There’s one type of Medicare health plan that you might not have heard about. Medicare Cost Plans give you another way to get your Medicare benefits. As a Minnesota resident, you might have a choice of several Medicare plan options. We’ll focus on Medicare Cost Plans in this article.
What are Medicare Cost Plans in Minnesota?
Medicare Cost Plans are available from private health insurance companies that contract with Medicare. In some ways, Medicare Cost Plans might offer more flexibility than Medicare Advantage plans (another type of Medicare health plan).
Here are some facts about Medicare Cost Plans.
- You may be able to enroll in a Medicare Cost Plan any time of the year, instead of being restricted by a Medicare enrollment period.
- You can also drop a Medicare Cost Plan at any time.
- You can visit doctors and other health-care providers outside your plan network, if they accept Medicare assignment. Original Medicare, Part A and Part B, generally covers your out-of-network visits. You might have to pay out-of-pocket costs such as deductibles and coinsurance.
- You need to be enrolled in Medicare Part B (medical insurance), but you don’t have to be enrolled in Part A (hospital insurance).
- They may not be available in all counties of Minnesota.
What else do I need to know about Medicare Cost Plans in Minnesota?
- Be aware that you’ll still have to pay your Part B monthly premium, on top of any premium your Medicare Cost Plan might charge.
- In some counties in Minnesota, Medicare Cost Plans might be discontinued as of 2019.