A lot of people complain about living in New York, right? I’m going to tell you about a huge advantage you have living in NY.
We have a couple of vey big differences over other states when it comes to Medicare.
First, we are community rated. This means that there are no health questions ( except ESRD End Stage Renal Disease) required to be able to switch from a Medicare Advantage plan to a Medicare Supplement. Also, everyone pays the same premium regardless of age, sex or health condition.
Do you realize how key this is?
If you go to the doctor and find out you have a chronic condition that will require constant doctoring and care, you can move to a Medicare Supplement plan which will pay almost all your medical bills. I educate all of my clients about this.
Now the best part. We have a State Sponsored Pharmaceutical Plan called New York State EPIC. I hope you take the time to read about EPIC because it will save you a small fortune.
First, it will save you a ton if you ever get into a prescription drug situation causing high out of pocket costs. This happens if you encounter high priced Tier 3, 4, 5 and uncovered drugs. It also can happen when you hit the “donut hole”. If you are unfamiliar with these situations, feel free to read through my blog posts or give me a call.
Second, and what I consider to be equal or in many cases better than the first.
You see, if you are on EPIC, you can switch you plan at any time during the year. This is important because you can move into a Medicare Supplement at any time you get news from your doctors that you will require chronic care. Make sure you understand this. You can have a Medicare Advantage plan with dental, vision, gym memberships and various other extra benefits while you are in good heath.
If you get diagnosed with a disease that requires chronic care and extensive treatments ( and you live in New York) all you have to do is pick up the phone and make the move.
This is the strategy I preach every year to ALL my clients. You will save thousands of dollars for your retirement and always have the best plan available to you.
If you want to know more, read the numerous blog posts I have written, or even better, pick up the phone and give me a call.