The Original Medicare (Medicare Parts A and B) is just one of the simplest ways in which you can get healthcare. Although they cover a major chunk of your healthcare requirements, additional plans can work to increase coverage for almost all of your healthcare expenses.
These plans can be used in combination with other forms of coverage such as through veteran’s benefits programs, to extend coverage that minimizes healthcare costs.
Many people don’t know how Medicare works with other coverage plans to help cut down their medical expenses. Some existing Medicare policies or 3rd party plans can be used to manage your costs, some options you may wish to consider are:
Medicare Part D with Original Medicare
Medicare Part D extends coverage to people who need regular prescriptions and medication. If you’re enrolled in Medicare Parts A and B that cover in-hospital care/outpatient services, Part D will cover all associated prescriptions.
This sets you up to help manage the costs not directly related to but associated with your healthcare. Medicare part D covers the following costs:
- A monthly premium, dependent on the plan, which can be deducted from your social security accounts.
- Some plans might have a deductible of up to $415 as of 2019. Typically there are no deductibles.
- A fixed copayment as decided by your plan.
- A fixed percentage of total cost of medication as coinsurance.
The EPIC Program
The Elderly Pharmaceutical Insurance Coverage program (EPIC) in New York acts like a supplement plan for medication and prescriptions. If you’re enrolled in Part D of the Medicare program and find yourself unable to cover the premiums, EPIC covers up to $39.33 in premium for Part D. The program also covers between $3 and $20 on all Part D medication and EPIC registered medication that exceed the coverage levels specified in Part D.
If you’re currently enrolled in a VA program there’s a lot of uncertainty that you have to go through. These payments can be increased or reduced based on how much funding the program gets, there might be limitations on the conditions you can get coverage for.
For this reason, the AARP (The American Association of Retired Persons) recommends that all veterans should enroll into Medicare Plan B as well as VA benefits. This will cover any inconvenient gaps in coverage and have you breathing easy as you get your well deserved health care.
Medigap Plans
Medigap or Medicare Supplement Plans are used as a way of covering up the deductibles or coinsurance you might have to pay. Adding a supplement plan to your original Medicare policy will help reduce the number of payments you incur as part of your treatments.
Although Medicare Supplement Plans range from plan A to plan N, each offers coverage for a certain type of copayment/coinsurance, Plans F and G provide the most extensive coverage. When combined with Original Medicare, these can significantly cut down your healthcare costs.
Plan F offers coverage for the following expenses:
- Part A coinsurance for a year after Part A coverage has been exhausted
- Part B Coinsurance/Copayments
- All deductibles from Part A Medicare
- All deductibles from Part B Medicare
- Part B excess charges
- 80% of all foreign healthcare charges
This is not an exhaustive list of expenses that Plan F covers, get in touch with your Medicare advisors who can inform you of the full extent of coverage the Plan F offers.
Plan G Coverage
Plan G offers the same coverage as Plan F, with the exception for coverage for Part B deductibles.
Considering how Medicare works in collaboration with other types of benefits, there are plenty of ways you can supplement your coverage to help you keep up with medical expenses. Your Medicare advisors will be able to guide you towards creating an optimal Medicare strategy that will significantly reduce healthcare costs.
Seniors for Medicare are a Medicare advisory service based in New York and New Jersey. We’re currently associated with multiple insurance coverage providers; this helps us get access to the best possible Medicare Plans in NY options. Contact our licensed Medicare consultants today and find out what Medicare options are right for you!
For example:
If all your Part D deductible payments have been made and part D covers up to $20 on your medication, if you buy medication worth $25 then EPIC will cover the $5 over that you’d have to pay.
Veteran’s Affairs Benefits
If you’re currently enrolled in a VA program there’s a lot of uncertainty that you have to go through. These payments can be increased or reduced based on how much funding the program gets, there might be limitations on the conditions you can get coverage for.
For this reason, the AARP (The American Association of Retired Persons) recommends that all veterans should enroll into Medicare Plan B as well as VA benefits. This will cover any inconvenient gaps in coverage and have you breathing easy as you get your well deserved health care.
Medigap Plans
Medigap or Medicare Supplement Plans are used as a way of covering up the deductibles or coinsurance you might have to pay. Adding a supplement plan to your original Medicare policy will help reduce the number of payments you incur as part of your treatments.
Although Medicare Supplement Plans range from plan A to plan N, each offers coverage for a certain type of copayment/coinsurance, Plans F and G provide the most extensive coverage. When combined with Original Medicare, these can significantly cut down your healthcare costs.
Plan F offers coverage for the following expenses:
- Part A coinsurance for a year after Part A coverage has been exhausted
- Part B Coinsurance/Copayments
- All deductibles from Part A Medicare
- All deductibles from Part B Medicare
- Part B excess charges
- 80% of all foreign healthcare charges
This is not an exhaustive list of expenses that Plan F covers, get in touch with your Medicare advisors who can inform you of the full extent of coverage the Plan F offers.
Plan G Coverage
Plan G offers the same coverage as Plan F, with the exception for coverage for Part B deductibles.
Considering how Medicare works in collaboration with other types of benefits, there are plenty of ways you can supplement your coverage to help you keep up with medical expenses. Your Medicare advisors will be able to guide you towards creating an optimal Medicare strategy that will significantly reduce healthcare costs.
Seniors for Medicare are a Medicare advisory service based in New York and New Jersey. We’re currently associated with multiple insurance coverage providers; this helps us get access to the best possible Medicare Plans in NY options. Contact our licensed Medicare consultants today and find out what Medicare options are right for you!
Seniors for Medicare 