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And How Does It Work?" />
Medicare can be a complicated subject—especially when you dive into all its variations. “A lot of people hear ‘Part A,’ ‘Part B,’ ‘Plan F’ and all these different letters flying around, and they definitely get a little confused,” says Sterling Price, a senior research analyst at ValuePenguin who specializes in health and life insurance.
*Dependent on the plan and participating health care providers—coverage may vary
Medicare is the federal health insurance program for older U.S. adults, available starting at age 65. It consists of two main plan options: Medicare Part A covers hospitalization without a premium, and Medicare Part B covers doctor and outpatient care for a monthly premium.
Meanwhile, Medicare Plan F is an example of Medicare Supplement Insurance (Medigap). As its name suggests, Medigap helps fill the gaps that Medicare doesn’t cover.
“When you go to the doctor, Medicare pays 80% of the approved amount,” says Casey Schwarz, senior counsel for education and federal policy at the Medicare Rights Center. “If you didn’t have a Medigap, you would pay 20%. But if you buy a Medigap plan, it pays that 20%.”
Despite its popularity, Medicare Plan F is no longer available to anyone signing up for Medicare for the first time. Here’s what that means for you.
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Find Top Medicare Supplement Plans to Fit your Needs at Healthcare.com