Medicare Cost Plan – Compare to Medicare Supplement
If you are one of the almost 200,000 members of a Medicare Cost Plan in Minnesota that is ending December 2018, now may be the best time to start researching what replacement Medicare plan will work in your favor for 2019.
The Medicare Cost Plans that will disappear next year are managed by either Blue Cross & Blue Shield of Minnesota, Health Partners or Medica. As of this writing the plan choices that could possibly replace your Cost Plan for next year are still unknown. You should be aware that your current insurance carrier could automatically enroll you in one of their Medicare Advantage Plans without giving you the opportunity to research other plan types and benefits. Medicare Advantage plans offered to those Cost Plan members may not be in their best interest as they all have different benefits and costs associated with each plan.
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So what are your Minnesota Cost Plan replacement choices for 2019?
Returning to Original Medicare and adding a Medicare Supplement Plan is one option. Even though there are 10 different Medigap plans to choose from for most of the nation, Minnesota is a little different in that it offers two Medicare Supplement Plans called Basic Plan and Extended Basic Plan. In addition, insurance companies can also offer Medigap Plan K, L, M & N and a High Deductible Plan F. Each of these supplement plans can pay up to 100% of your out-of-pocket expenses covered by Part A and Part B of original Medicare.
Medicare Advantage plans are also a good option if you’re on a limited budget and can limit your overall yearly out-of-pocket expenses. These Part C Medicare plans offer co-pays for doctors and hospitals and in most cases include prescription drug coverage, dental & vision and even health club memberships.
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When and how do I enroll in a new Medicare plan for 2019
The annual Medicare enrollment (AEP) period begins October 15, 2018 and if you need to replace your Cost Plan for next year you will have until December 7th, 2018 to make that change. Your new plan would be effective January 1st 2019.
With so many choices it’s important to speak with a licensed agent to guide you through your Medicare Cost Plan replacement. Lucky for you Medigap Select Insurance has agents that will answer all your questions and help you enroll in the plan that best meets your healthcare needs.
Our team of independent agents are here to talk with you about finding the best insurance plan to meet your needs.