Medicare Supplement Plan F
The Centers for Medicare and Medicaid Services (CMS) has standardized all the Medigap (Medicare Supplement) plans that are offered. However, not all insurance carriers charge the same price for Medigap coverage. Different insurance carriers offering Medigap coverage will charge different monthly premiums. You may read about all the different plans by clicking on the following link, http://www.medicare.gov/Pubs/pdf/02110.pdf.
Plan F is the most comprehensive plan. If a person with a Plan F Medigap plan uses Medicare approved medical providers, they will rarely, if ever, have to pay a medical bill, unless they need to stay in the hospital for more than 150 days or in a skilled nursing facility for more than 100 days.
Medicare Part A helps to pay for hospital and skilled nursing facility costs. With Medicare Part A, if you go into the hospital, you would pay the first $1156 for the first 60 days; this is your per benefit period deductible (A new benefit period starts every 60 days). Plan F will pay that $1156 for you. After day 60, if you’re still hospitalized, you are responsible for the first $289 per day for the next 30 days, and up to $566 per day if needing to stay from day 30 to day 150. As an example, a severe accident leaving you in the hospital for 150 days could leave you with a bill of $43,582. Plan F will pay those costs for you. If you are still hospitalized after that, you are on your own; Medicare pays nothing. The $1156 deductible recurs every 60 days if you are hospitalized more than once.
If you go into a skilled nursing facility and are considered in “recovery mode” (too well to remain in the hospital but too ill to return home), Medicare will pick up 100% of approved charges for the first 20 days. From day 21 through day 100, you are responsible for the first $144.50 per day…potentially $11,000. Plan F pays that for you. Beyond day 100, Medicare pays nothing.
Medicare Part B charges a monthly premium that is usually withheld from your Social Security check each month. Medical Part B will help with doctor’s charges and outpatient services. Of those medical expenses, Medicare pays 80% of the “approved” amount after a $140 per calendar year deductible. You are responsible for the remaining 20% of the cost. Plan F will pay those bills for you. If the doctor does not take Medicare assignment, you will also be responsible for any charges over and beyond what Medicare allows. And, Plan F can help by paying up to 115% of what Medicare’s typical payment to the doctor would be.
Please ask me about Long Term Care insurance.
Do you need Flood Insurance? Did you know that Flood Insurance is actually provided by FEMA?
On July 2, 2010 the President signed the National Flood Insurance Program Extension Act of 2010, H.R. 5569, which Congress passed on June 30, 2010. This now extends the NFIP through September 30, 2010, and is retroactive to cover the lapse period from June 1, 2010, to the date of enactment of the extension.
You can go to FreeFlood.com to determine whether or not you are in a flood zone.