Medicare Cost Plan - What Is It Exactly?

By: Agnus Smith
Published: Friday, December 21 2018
Last Updated: a year ago

Everyone has a right to proper medical care, but it comes at a price. For the best care, you’ll have to dig deeper in your pocket. Lacking a medical insurance plan, no matter how wealthy you are, can be quite risky. Who knows, you might suffer from an illness that requires lengthy treatment. At first, it can be manageable, but later, you might discover your cash depleted especially for the elderly. That is why a Medicare Cost plan is essential, it can save you in your time of need.

What is a Medicare Cost Plan?

Medicare Cost plans help Medicare beneficiaries cover the costs left by Original Medicare gaps in coverage. However, Cost plans are bit different than Medigap and Medicare Advantage plans, forming a sort of hybrid between the two. Unfortunately, Medicare Cost plans are not offered in every part of the country.

Example of How it Works

The primary aim is to ensure that you get your Original Medicare benefits (Part A and Part B). Dependent on where you live, a Medicare cost plan enrollment offers you the flexibility of accessing out-of-network health care providers. When you get outside of the coverage network, even without having a valid referral, your Medicare Part B is going to take care of your doctor’s expenses as well as other Medicare-allowed expenses.

Difference Between Medicare Cost Plans And Medicare Advantage

Although commonly confused with a Medicare Advantage there are some differences:

  • Enrollment - When enrolling in the advantage plan, you need to possess both Medicare part A and B. With the cost plan, you can register if you have only B.
  • When To Enroll - With an advantage plan, you can only enroll and exit at selected times during the year; however, with Medicare Cost Plan enrollment, you have total flexibility. You can take part in Medicare Cost Plan disenrollment at any moment
  • Coverage - Medical Care Advantage covers hospital (Part A) and Medicare Care under part B. A Cost plan is diverse; other plans can cover you for medical care while hospital care is catered for via your Medicare Part A.

Looking At The Pros And Cons

Just like most products and services, Medicare Cost plans are not for everyone. As you are probably well aware, the healthcare needs for most individuals differ, so no healthcare plan will be a one size fits all. However, Cost plans can be extremely beneficial for many Americans, so if you’re seriously considering one, here are some of the pros and cons you should take into account.

Benefits Of Cost Plans

With a Medicare Cost Plan, you get to access some benefits that your Original Medicare doesn’t offer. These are things like going out of your plan’s network while still being covered. If you are interested in accessing a Medicare Cost plan, you don’t have to wait for the enrolment time to get registered but you can gain access at any moment as well as go for Medicare Cost plan disenrollment when you desire. Another great advantage of the Plan is that you only need to be enrolled in Plan B of Medicare to gain access.

Cons Of Cost Plans

Medicare Cost plans aren’t everywhere, and you need to find out if it is present in the region you are going to access treatment. Also, the coverage differs according to the area. There are some Medicare Cost plans that don’t have coverage for prescription drugs, which is something significant for some people who solely depend on these drugs.

Who Should Consider Enrolling?

Medicare plans are accessible to members at any moment. All the plans have to possess at least a thirty-day enrollment period for every year. People can access Medicare Cost plans if they meet the below prerequisites:

  • Are already enrolled in Medicare Part B.
  • Are permanent residents of the region where they are considering to access the plan.
  • You agree to the terms of the membership rules.
  • Don’t possess ESRD (end-stage renal disease); however, there are certain exceptions.

You can always call to confirm your enrolment eligibility as well as if you possess any questions about your plan.

Get A Medicare Quote With FirstQuote Medicare

When it comes to Medicare Cost plans, getting started is often the hardest part. Luckily, we’re here to help. FirstQuote Medicare makes shopping for Medicare plans easier than ever, and will let you know right off the bat whether or not Cost plans are even an option in your neck of the woods.

To get started, simply enter your zip code, and start your search. You’ll be able to review Medicare quotes in your area in a matter of minutes, and even talk to an experienced agent with no obligation. Best of all, FirstQuote Medicare does all of this at no cost to you, so get started, and get enrolled today.