Are you looking to save money with a complementary Medicare plan? There is a type of plan know as Medicare SELECT Plan, which may have a lower premium than many Medigap plans.
What is Medicare SELECT?
If you have Medicare Part A and Part B, you may want to buy a Medicare supplement plan to pay for the cost of Medicare. Several supplemental Medicare plans pay different amounts of these costs, such as: deductibles, co-payments, and co-insurance. Medicare SELECT plans are categorized under Medicare supplement plan.
A bit of information about Medicare supplemental insurance:
Before viewing Medicare SELECT plans, here is information about Medicare supplemental insurance.
Private insurers offer Medicare supplemental plans across the nation. They are standardized in 47 states with letters (such as Medigap Supplemental Plan A, which is not the same as Medicare Part A. Each of these standardized plans may include at least part of the benefits, such as: Coverage of hospital benefits and coinsurance of Part A, insurance or reimbursement of Medicare Part B, qualified co-insurance, and hospice care co payment or coinsurance.
Most states provide about 10 standard Medicare supplemental plans, defined by the letters A to N plans. Massachusetts, Wisconsin, and Minnesota provide various standardized Medicare supplemental plans than other locations in the United States.
Each of the 10 standardized plans may be offered as a Medicare SELECT plan. However, unlike other Medicare supplement plans, Medicare SELECT plans may have participating provider networks that plan members must use to take advantage of their plan of covered services. Should you see a provider outside of the network plan, you may have to pay some or all of the costs that Medicare does not pay.
There are 3 features which differentiate Medicare SELECT plans from other Medicare supplement plans. They include:
Availability: A Medicare SELECT plan may not be widely available as other standard Medicare supplement plans.
Networks: Insurance companies that offer supplementary Medicare SELECT plans may need you to see the providers in their network for their non-emergency services.
Costs: SELECT plans may have reduced premiums than other Medicare plans.
How does Medicare SELECT work?
When you enroll in a SELECT Medicare Supplemental policy, your plan will benefit from one of the 10 standard Medicare supplement policies (A, B, C, D, F, G, L, M, N or N). Generally speaking, Medicare pays its share of hospitals and covered medical services, and Medicare’s SELECT policy can cover the cost of the policy specified in the policy if it received care under the plan (if applicable).
Due to network limitations of Medicare SELECT plans, it may be helpful to review the network of participating plan providers before deciding to register.
In addition to network requirements, supplementary Medicare SELECT plans generally follow the same rules as other types of Medicare supplement plans.
You can request a SELECT Medigap Supplemental plan, which is available if you are 65 years or older and have Medicare Part A and B.