Medicare was first introduced as a means to help seniors have affordable health insurance coverage. Since its inception the program has been very popular but frequently misunderstood in what the coverage you actually receive. To help people get a better grasp of their NY Medicare coverage and what their options are for improving their coverage we have put together this short guide.
Medicare in New York has three main parts: Part A, Part B, and Part D (we will get to Part C later). Each of these parts covers a different piece of health services you may receive or purchase. NY Medicare Part A was the first part to be established and is designed to help with hospital care. So if you are ever admitted as a patient to a hospital then Part A will kick in and pick up part of the cost. You are responsible for the first $1,216. This deductible must be met before any of the Medicare NY coverage will start. There are also additional charges for stays in the hospital that last longer than 60 days and for hospice and skilled nursing care. Part B of the NY Medicare system deals with out-patient care. So if you are getting out-patient surgery or just visiting your doctor’s office for an annual check-up Part B will cover part of the cost. With New York Medicare Part B you are responsible for the $142 as a deductible. After the deductible you will have to pay 20% of all the charges on an ongoing basis. NY Medicare Part D helps seniors with the rising cost of prescription medications. There are no hard numbers to give you on how much this will cost since each person has different prescriptions. The plans themselves vary in price based on which prescriptions you need to take. The main thing is that if you are on a prescription that has not moved to generic then you can save significantly by having a Part D plan. Also, you are required to purchase these plans as soon as you go on New York Medicare Part D.
Yes there are two ways to expand your Medicare coverage with a Medicare supplement or a Medicare Advantage plan. Medicare supplements directly fill the gaps left by Part A, Part B and Part D. They vary in how many of the gaps are filled and the combination. You can learn more about the different New York Medicare supplements HERE. Medicare advantage plans, also called Medicare Part C, replaces your Medicare coverage with private health insurance coverage. The money that would have been spent on your Medicare coverage is then sent to the health insurance company to subsidize your plan. These plans can offer more coverage for very low prices, due to the subsidy. You can learn more about Medicare Advantage plans in NY HERE.
If you want to get quotes for either of these additions for Medicare you can use the form on this page to get started. You can also use the form to be contacted and get more information about expanding your Medicare coverage or have any other questions answered.