Medicare Cost Plans
A Medicare Cost plan is a unique Medicare product that helps cover the costs that Original Medicare does not cover.
A Cost plan is somewhat of a hybrid – a cross between a Medicare supplement and a Medicare Advantage plan. For some people, the benefits are the best of both worlds. Similar to an Advantage plan, a Cost plan has a network of doctors and hospitals that the insured must use. There may be some cost sharing (a copay for example) when visiting a doctor, for a hospital stay, labs, or diagnostic tests, but this cost sharing all adds up to an out-of-pocket maximum to limit the annual risk for the insured.
Cost plans may include additional benefits not covered under Original Medicare such as vision exams, eyewear coverage, hearing exams, gym memberships, and more. The rates do not vary based on age and generally are less expensive than a supplement but more expensive than an Advantage plan. You will continue to pay your Part B premium.
As with a supplement, the client retains his or her original Medicare, ensuring the client has coverage even if they receive services from outside of the plan’s network. Medicare Cost plans do not have enrollment or disenrollment periods and they are not medically underwritten (with the exception of end-stage renal disease). When obtaining healthcare services you would show both your Original Medicare card and Cost plan card.
Contact a Graber & Associates agent today to find out if a Medicare Cost plan can offer you the best of both worlds.