The Medicare program was created to provide low cost health insurance to people 65 years of age or older, those with certain disabilities or illnesses who are under 65 and for individuals of any age and afflicted with End-Stage Renal Disease (ESRD).
Although there are many health care related services and supplies that are covered under the original program, it does not cover everything, leaving "gaps." As a result of these areas that lack the appropriate coverage, there are supplemental policies available. Medicare plan F is considered one of the more comprehensive options. It covers many of the areas that the original Medicare plans do not.
The Original Medicare plan has two parts, A and B. Medicare Plan F is one of the many supplemental plans that are available that offers program participants additional coverage.
Part A focuses on hospital insurance and it covers a percentage of inpatient care in hospitals, skilled nursing facilities, and home health care if certain requirements are met. This portion of the program also addresses hospice care.
Part B helps participants pay for services that are "medically necessary," but that do not include hospitalization. These services include physical and occupational therapy, doctor's services, and some home health.
They also address preventative services that help maintain good health or prevent existing conditions from worsening. Medicare Part C was instituted as part of the Balanced Budget Act of 1997. It provides the option for Medicare beneficiaries to receive their benefits through private insurance plans rather than through the original Medicare program.
Today they are known as Medicare Advantage plans. They combine Parts A and B of the Medicare program, and sometimes the Part D prescription coverage. This is often provided at a lower premium, with additional benefits. Medicare Plan F covers many of the deductibles and coinsurance expenses associated with Parts A and B.
From Part A, Medicare Plan F pays coinsurance, coverage for 365 additional days once Medicare benefits end and the deductible for hospitalization. From Part B, it covers co-payments for outpatient services, the first three pints of blood each year, the deductibles for medical and outpatient care as well as "excess" charges.
Although Medicare helps provide low cost health care to senior citizens, it was never intended to cover 100% of all costs. Medicare supplemental policies can be purchased through private insurance companies to provide the coverage you need based on your current circumstances and financial status.
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