Exploring the Different Types of Veterans and Their Healthcare Options
March 4, 2024
Joanna breaks down Veterans benefits and how that effects Medicare for our listeners.
The Department of Veterans Affairs (VA) provides a range of healthcare services, but it's important to understand that the level of coverage varies based on priority levels. The highest priority is given to veterans who are 50% or more disabled, granting them free healthcare and prescriptions from the VA. Veterans at lower priority levels may have copayments for their care.
Unfortunately, there are common misconceptions surrounding VA benefits. It is essential to debunk these myths to have a clear understanding of the available options. Contrary to popular belief, not all veterans receive free VA healthcare and prescriptions. Additionally, veterans are not limited to Medicare Advantage (MA) plans without drug coverage. Various options, such as MA, Medigap, and standalone drug plans, can all work in conjunction with VA benefits without any issues.
In this episode, Joanna and Kathe tackle the confusion surrounding VA benefits and how they interact with Medicare plans. They explain that there are different types of veterans, some who did not receive retirement benefits and others who retired from 20+ years of service or were medically retired and receive TRICARE or VA healthcare. While TRICARE offers excellent coverage, it can be complicated to combine with other insurance. The VA has different priority levels for care, with the highest level being for 50%+ disabled veterans who receive free healthcare and prescriptions from the VA. However, there are copays for lower priority levels.
Joanna and Kathe address common misconceptions about VA healthcare, such as the belief that all veterans receive free healthcare and prescriptions, which is not true. They also debunk the notion that veterans can only have MA plans without drug coverage. In reality, MA, Medigap, and standalone drug plans can all work alongside VA benefits without any issues. The VA even has network pharmacies that veterans can use.
The hosts also touch upon ChampVA, which is coverage for disabled veterans' dependents. They explain that ChampVA works as a generous supplemental coverage to Medicare. They emphasize the importance of enrolling in Part B when first eligible, as opting out can result in high penalties later on. While VA coverage may change over time, Part B penalties are permanent.
Joanna and Kathe also highlight the benefits of applying for VA benefits, even for higher income veterans who fall under level 8 priority. These veterans may qualify for low-cost VA prescriptions, saving them money compared to the copays on Medicare plans.
The hosts discuss the potential impact of the Inflation Reduction Act on MA plan costs. They predict that MA plan costs will likely increase to offset the capping of drug costs. They stress that major changes are expected for the 2024 Open Enrollment, so it's important to stay informed.
Joanna and Kathe address common misconceptions about VA healthcare, such as the belief that all veterans receive free healthcare and prescriptions, which is not true. They also debunk the notion that veterans can only have MA plans without drug coverage. In reality, MA, Medigap, and standalone drug plans can all work alongside VA benefits without any issues. The VA even has network pharmacies that veterans can use.
The hosts also touch upon ChampVA, which is coverage for disabled veterans' dependents. They explain that ChampVA works as a generous supplemental coverage to Medicare. They emphasize the importance of enrolling in Part B when first eligible, as opting out can result in high penalties later on. While VA coverage may change over time, Part B penalties are permanent.
Joanna and Kathe also highlight the benefits of applying for VA benefits, even for higher income veterans who fall under level 8 priority. These veterans may qualify for low-cost VA prescriptions, saving them money compared to the copays on Medicare plans.
The hosts discuss the potential impact of the Inflation Reduction Act on MA plan costs. They predict that MA plan costs will likely increase to offset the capping of drug costs. They stress that major changes are expected for the 2024 Open Enrollment, so it's important to stay informed.
Joanna Wyckoff from Topflightagent.com and Kathe Kline from CertifiedMedicareAgents.com talk about building a Medicare Insurance Agent business. (Use the code Babes2024 to get a free Bronze membership in the CertifiedMedicareAgent.com directory).