Perhaps I am overlooking something but I really do not understand why any vets, regardless of whether their dependents are under 65 or regardless of whether their dependents only have Champva coverage, would purchase Champva supplemental insurance. Just sent my fellow Hadit member Britton my thoughts on this subject because he is contemplating spending $250.00 per month for a Champva supplemental policy to cover his wife which will pay her copays along with the Champva payments to her healthcare providers.
Keep in mind Champva will pay 100% of all of a covered dependent’s medical costs after the dependent has paid $3000.00 out of pocket (copays and $50.00 deductible) in a calendar year. Champva’s maximum out of pocket costs are exactly the same amount Britton would pay for his wife’s premiums in a calendar year and her supplemental policy will not pay anything for the first six months for pre-existing conditions.
However, if Britton’s wife only has $500.00 in out of pocket expenses in a calendar year, Britton is still out of pocket for $2500.00 for supplemental policy premiums for the calendar year.
My suggestion to Britton was not to buy a Champva supplemental policy, but just put $250.00 per month in a savings account which after 12 months will cover all of his wife’s out of pocket expenses for the calendar year. In the event his wife has less than $3000.00 out of pocket expense in a calendar year the money saved would belong to Britton and his wife, not the insurance company.
My suggestion to any vet who receives a 100% P & T award which makes the vet’s family members become eligible for Champva: Place $3000.00 of their retro award in a savings account to cover the maximum out of pocket expenses for a calendar year and continue to put $250.00 a month in the savings account until the covered dependent(s) reach the age of 65 and become eligible for medicare. This will provide the covered dependent(s) 100% health care coverage. Of course, once they reach the age of 65 they have to enroll in medicare part B (approx. $109.00 per month premium) which along with Champva will give them 100% coverage.
Again, I may be way off base with my thoughts regarding Champva supplemental insurance. Please let me know if you disagree with my thoughts on this subject. JMO