Everything about Medicare Cost Plan
Other than Original Medicare and Medicare Advantage, the Centers for Medicare and Medicaid Services (CMS) also offer health coverage under this program. Among such programs, Medicare Cost Plans make one such plan which offers healthcare coverage to senior citizens.
What is Medicare Cost Plan?
A Medicare cost plan is similar to any other plan covered under Medicare Advantage. The enrollees pay the premiums and relevant deductibles and coinsurance to use medical care services. They have access to the network of doctors and hospitals just like in Medicare Advantage.
However, unlike Medicare Supplement Plans, Medicare cost plans allow the policyholders an option to get treated outside of the network. In such cases, the enrollees are covered through Original Medicare. They have to pay only copayments and deductibles in the same way as they would have if they went to in-network facilities.
The first eligibility criterion of Medicare Cost Plan is linked with the area of residence. To be eligible, the enrollee must live within this plan’s service area. Another criterion is the time of enrollment. Potential enrollees can only join when the plan accepts new members.
There is no other limiting criterion which enrollees have to consider before enrolling for this plan.
Enrollees can join this plan:
At any time during their retirement and
Even if they are enrolled only in Medicare Part B.
Enrollees are allowed to leave the plan anytime they want. They can also return to it after leaving.
Medicare Part D Coverage
This plan often covers Prescription drugs. However, on those occasions where this coverage is not available, the enrollees can always buy Medicare Prescription Drug Plans.
Medicare Part B Services
There is another type of this plan which covers only Medicare Part B services. This variation doesn’t include Part D coverage and Part A is left for Original Medicare to cover.
Medicare Cost Plan is a great way to cover your post-retirement healthcare costs especially when your preferred doctors and hospitals don’t fall within the network.
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