A Medicare Cost plan can be similar to a Medicare Advantage plan in some ways, but with a few key differences.
In this article we outline some of the benefits of each type of health insurance plan and discuss how you can determine which type of plan may fit your health care needs.
Join our email series to receive your free Medicare guide and the latest information about Medicare and Medicare Advantage.
By clicking "Sign me up!” you are agreeing to receive emails from MedicareAdvantage.com.
Medicare Cost Plans are plans sold by private insurance companies and can offer additional benefits not found in Original Medicare (Medicare Part A and Part B).
Medicare Cost Plan beneficiaries maintain their Part B coverage (medical insurance) and combine that with the additional benefits offered by their Medicare Cost Plan.
Medicare Cost Plans are sometimes described as a type of Medicare Advantage plan. There are four key differences, however, that distinguish a Medicare Cost Plan from a Medicare Advantage plan:
Most people qualify for premium-free Medicare Part A after working and paying Medicare taxes for at least 10 years. But those who do not qualify for premium-free Part A face monthly premiums that can be as high as $505 per month in 2024.
As long as you are at least 65 years old and are either a U.S. citizen or a legal resident that has lived in the U.S. for at least five years, you can enroll in Medicare Part B without having to get Part A.
Anyone who wishes to obtain some additional benefits without having to pay a large monthly premium for Medicare Part A might consider a Medicare Cost Plan.
Read additional Medicare costs guides to learn more about Medicare costs and how they will affect you.
Would you rather have a Medicare Advantage plan instead of a Medicare Cost plan? You can learn more and compare Medicare Advantage plans that are available where you live by calling a licensed insurance agent at TTY Users: 711.
Speak with a licensed insurance agent
Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.
Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.
Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.
Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.
A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.
If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.