Medicare offers several health plans, each catering to a particular medical need. These plans are divided into A, B, C, and D. You also get a few more plans that come under Medicare supplement insurance or Medigap. Medicare Part F is a part of Medigap. It covers the costs that are excluded by the original Medicare plans. Read on to know more about Medicare Part F.

Coverage
Medicare Part F plan covers the complete charges that are excluded from Medicare Part A and B. These include:

• Medicare Part A

Coinsurance, deductible, and hospice care coinsurance and copays

• Medicare Part B

Excess charges, deductibles, coinsurance and copays

• Hospital product and service charges

First three pints of blood used in a year, skilled nursing facility (SNF) coinsurance, and hospital costs

Pros of Medigap Part F
Opting for Medicare Part F has many advantages. They are as follows:

• You can easily compare standardized plans and visit any doctor that accepts Medicare.
• It covers charges that are excluded from original Medicare plans like deductibles, copays, and coinsurance.
• You get to choose a plan from a wide range of options during the open enrollment period, irrespective of your health condition.
• Some Medicare Part F plans cover expenses even during foreign trips.

Cons of Medicare Part F

• The prices can be high as the premium you need to pay every month is costly.
• It does not include long-term care, dental, or vision care.
• There is no guarantee that you will be able to buy a plan before turning 65.
• It is difficult to switch to a different plan.
• Medicare Part F does not include prescription drugs.

Cost
The prices for Medicare supplement plans like Medigap Part F varies depending on the company you choose and various other factors. You are required to pay a monthly premium of a certain amount as decided by the insurance company along with the amounts you are already paying for the other Medicare Parts like A or B. The insurance providers decide the amount you need to pay based on the following factors:

• Community

Anyone opting for this set plan needs to pay the same amount irrespective of their age.

• Age
  In age, there are two set plans- issue and attained. In issue-age rated sets, the amount is based on your age when you bought the plan. The price is lesser for younger people. In attained-age rated sets, the amount or premium you need to pay increases with your age.

How to buy a Medicare Part F plan?
You can follow four steps to find the right Medicare Part F plan for yourself. These are:

• Choose a plan

Ensure you understand your health-related requirements before you look into the different plans available to choose from. You need to choose one that matches most, if not all, of your medical needs.

• Compare the policies

Different companies offer various plans and offers, even if they provide the same benefits. You need to check out these providers and compare the prices, offers, and services provided before making a decision.

• Consider the premiums

The premiums can remain the same or vary with respect to your age. You need to check what kind of rated set is provided by the insurance company and then go along with the enrollment.

• Check for high deductible options

The plans with high deductible options need you to pay less premium. However, this also means that you need to cover any or all out-of-pocket or excess charges up to the deductible. In case you feel you are healthy and will not be needing excessive medical attention, opt for a high deductible plan.