Posted by Medicare Made Clear Tue, Jul 10, 2018 @ 09:00 AM
Fall
is Medicare plan shopping season. The Annual Enrollment Period starts on
October 15 and runs through December 7.
It’s
a good idea to review your Medicare coverage every year – and change it if
needed. This year, it’s not only wise, it may be necessary.
Medicare
Cost Plans Closing
By
law, Medicare Cost plans are closing in counties served by two or more
competing Medicare Advantage plans that meet set enrollment criteria. This
includes counties in several states and the District of Columbia. Cost plans
currently operating in affected counties will not be offered for 2019.
You
need to be extra alert for information or notifications you get from your plan
if you are a Cost plan member. Your plan may be closing completely, or it may
be converting to a Medicare
Advantage plan. Your enrollment may be “deemed” if your Cost
plan converts. This means that your enrollment automatically transfers to the
converted Medicare Advantage plan for next year unless you make a different
choice during Medicare’s Annual Enrollment Period, Oct. 15 – Dec. 7.
What
is a Medicare Cost Plan?
Medicare
Cost plans share features with both Medicare Advantage and Medicare supplement
plans.
- Cost plans
work like a Medicare Advantage plan (Part C) when you get care from
network providers. You usually pay a copay for services and the plan pays
the rest.
- Cost plans
work like a Medicare
supplement plan when you get care from providers
outside the plan network. Original Medicare (Parts A & B) pays a share
of the cost, you may pay a share, and the plan pays a share.
- Cost plans
may cover prescription drugs and offer additional benefits such as dental
and vision care or fitness programs like many Medicare Advantage plans do.
Original Medicare does not provide these benefits.
- Cost plans allow you to enroll
in or switch plans at any time like Medicare supplement plans do. Medicare
Advantage and standalone prescription
drug plans (Part D) have set enrollment periods.
How
to Tell if You Have a Cost Plan
The
simplest way to tell if your plan is a Cost plan is to look at the plan name on
your insurance card. If “Cost” is in the name or noted near the name, then
that’s what it is.
Other
telltale signs that you have a Cost plan include the following.
- You are able
to change or drop your plan at any time, not just during set enrollment
periods.
- Your plan
has a provider network but you are not required to use it.
- Care that you get outside of
the plan network is covered under Medicare Part A or Part B.
Call
your plan to get more information if you’re not sure whether it’s a Cost plan.
About
400,000 Minnesotans Have Medicare Cost Plans
Minnesota
has the largest concentration of Cost plan enrollees nationwide, and plans are
set to close in 66 of the state’s 87 counties. If you live in one of the
counties highlighted in the map below – and you have a Cost plan – make sure
you understand your options.
Minnesota
Cost plans include the following:
- Blue Cross
Blue Shield of Minnesota Platinum Blue plan
- HealthPartners
Freedom plan
- Medica Prime Solution plan
Your
plan should notify you about changes, including if it’s converting to a
Medicare Advantage plan and what that may mean for you. Don’t hesitate to call
the number on the back of your insurance card to talk to a plan representative
and get the information you need.
What
to Do If You Have a Cost Plan
First
and foremost, you need to know if your Cost plan is closing or converting to a
Medicare Advantage plan. If it’s closing, you need to shop for a new plan. If
it’s not closing or it’s converting, you’ll want to review the plan details to
see how it will meet your needs going forward.
You
may find you have good reasons to
shop for a new plan. Take these steps to help find a plan that’s
a good fit for you.
- Learn about
all your Medicare
coverage options.
- Identify
your health care
and budget needs.
- Find plans offered where you live.
- Choose a new plan
based on your needs.
It
May Be a Good Year to Shop for a Medicare Plan
You
may have to shop because your Cost plan is closing, or you may choose to shop
to see what’s out there. Either way you may have more and better Medicare plan
choices than ever before.
Medicare
Advantage plans in your area may be offering new benefits and features such as
more coverage while traveling, coverage for hearing aids, no-charge fitness
trackers and more.
Comparison
shopping could pay off.
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