Part B Deductibles
- Medical Expense Difference Left Over
- Skilled Nursing Facility Co-Payments
- Emergency Treatment Abroad
- High Deductible Plans
After your Medicare benefits have been maxed out, Plan F provides coverage for 365 more days. All Plan A out-of-pocket costs are covered under the extensive Plan F. Experts have calculated that in 2014, an estimated 56% of beneficiaries had Medicare Plan F coverage. Medicare Part F is a comprehensive plan that fills in many missing benefits of Plans A & B. Unfortunately, Plan F tends to be more expensive because it offers such an extensive healthcare coverage.
What Is Not Covered by Medicare Part F?
Even though a lot is covered, some medical costs are still not covered by Medicare Part F. Hearing aids, eyeglasses, dental and private nursing care are not covered under Medicare Part F. If you want to add eyecare or dental coverage, then Medicare Advantages under Plan C might be the right choice.
What Is Medicare Part F Select?
Whereas the standard Medicare Part F allows you to go to any doctors or hospitals, Medicare Part F Select forces you to go to a special network of doctors and hospitals. Therefore, it has similar features to the Part C Health Maintenance Organization (HMO) plans. The reason why you might select Part F over Part C is that the monthly premiums might be lower.
What Is High Deductible Part F?
You can also get a High Deductible Part F Plan. You can pay a lower monthly premium in exchange for a high deductible. Although, you must remember that the deductible only applies to the Medicare coverage. If you don’t visit the doctor often, you might want the High Deductible Part F Plan. This is a form of catastrophic care. Those without any chronic health maladies might be able to use this high deductible plan to cover the basics.
Eligibility for Medicare Part F
The rules for eligibility for Medicare Part F include being over the age of 65 years old and a U.S. Citizen. You also must be enrolled in both Medicare Part A and Part B.
What Is Medicare Part G?
What Is Medicare Part G you say? Medicare Part G is similar to Medicare Part F without the Medicare Part B Deductible. It can be difficult to budget for the Medicare Part B Deductible because it might change every year. After you reach the Medicare Part B Deductible level, you might be required to pay about 20% of the cost for doctor’s visits and durable medical equipment (as long as these costs are Medicare-approved). The benefits of the Medicare Plan G include the following:
- Medicare Part A Inpatient Hospital Coinsurance
- Medicare Part A Hospice Care Coinsurance or Copayment
- Medicare Part A Deductible
- Medicare Part B Coinsurance or Copayment
- Medicare Part B Extra Charges
- Three Pints of Blood for Medical Procedures
- Skilled Nursing Facility Coinsurance
- 80% of Foreign Travel Medical Emergency
The Medicare Part A Inpatient Hospital Coinsurance Benefit offers a maximum of 365 additional days after the original benefits have been used up. As you can see, the benefits of Plan G are very extensive.
Part G Is Specifically Used For…
Plan G might be good for those who have high skilled nursing facility bills or extensive travel overseas. Another reason for choosing Medicare Plan G is its Medicare Part B Extra Charge coverage. Medicare Plan G is one of the only supplemental plans that cover Part B extra charges. These extra charges are the ones that are not covered by the Medicare fee schedule (also called approved payment rates.) Therefore, if you have noticed that you consistently have Plan B extra charges, then you might decide to add Plan G. More over with this plan, it is important to find a doctor or provider that accepts Assignment. Assignment means that the doctor or provider accepts the Medicare amount as payment in full. Under the law, doctors who don’t accept Assignment can only charge 15% more in extra charges above the amount approved by Medicare. Each state has their own laws, which may add other guidelines. Be sure to research what these doctors might charge you if they don’t accept Assignment.
What Is Medicare Part M
Medicare Part M has been around since 2010. These are the benefits offered by Medicare Part M:
- Medicare Part A Inpatient Hospital Coinsurance
- Medicare Part A Coinsurance or Copayment
- 3 Pints of Blood
- Part A Hospice Care Coinsurance or Copayment
- Skilled Nursing Facility Coinsurance
- 50% of Medicare Part A Deductible
- 100% of Medicare Part B Deductible
- Extra Medicare Part B Charges
- Foreign Travel Emergency
Some healthcare experts call Medicare Plan M, the deductible-sharing plan. This might be a more cost-effective plan than others. Consumers get a lower monthly premium but must pay half of the hospital deductible and all of the annual outpatient deductibles with Plan M. If you don’t visit the hospital much, you might like Medicare M.
Medicare M Covers Special Surgeries
It is good to note that Medicare part M can also be used for special surgeries. Some senior citizens with mobility issues might consider hip or knee surgery. With Medicare Plan M, they will have most of their outpatient rehabilitation follow-ups covered. The patient must pay the annual Part B Outpatient Deductible first. Thereafter, Medicare will pay 80% of outpatient care.
What Is Medicare Part N?
This coverage shares many of the same benefits of the Medicare Plan M. For example, it covers Part A Hospital Coinsurance, Part A Hospice Care, 3 Pints of Blood and Skilled Nursing Facility Coinsurance. You might wonder about the differences between Medicare Part M and Part N. Unlike Medicare Part M, Plan N offers 100% of Medicare Part A Deductible payments. The Plan N has a few exceptions – one for Part B Coinsurance Costs for office visits ($20 copayment) and another for emergency room visits ($50 copayment). Some compare Plan N with Plan D (which is for prescription drugs). Medicare Part N includes Part B Preventive Care Coinsurance. Therefore, if you want to spend more money on preventative medicine, then choose Part N.
What Is Medicare Part L?
Some people want a very specific coverage to handle the Medicare Part A Deductible. Which leads them to decide on selecting Medicare Part L, which covers 75% of Original Medicare benefits. 75% is the magic percentage for this coverage. This Plan L is a compromise between other plans that cover 50% or 100% of costs. The 75% is applied to Skilled Nursing Facility Coinsurance, 3 Pints of Blood and Medicare Part B. Unfortunately, you don’t get Preventative Services with Medicare Plan L.
What Is Medicare Part K?
As you can see, each of the supplemental plans is aimed at one specific medical cost. With Medicare Part K, this plan concentrates on the 3 pints of blood cost. While many of the other plans cover the first 3 pints of blood, Medicare Part K covers 50% of the cost of the first three pints of blood. Hemophiliacs might decide to go with Medicare Part K. Medicare Plan K also provides 100% Medicare Part A Coinsurance, 50% Medicare Part B Coinsurance, 50% of Skilled Nursing Coinsurance, 50% of Medicare Part A Deductible and Preventative Care. Therefore, you get 50% coverage on many of the most common Medicare benefits.
Hopefully, with this information, it will help narrow your search on a plan that is best suited for your needs. It is wise to note that you should always do your research online or call the main office for more information or to clarify some plans that seem confusing. You could also visit your nearest Medicare office and schedule an in-person appointment. Good luck with your search for the perfect insurance plan for your needs.