Medicare Plan F: What Happened and How Much is Still Available?
In late August of 2018, the Centers for Medicare and Medicaid Services (CMS) announced that they would be discontinuing Medicare Plan F. Why did Medicare Plan F become discontinued? This plan was discontinued because it did not meet all of the requirements set by CMS. Fortunately, there are still plenty of other options available to individuals who need a plan on Medicare!
The Medicare Plan F is a prescription drug plan that was offered to beneficiaries for the low monthly cost of $28.93, which included coverage for most drugs with no deductible and free preventive care. The plan also provided coverage without any copayments or coinsurance amounts in excess of $100 per year, as well as coverage at 50% after meeting the annual out-of-pocket threshold ($3850).
Unfortunately, these benefits are not enough to make this plan worth it because there were still gaps when people used their prescriptions due to how narrow the plans formulary (drug list) is. In other words: “a more comprehensive benefit program will be necessary” according to CMS Administrator Seema Verma.
Alternatives to this plan are the Medicare Advantage Plans or a standalone Prescription Drug Plan. It seems that there are plenty of other options for those who need coverage through Medicare if their prescription drug plan does not meet their needs.
The best thing to do is explore all the options before making a decision. It is important to find the plan that will offer you the best benefits and coverage while keeping your costs low. Consider using the Medicare Plan Finder tool to help you find a plan that is right for you.