Should I keep my Medicare Coverage part B?

Question

I am a disabled veteran. I was disabled during a heart bypass operation in a VA hospital. I am classified as service connected disability as a result of this. Therefore the VA provides me with a primary doctor and outpatient care with no charge. As I understand it medicare B pays for these 2 things but I am covered by the VA instead. I pay $98 a month for the medicare part B.

Am I wasting $2000 a year or can someone give me a valid reason to keep the part B coverage. I am 60 yrs old and have had this coverage for 12 yrs and I think the only time I ever used it was for some chiropractic work.

All my other medical needs are covered by the VA also.

TIA,

Akz238

Answer 1

The VA will only cover you at VA facilities and under their terms.  A lot of people keep their Medicare, paying that part B, and add on a supplement or Medicare Advantage plan (usually without the Prescription benefit) so they can have additional coverage beyond their VA benefits.  This allows them to see non VA doctors, or go to other hospitals/providers than the VA.  

Some do it because it is more convenient to go outside of the VA for routine or basic services closer to home.  Some do it for better coverage while traveling.  Some do it because they aren't satisified with their coverage from the VA or their local facility.  If any of these reasons seem like something important to you, then keep the part B, and maybe look at a $0 premium Medicare Advantage plan like a PFFS w/out Rx.  You may have to wait until November 15th to add that if you are outside of your initial enrollment period.

Another very important reason to keep the part B is because if you change your mind and want to have additional coverage beyond the VA, you wont be able to add it right away.  You may need to wait a few months to add part B, and then possibly longer for a MA or supplement plan.  

The ONLY time people really should do without part B is when they are enrolled in a qualifying large group plan from an employer.  This allows them to postpone part B enrollment until they leave that plan, and is without penalty.

Answer 2

I'd drop it.

The VA will cover you better in the long run.

Spend the money on a CD for emergencies instead. That way you still have a form of personal coverage if needed.

Answer 3

http://www.todaysmedicare.com

You may want to keep it. If you drop Medicare B and try to get it back you will have to pay a penalty and have a possible wait of 6 months or more. The VA is great but if you were ever in a position where you need to use services outside of the VA you will get stuck with a huge bill. You would also want to see if the Medicare pays anything now.(co-pays etc.). Medicare also has an option for a Health savings account. Visit the link above for more info.