Advantage for Veterans

Veterans often have other forms of insurance when they reach the eligible age for Medicare. This leaves many wondering whether they need to enroll in Medicare. If you are a veteran who isn’t sure about enrolling in Medicare, here is what you need to know about Medicare Advantage for veterans.

What is Medicare Advantage?

Medicare Advantage is an alternative to Original Medicare, which is comprised of Part A hospital insurance and Part B medical insurance. With Medicare Advantage, you receive both Part A and B benefits through a single plan. This is convenient and allows you to manage your benefits more easily. Though, you will still be required to pay any premiums associated with Part A and Part B.

Should Veterans Enroll in Medicare?

Whether you should enroll in Medicare depends on a number of factors. For example, people who choose to delay their enrollment may be faced with a late enrollment penalty. Although, this penalty can be avoided if you have creditable major health insurance and prescription drug coverage.

It’s also important to share that the Veterans Administration recommends that veterans enroll in Medicare when they become eligible. By enrolling, veterans have more coverage options for medical and hospital care. They also have more coverage choices for prescription drug coverage. Similarly, the Veterans Administration may not be able to cover all veterans in the future. It’s best to prepare for the worst by getting Medicare Advantage as soon as you are eligible.

What if I Have TRICARE?

If you are currently insured through TRICARE, you will need to get Medicare to remain eligible for TRICARE. Once you become eligible for Medicare, you have 90 days to change your TRICARE health plan. Which plans you can choose from depends on how you qualified for Medicare, which TRICARE plan you are currently enrolled in, and your or your family member’s active duty status. Most people with TRICARE who become Medicare eligible must have both Part A and Part B coverage to remain eligible for TRICARE.

Combine Medicare With Your Veterans Benefits

You don’t have to choose one or the other; combine Medicare with Veterans health benefits today. Wealth Planning can help you get started. Reach out to us today to begin collecting quotes on Medicare Advantage plans.