How Much Does Medigap Plan F Really Cost?: Medigap Plan F Rates Included
Doctor visits, lab tests, scans, prescriptions… they all have one thing in common.
And sometimes, unknown bills. Have you ever come home from the doctor and wondered just how much your medical bill would be?
It happens to all of us. Even with insurance, it can be hard to figure out just how much you’re responsible for.
And that’s the beauty of Medigap Plan F. (Note that Medigap and Medicare Supplement mean the same thing.) Plan F pays for all of your deductibles, copays, coinsurance, and excess charges.
In sum, if Medicare approves the charge, you’ll never get a bill.
The catch is that you have to pay a monthly premium. You can think of it as a membership. As long as you’re a member, you get access to literally the best Medicare coverage on the market.
But that leaves us wondering – how much does Medigap Plan F cost?
How Much Does Medigap Plan F Cost?
There are a few reasons that you can’t just search online for Medigap Plan F rates. One reason is that the rates change constantly.
Thanks to rate increases, it’s hard to publish an article with exact rates, because tomorrow, they could be different.
There are also very specific qualifications that are needed in order to get your rate.
To find out the cost of Medigap Plan F, you need to know:
- Zip code
- Tobacco Usage
You also could be eligible for a household discount, which is generally around 7% off the monthly premium. Some carriers give you that discount just for having another individual in the house with you, while others give it to couples who both purchase a plan.
Because of these variables, it’s nearly impossible to publish rates for everyone. There are millions of combinations that could be done, so it’s much easier to have an agent give you a quote.
It’s also much nicer to speak to a human being than a robot!
Medigap Plan F Monthly Premium for Seniors Age 65
Because there are so many possible combinations, it’s impossible to list them all here.
However, if you’re anything like us, you just want a ballpark. A general idea of what to expect helps.
So, here are some sample rates for seniors that are 65 years old.
Because our office is located in Decatur, we’ll use a Decatur zip code.
For this example, we’ll say that we have a 65-year-old female who doesn’t use tobacco. She does apply for the household discount.
We have 24 different carriers, and the monthly premium ranges from $108.51 to $246.90 per month. The carriers on the more expensive side are offering the plan for individuals with certain health issues.
Keep in mind that if you’re just signing up for Medicare or you’re healthy, you should always be able to get the lowest rate.
In this example, we’ll say that we have a 65-year-old male who does use tobacco. He doesn’t apply for the household discount.
His premiums range from $147.72 to $335.85 per month. Individuals who use tobacco will have significantly higher premiums than those who don’t.
Medigap Plan F Monthly Premium for Seniors Age 68
If you’ve been on Medicare for a few years, you might have noticed that your Medicare Supplement experiences rate increases. It’s important that you have your supplement reviewed each year on your anniversary date.
A review is a great time to go back to the drawing board to see if your plan is still the most competitive plan.
If you have a health condition, you might not be able to switch plans, but it’s always worth checking with your agent.
For this example, we have a 68-year old male who does not use tobacco. He applies for the household discount.
His options range from $125.66 to $283.94 per month.
Now, we have a 68-year old female who does use tobacco. She applies for the household discount.
Her options range from $143.68 to $312.34. You can see how the tobacco use raises the premium a good amount.
Medigap Plan F Monthly Premium for Seniors Age 72
For the final round of examples, we’ll show example premiums for seniors age 72.
Keep in mind that with all of these sample rates, prices are bound to change. If you’re reading this after January 25, 2018, the lowest options shown could be slightly higher.
Let’s say we have a 72-year old female who does not use tobacco, and she doesn’t apply for the household discount.
Her rates range from $122.18 to $267.42 per month.
For our last example, we’ll quote a 72-year old male who doesn’t use tobacco, but he applies for the household discount.
His rates range from $130.67-$286.13 per month.
You might have noticed that females get a cheaper rate than males, and it’s entirely true! Sorry, guys!
Medigap Plan F Is Too Expensive For Me!
If you’ve seen the sample rates and you’re thinking there’s no way you could fit that into your budget, don’t worry!
We have a few suggestions:
- Ask an agent to run a quote specifically for you. You won’t know your exact monthly rate until you ask for it!
- Consider Medigap Plan G or N, which are less expensive alternatives.
- Ask an agent to compare Medicare Advantage to Medicare Supplements.
There are affordable coverage options out there, and we’d be happy to go over all of your options. Our team is never pushy – our goal is always to educate you. Even if you decide against any coverage, it’s better to know what your options are first.
Give us a call for your own Medicare plan!
Get the Medicare Cost Worksheet
This interactive PDF worksheet lets you plug in numbers as you research your Medicare options, and calculates your total to give you an idea of your premiums. You can also print it out and complete it.Get My Worksheet