Is Your Medicare Cost Plan Ending?

Medicare Cost Plans are hybrid Medicare plans that share features from Medicare Advantage and Medigap supplemental insurance plans. They’re offered by private insuranceprivate insuranceHealth care coverage provided by a private insurance company rather than the government.
Read more » companies.

Why Are Medicare Cost Plans not Renewing?

To meet competition requirements, Medicare Cost Plan contracts were not renewed in areas with more than one Medicare Advantage plan available.

What are the options for employer- or union-sponsored Cost Plans?

If you purchased your Cost Plan from your workplace or union, your plan may simply change to a similar Medicare Advantage plan. Also, you can disenroll from your Cost Plan at any time to return to Original Medicare.

However, you can only switch your Medicare Part D Prescription Drug coverage during the Annual Enrollment Period (AEP).

Are insurance companies offering alternatives to Medicare Cost Plans?

Many recognized insurance companies have expanded their options in areas that previously had Medicare Cost Plans. During the Annual Enrollment Period, it’s possible that you saw additional Medicare plans from existing companies and offerings for plans from companies that are new to your area.

Chances are, there will be several different options, including Medicare Advantage plans with $0 premiumspremiumsThe amount you pay for your health insurance every month.
Read more ». It could get confusing, so consulting with a licensed insurance agent can be helpful.

Switching to a Medicare Advantage Plan

Cost-conscious individuals with a Cost Plan may benefitbenefitThe health care items or services covered under a health insurance plan.
Read more » by considering a Medicare Advantage Plan, also known as Medicare Part C. It includes all the benefitsbenefitsThe health care items or services covered under a health insurance plan.
Read more » of Original Medicare and can also include extra features such as emergency care, wellness programs, Medicare Part D, as well as other benefits. The main difference from a Medicare Cost Plan is that you must use in-networknetworkThe facilities, providers and suppliers your health insurer or plan has contracted with to provide health care services.
Read more » providers for your care.

One benefit of Medicare Advantage plans is that they include out-of-pocket limits, which Original Medicare does not include. This means that there is a cap to how much you’ll pay towards your copays or coinsurancecoinsurancePercentage of costs of a covered health care service you pay after your deductible.
Read more » in a plan yearplan yearA year of benefits coverage under an individual health insurance plan.
Read more ». CMS rules require an out-of-pocket limitout-of-pocket limitThe most you have to pay for covered services in a plan year.
Read more » for Medicare Advantage plans of $8,850. Some plans may offer even lower caps.

HealthMarkets can help make your Medicare Cost Plan switch easy

HealthMarkets can help you review your Medicare coverage options. Start comparing plans online today, or call (844) 958-5256 to speak with a licensed insurance agent.