It must first be stated that we greatly appreciate the service and sacrifices of our nation’s veterans, and we love to work with and serve them.

Many veterans we work with who are enrolled in Medicare parts A & B aren’t aware of the benefit of Medicare Advantage (Part C) plans.  These plans often offer health care benefits beyond and complement VA benefits.

Every veteran’s needs are different, and choosing the right Medicare Advantage plan can be confusing.  Below are some of the ways in which these Medicare Advantage plans complement VA benefits: 

Part B Reduction

For our clients, this is the number one benefit that our veteran clients love. Veterans on Original Medicare have Medicare Parts A (hospital) and B (medical) coverage.  The Part B monthly premium in 2023 is $164.90.

The Part B reduction can often range from $20 to $100 (or even higher), depending on the plans offered in your geography, which increases the social security benefit by that amount.

We absolutely love this benefit!  We work with so many veterans that have financial budgeting challenges, and the extra money in their pocket each month goes a long way to providing greater financial stability.

Medical Options

Through the VA veterans can experience long wait times to get the medical care they seek, which can lead to frustration and even delay critical care.

Medicare Advantage plans provide options for medical care such as visiting a primary physician, specialist, having an outpatient surgery, needing an inpatient hospital stay or an ambulance ride outside of the VA.

Dental, Vision & Hearing Benefits

Many veterans have need for the extra benefits of dental, vision and hearing.  Whether it be regular dental cleanings or more comprehensive work, many veterans enjoy the comfort of having dental coverage.

Medicare Advantage plans often offer the annual vision exam at no expense in addition to giving an annual dollar amount that can be used towards glasses or contacts for in network providers. An annual hearing exam or benefits that cover a portion of the costs for hearing aids is also frequently a benefit.

These dental, vision and hearing benefits can differ significantly between plans.  Some may offer a fixed amount with no copays or coinsurance up to the total amount, whereas others may have a sharing of costs up to the benefit amount.

Over the Counter Benefit

Another enjoyable benefit is the periodic dollar benefit that can be used towards over the counter products such as toothpaste, vitamins, pain relievers, thermometers, incontinence products, etc.

This is just another great way to save money on items that you would be paying for out of pocket.

Fitness

Medicare Advantage plans often include a fitness benefit (e.g., SilverSneakers) where you can become a member at fitness centers near you at no additional cost.

This is an excellent benefit for those that are already or trying to be more physically active. 

How much do Medicare Advantage Plans Cost for Veterans?

Aside from the Medicare Part B premium that is already paid, there is no monthly premium.  There might be copayments or cost sharing, as certain medical services are used at in network clinics, but no additional premiums for the Medicare Advantage plan itself.

Conclusion

Veterans should carefully consider their healthcare needs and be informed whether a Medicare Advantage plan is right for their situation.  Understanding how Medicare Advantage plans and VA benefits can complement each other is important.

Medicare Advantage can help fill in some gaps that exist, provide a reduction to the monthly Part B premium, provide a variety of medical options outside of the VA along with a variety of other benefits such as dental, vision, hearing and over the counter products.

Medicare is extremely complex and confusing!  Reach out using any of the following to see how we can of help in your specific situation:

info@superiorfinancialgrp.com
www.retirementbenefitpros.com

 

Photo by Tim Mossholder