Medicare Cost Plan Grand Junction
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Medicare Cost Plan
A Medicare Cost plan has similar characteristics to a Medicare Advantage plan, in that you will have access to a network of providers to choose from for medical services and may enjoy additional benefits that are not available with traditional Medicare Part A and B coverage.
In a Medicare Cost plan, private insurance companies contract with Medicare in order to provide coverage of the original Medicare Part A and B benefits, in the same way a Medicare Advantage operates to bring you your Medicare benefits.
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Medicare Cost Plan Characteristics
There are a few other items that make a Medicare Cost plan different from other types of Medicare plans which are available to you.
Unlike the Medicare Advantage plan, you are eligible for the Medicare cost plan even if you are only currently enrolled in Medicare Part B.
If you are currently enrolled in Medicare Part A and B, and choose to use the Medicare Cost plan in conjunction with them, and you go to an out-of-network provider for your medical services, the services are still covered under your Medicare Part A and B, and you would be responsible for making the coinsurance and deductible payments for Part A and B.
Anytime that the plan is accepting new members, you can join – you do not have to wait for the designated Medicare annual enrollment period! And since the Medicare Cost plan works alongside the original Medicare plan, instead of as a replacement for it, you can also choose to leave the Medicare Cost plan at any time (again, no need to wait for the annual open enrollment period that is required with original Medicare plans) and go back to the original Medicare Part A and B plan. Providers of Medicare Cost plans are required to have an enrollment period that lasts at least 30 days when accepting new members.
Another type of Medicare Cost plan, which is sponsored by an employer or union health plan or by companies that don’t offer Medicare Part A services, allows for coverage only of Medicare Part B. The Medicare Part A services would be covered under the original Medicare plan. This Medicare Cost option DOES NOT include Medicare Part D coverage.
Medicare Cost Plan Benefits
The keyword in Medicare Cost plans is “flexibility.” This plan offers you the best of both worlds in terms of having access to a specific network of providers, as with the Medicare Advantage plan, but also having the option to go out-of-network if you so choose, with your original Medicare still providing coverage. This is something to keep in mind if you are a senior who travels frequently as part of enjoying your retirement. With a Medicare Cost plan, you are not restricted to the in-network doctors or hospitals and are able to seek medical treatment from out-of-network providers if you happen not to be at home when a medical event occurs.
