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.
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 $437 per month in 2019.
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.