Health care industry reports confirm approximately 3,100,000 seniors in the state of New York currently rely on Medicare to cover the bulk of their medical expenses. Despite the extensive benefits of this program, the Medicare program admittedly falls short in certain facets of coverage. While the remaining out of pocket costs for Medicare recipients pale in comparison to those of individuals lacking coverage, beneficiaries are still left to shoulder a sizable financial burden each year for their medical care.
Among the extra expenses are an estimated $1,400 in annual deductibles, 20 percent of the cost of doctor visits, additional coverage shortfalls for physicians not on Medicare assignment, 20 percent of the price of home medical equipment and outpatient therapies, up to 40 percent of mental health service expenses and a portion of the cost of hospital stays in excess of 60 days. Though supplemental plans are available to offset these amounts, information regarding them is sparse and conflicting.
With this in mind, Frank Copollo of New York Medigap Brokers has launched a campaign to better educate Medicare recipients on their options. Copollo affirmed, “Medicare itself varies with each part covering a different aspect of medical care. Most of our clients come to us aware that supplemental plans exist, but they need to know which of those is best. Since there is no one definitive answer encompassing everyone enrolled in the program, we sit down with each client, discuss his or her needs versus current coverage, and make that determination on an individual basis.”
The purpose of Medicare Part A is to assist with the cost of hospitalization. After meeting a yearly $1,216 deductible, Part A will cover hospital stays of 60 days or less as well as a daily allotment for more extensive stays. Part B applies to outpatient surgeries and doctor visits, providing for 80 percent of such services once the $142 deductible is met. Part D of the Medicare program assists with prescription costs, varying in price based on the number of medications needed.
Known as Medicare Advantage Plans, Part C takes the place of conventional Medicare, converting coverage to private health insurance. Whereas money would be paid toward deductibles for Medicare Parts A and B, these funds are used to subsidize Part C plans, making coverage more affordable for many. Two types of plans exist, HMO and PPO, with multiple variations in each category and prescription coverage available. Each plan must provide at least as much coverage as its Medicare counterpart; however, additional coverage can be purchased.
Aside from Medicare Advantage Plans, 10 alternative supplemental plans are also available. Each fills specific Medicare gaps. With Plan A, beneficiaries receive coverage for the gaps specific to Medicare Part A. The least expensive of these plans, this option also provides the least financial relief. In contrast, Plan F covers all 9 gaps and is the most expensive.
Concluded Copollo, “The best plan, or combination of plans, for each Medicare recipient depends on available resources and medical needs. The cost of a plan rests on the amount of coverage being purchased, but prices and specific coverage also vary by zip code. Anyone interested in receiving a quote for coverage may fill out the form on our website, http://nymedigap.com. More in-depth information is available through our agents.”
About New York Medigap Brokers:
Providing Medicare Advantage Plans as well as Supplement Plans to seniors throughout the state of New York, New York Medigap Brokers strives to help clients find the most extensive and affordable coverage possible.
Visit http://nymedigap.com for more information.
Name: Frank Copollo
Organization: New York Medigap Brokers