Every single day, yet another retiree is buried in debt due to uncovered gaps in their Medicare Parts A and B coverage. It isn’t even a shock to see anymore. Everywhere you go, it is painstakingly difficult for the elderly to have a comprehensive medical insurance plan offered for an affordable premium on what often is a fixed income. Fortunately, gap insurance can come into play and help save some lives.
Senior Medicare in Yonkers: Facts and Figures
- There are 33,144 senior citizens living in Yonkers right now
- There 9 hospitals in the Yonkers area where seniors can get emergency and/or in-patient care
- 18% of New York seniors have a Medicare Advantage plan
- 24% of seniors have a Medicare Supplement (Medigap) plan
- Which leaves 58% of seniors potentially uninsured or underinsured against costly Medicare coverage gaps!
When the body reaches past maturity, even more changes begin in our biological makeup. Human bodies begin to break down after a certain amount of years, no matter how excellent a condition you try to stay in. There are types of sicknesses which never get completely better because there is not a ‘cure’. The only option in those instances is to continue treatment and pain management. Elders who have those illnesses can still live full, happy lives, yet they still have to face the cost of constantly treating a disease. This is not inexpensive, especially if more than one illness is involved at once. Below are listed the most frequent chronic diseases in Yonkers.
|Disease||Prevalence (in Yonkers)|
|High Blood Pressure||30%|
|Coronary Heart Disease||6%|
Healthcare Costs in Yonkers, NY
There are also the prices of care to consider for all of these affected seniors. Prescriptions, hospital visits, unplanned stays, various pieces of medical equipment, and more are all factors which add up faster than you could imagine, leading to a stack of huge bills. The cost of medical care is getting more expensive every single year, and they don’t show signs of slowing any time soon. As lifespans prolong, seniors are left with more and more and more bills than those before them. You must know if you have enough coverage to protect the things you have spent your lifetime working to save.
|Disease||Prevalence (in Yonkers)||Annual Cost of Treatment|
|High Blood Pressure||30%||$356|
|Coronary Heart Disease||6%||$9,100|
Medicare Advantage Savings in Yonkers, NY
Medicare Advantage is federally approved, though it is not administered by the government. It is a private healthcare insurance plan supplement. The cost of your insurance is not completely paid for by the government, however. Instead, the government forwards what they would usually allot for your monthly premium to Medicare Advantage. Then, you pay the leftover costs on your own. Your insurance from Medicare Advantage must legally cover at minimum as much as you would get from state-mandated Medicare. Most of these non-government insurers add extra benefits like dental for an additional premium.
Those who have enrolled in Medicare Advantage report feeling better secured for the future, particularly against chronic illnesses. The most common chronic illnesses for seniors include: arthritis, diabetes, and high blood pressure. Each of these are difficult to manage on their own, and even worse when in combination. They require medications, testing, extra visits to the doctor, and a long list of additional costs. As these conditions worsen, the cost rises up. Some Medicare Advantage plans offer extremely thorough coverage, much more than Medicare alone, even with Part D. The most important key is to start saving now, to be prepared for later.
Medicare Advantage plans must cover at least as much as Medicare Parts A and B, but very often they cover even more. Whether it’s doctor visits, equipment, prescriptions, or a combination, Medicare Advantage can cover that and more. Most plans come with the choice to add dental or vision if you wish. The government then subsidizes your monthly insurance costs, letting you receive a discount on most Medicare Advantage plans. Depending on what plan you select, this can mean payments as low as $0 per month. However, as with all insurance policies, copays and out-of-pocket costs will remain patient responsibilities.
Medicare Supplement (Medigap) Savings in Yonkers, NY
Medigap policies are supplement policies for Medicare, which go by the nickname Medigap. They have many differences from Medicare Advantage, but can still save tons of money. This is especially true for coverage gaps in Medicare Part A. Hospital visits from coronary heart disease alone can total tens of thousands of dollars or more. Remember, that’s just for the visit. It does not include any inpatient treatment, medications, or services you might need while you’re there. Long hospital stays (over a few nights) are not covered by Medicare. Neither are blood transfusions after the first three pints. Everyone should have access to these basic, potentially life-saving coverages.
There are four Medicare Advantage plans currently in place to cover the gaps in Medicare. The letters A, D, K, and L are assigned to these plans. These have been created to cover all necessary bases while still saving you money. Other plans cover gaps in Part A and Part B, but more on that later. If you don’t anticipate Medicare Part B to have a lot of costs and are instead concerned about hospital stays and those expenses, you should know Medigap policies that cover only Part A are far less expensive than others. The lesser monthly premium will save you money over time.
There are other Medigap plans available if you need assistance with Medicare Part B, however. These plans are B, C, F, G, M, and N. Each of these cover differing aspects of traditional Medicare packages. Like with any form of insurance, more coverage means more premium costs. This isn’t necessarily a bad thing though. More coverage also incurs far less out-of-pocket expenses. In this way, paying more in premiums up front could save you money in the long run. Plan F is going to be retiring in 2021.
Medicare Part A is supposed to provide for the cost of hospital visits and inpatient care, so Medicare Part B should, theoretically, take care of the rest. Unfortunately, this is not always how these things work. Copays and coinsurance are the responsibility of the insured party, and add up to a considerable amount in very little time. Fortunately, these plans are designed with common illnesses and patient needs in mind, and are created to save you money.
Medicare Advantage can provide plans which cover costs associated with prescriptions, dental needs, or vision coverages. Medigap plans cannot. Medicare does have an option for what they call Part D. This can be very inclusive for a variety of prescription medications. An online search for nearby insurance agents can show excellent local resources for dental or vision insurers that may offer some discounts to seniors.
For elderly seniors living in Yonkers, just like yourself, finding the best supplemental insurance for your individual needs is an absolute necessity. It protects your retirement savings, and grants unparallelled peace of mind. Medical costs continue to rise and they don’t show any signs of slowing soon. It’s beyond anyone’s control, but one factor you have a say in is how well you prepare with a comprehensive insurance plan. We want to help you find that Medicare gap coverage plan today.
|Medigap Plan||Minimum Monthly Premium||Maximum Monthly Premium||Average Estimated Monthly Premium (Part B Premium Included)|
|Plan F (high deductible)||$51||$167||$245|