Medicare Cost Plans are a type of Medicare health plan that help people with Original Medicare pay for their health care costs. They work like a supplement insurance policy, helping to pay some of the costs that Original Medicare doesn’t cover. In this blog post, we will discuss what Medicare Cost Plans are, how they work, and who is eligible for them. We will also look at the benefits and drawbacks of these plans so that you can decide if they are the right choice for you!
What is A Medicare Cost Plan?
With this product or type of Medicare health plan offered by a private insurance company that contracts with Medicare. These plans help cover some of the costs that Original Medicare doesn’t pay for, like coinsurance, copayments, and deductibles. They also offer extra benefits that Original Medicare doesn’t cover, like routine dental and vision care.
How Does A Medicare Cost Plan Work?
These Plans work like a supplement insurance policy. If you have a Medicare Cost Plan, you will still need to pay your monthly Part B premium. In addition, you will also pay a monthly premium to the private insurance company that offers your Medicare Cost Plan. Your plan will help to pay for some of the out-of-pocket costs that you would otherwise have to pay if you had Original Medicare.
Who Is Eligible For This Type Plan?
You may be eligible for a Medicare Cost Plan if you:
- Are enrolled in Part A and Part B of Medicare
- Live in the service area of a Medicare Cost Plan
- Do not have End-Stage Renal Disease (ESRD)
What Are The Benefits Of This Product?
There are several benefits to having one of these plans, including:
- Access to extra benefits that Original Medicare doesn’t cover, like routine dental and vision care.
- The peace of mind knowing that you have some help with paying for your health care costs.
- The ability to see any doctor or provider that accepts Medicare, even if they are not in the plan’s network.
What Are The Drawbacks Of This Product?
There are also some drawbacks to having a this kind of plan, including:
- You may have to pay more out-of-pocket for your health care costs than you would with Original Medicare.
- You may have to get prior approval from your insurance company before you can receive some types of care.
- If you move outside of the plan’s service area, you will need to switch to a new Plan or another type of Medicare health plan.
Overall, these plans can be a great way to get extra coverage and benefits if you are eligible for them. However, it is important to weigh the pros and cons before deciding if one of these plans is right for you.
What Companies Offer These Plans?
There are a few different companies that offer Medicare Cost Plans, including:
- Aetna
- Cigna
- Humana
- UnitedHealthcare
- Wellcare
Most of these carriers and plans are zip code dependent. Be sure to check with one of us which one makes sense for you.
Are There Specific Enrollment Periods for Cost Plans?
Unfortunately, there is not a specific enrollment period for Medicare Cost Plans. If you are interested in enrolling in one of these plans, you will need to contact the insurance company directly to see if you are eligible and when you can enroll.
What’s Next?
Now that you know a little bit more about Medicare Cost Plans, it’s time to start looking into them to see if they are the right choice for you! If you would like some help, one of our Medicare experts here at myunitedinsurance.com can assist you. We can help you compare plans and find the one that best meets your needs. Give us a call today or visit us online to get started! As always please do your research and speak with your Dr. to make sure he has not made any changes to his network for the upcoming year. We also encourage you to make a list of all your medications both for daily maintenance and emergency use. That way we are always giving you accurate quotes and prices.