Medicare Supplement Plan F is one of the most comprehensive Medigap plans available, covering virtually all out-of-pocket expenses that Original Medicare (Part A and Part B) doesn’t cover. However, the cost of Plan F can vary significantly depending on several factors, such as your location, age, gender, tobacco use, and the insurance company you choose.
General Price Range for Medicare Supplement Plan F (2024 Estimates)
Monthly Premiums for Plan F typically range from $150 to $400 per month.
This is just a general estimate, and your specific premium may fall at the lower or higher end of this range based on the following factors:
Factors Influencing the Cost of Plan F
Location: Plan F premiums can vary widely depending on your state and even your ZIP code. For example, Plan F in urban areas or states with higher healthcare costs (like New York or California) will likely be more expensive than in states with lower costs (like Alabama or Iowa).
Age: Medigap policies can be priced in different ways (community-rated, issue-age-rated, or attained-age-rated). Many insurers use attained-age pricing, which means your premium increases as you age.
Gender: Some insurers charge different premiums based on gender. Typically, men may pay slightly more than women for the same plan.
Tobacco Use: If you use tobacco, you could see higher premiums. Some insurers offer non-smoker discounts, which could lower your monthly premium if you’re a non-smoker.
Household Discounts: You may be eligible for a discount if you and another member of your household buy Medigap policies from the same insurance company. These discounts can range from 5% to 12% depending on the insurer.
High-Deductible Plan F Option
There is also a high-deductible version of Plan F, which offers the same coverage but with a higher deductible. The deductible for 2024 is $2,820. After you meet this deductible, the plan will cover 100% of Medicare-approved costs. The monthly premiums for high-deductible Plan F are much lower, typically ranging from $50 to $90 per month.
Important Notes About Plan F Availability
Plan F is no longer available to new Medicare beneficiaries who became eligible for Medicare on or after January 1, 2020. However, if you were already eligible for Medicare before that date, you can keep your Plan F or purchase one if you don’t already have it.