What is a Medicare cost plan, and how does it work?
Medicare cost plan works harmoniously with the Original Medicare plan. As an enrollee in Medicare Part A and Part B, then you automatically eligible to enroll for Medicare cost plan.
Therefore, if the Medicare cost plan covers some services, others are covered by the Original Medicare plan. It also gives the flexibility to switch to Original Medicare at any time of the year if you are not happy with the Medicare cost plan.
Medicare cost plans are available only in select counties. In many places, changes in laws have created conditions for phasing it out. Besides, where there is intense competition from Medicare Advantage plans, Medicare cost plan may not be offered.
The Medicare cost plan covers Part A (hospital expenses) costs and Part B (medical expenses) with some degree of fee sharing. It covers what Original Medicare does not in terms of copayments, coinsurance, and deductibles. While also covering part D (prescription drugs) part costs, it comes with an annual maximum coverage limit.
The benefit of Medicare cost plan is that it is quite flexible compared to other plans. It has the best of the Original Medicare plan as well as the Medicare Advantage plan. The premiums for the Medicare cost plan are relatively low too, and not tied to in-network doctors.
If your need is to build flexibility in your Medicare cost plan, get in touch with www.askhpm.com for an appropriate program.