Medicare Update: Millions May Soon Get Medicare Plans Via Costco—Here's How
Summary
Costco is preparing to offer Medicare insurance plans through a partnership with SCAN Group, starting with a limited rollout in three states after federal approval. These plans include Medicare Advantage and Medicare Supplement options, allowing millions of Medicare beneficiaries to shop for coverage through Costco stores and websites.Key Facts
- Costco plans to enter the Medicare insurance market with SCAN Group, an insurer with about 560,000 members.
- The rollout will include Costco-branded Medicare Advantage plans in two states and a Medicare Supplement plan in a third state.
- The new Medicare plans are pending approval from federal Medicare regulators.
- About 5 million Medicare enrollees live in the three states targeted for this rollout.
- Costco Medicare plans will be sold through stores, agents, and online but will not require a Costco membership.
- Medicare Advantage plans combine hospital and medical coverage and often include prescription drug benefits.
- Medicare Supplement Insurance (Medigap) helps cover out-of-pocket costs for people with Original Medicare.
- Eligible beneficiaries usually need to have Medicare Part A and Part B and live in the designated service areas.
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