Dean Gold Medicare Cost Plans
Medicare Cost Plans are very unique. They are almost like a hybrid between a Medicare supplement and a Medicare Advantage plan. Here are some of the key points you need to know about Medicare Cost Plans:
- Uses a network to get full benefits
- If you go to a non-network provider, you can still use your Original Medicare benefits
- You can leave (drop this coverage) anytime and return to Original Medicare
- In most cases, you need to get your own prescription drug coverage still
Dean Gold
Dean Gold is an example of a Medicare Cost plan in the south central Wisconsin area. Dean Gold plans are not available to purchase for new members.
Currently, each year there is an agreement to extend for another year. But these plans are NOT guaranteed renewable. So there may come a time when people who have these plans are forced to choose a different option.
As with most things in life, Cost plans have pros and cons. Here are some of the key points:
Pros
- Premium same for everyone on that plan regardless of age
- Can be big savings compared with Medicare supplements for people who are older (75+)
- Can have full coverage for network providers
- Can still use original Medicare benefits at non network providers
Cons
- Service area only 8 counties
- If you want full coverage then you need to see network provider otherwise may need to pay coinsurance such as 20%
- Less flexibility to see any doctor/hospital you want with full coverage
- May need a referral/prior authorization for certain procedures
- No one can buy this plan now, can only keep, for now, if you have the plan
- Plans set for calendar year, not forever
Medicare Cost Plans Going Away?
In some areas of the country, Medicare Cost plans are being phased out. There are some rules in place but this is why some people on the Dean Gold plan may not be able to keep it.
If you have a Medicare Cost Plan like Dean Gold and want to see what your options are then please reach out to me right away.
I’m an independent insurance broker that’s been specializing in Medicare since 2009. I’d be happy to help you navigate this Medicare maze so it’s not so overwhelming.
Mike Lovell
Mike@askMedicareMike.com
608-571-4461 or Toll Free 855-712-7316