Minnesota Health Insurance Network

Minnesota Health Insurance Network

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Great News for Medicare Cost Plans!

MN Health Staff Writer | May 12, 2015

There are several types of Medicare products available in Minnesota including Medicare Advantage Plans, Medicare Supplement Plans, Medigap Plans, and stand-alone Prescription Drug plans. One other type is a Medicare Cost Plan. These plans are unique to this region and are very popular among Medicare members because they share the cost of claims with Medicare, while providing additional benefits not covered by Medicare. These benefits can include eyewear coverage, hearing aid coverage, dental coverage, health club memberships, as well as options to add prescription drug coverage. In addition, these plans travel well for members seeking coverage within the U.S., but outside of this area. Best of all the premiums are generally very competitive.

 

Medicare Cost Plans have been in the crosshairs of the federal government for elimination for several years. These plans were slated to be discontinued after 2015. On April 15th of 2015, President Obama signed into law the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). This bill addresses the future transformation of the Medicare marketplace, including the disposition of Medicare Cost Plans. Beneficiaries will be required to transition out of their current Medicare Cost Plans, but not until January 1st, 2019! At that time, enrollees will need to enroll in a different Medicare product, which may be an entirely new type with comparable coverages and premiums. The experienced brokers at MN Health Insurance Network Inc will be there to help seniors make the change easily and based on their individual needs.