Medicare Part F
If you are one of the lucky Americans to be covered under Medicare then you would have realized that there are still some gaps that Medicare does not cover. If you are unlucky enough to fall into this category at any time then this could prove to be very costly. Luckily, you can opt for Medicare Part F to cover these gaps and ensure that your medical treatment does not blow a financial hole in your pocket.
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The advantage of getting covered under Part F of Medicare is that you will be entitled to get additional extensive coverage. This part covers all additional costs that would have to be borne by you during hospitalization or during your treatment at the clinic of a doctor, which would have ended up as out-of-pocket expenses in other parts of Medicare. Part F is a supplement plan that allows you the benefits that you would enjoy in Part A and B, and much more. For instance, in case of hospitalization you get all the benefits of Part A coinsurance along with 365 days of additional coverage even after your Medicare benefits have ended.
Similarly, you will be covered for Part B coinsurance of 20% of your Medicare expenses or even co-payments in case you require outpatient services of any hospital. You will also be eligible for Part A and B deductibles for hospitalization and outpatient expenses. You can also choose the high deductible option in Part F. You will have to pay a deductible of 2,000 dollars for the year before you receive any benefits from the plan. However, even though you might end up paying lower premiums for a high deductible Part F option, you might end up paying a lot more from your own pockets in case you fall ill.
In addition, the plan will also pay for the first three pints of blood every year in case you require it during your treatment. Part F also takes care of any excess charges in Part B of Medicare. If you travel abroad and need medical help urgently then that too is covered under Part F. You will also be covered in case you require skilled nursing for your care and will also be eligible for recovery-at-home benefits. However, you will not receive any benefits as far as prescriptions are concerned or if you prefer to visit a specialist instead of your family doctor in the case of certain diseases or ailments.
Since Part F is a supplemental coverage in addition to Medicare, it would be prudent if you do a little research on the Insurance provider that will cover you with this plan. Your State Insurance Department should be able to provide you with a list of companies that offer such plans. You should make sure that you choose a company that is financially strong and offers competitive premium rates, and does not increase it at each renewal. An insurance company that is flexible enough to accommodate your requirements should be preferred.
Your Medicare policy might cover you for basic costs, but since there are large gaps through which you could slip and hurt yourself financially it would be better if you get covered under Part F of Medicare. This will help to soften the blow in case you fall ill in your country or even outside. You should call a competent insurance company and go in for the Part F plan after verifying all related facts.