If you’re looking for a way to supplement the costs of using your Medicare benefits, a Medicare SELECT plan may be right for you. These plans are a form of Medicare Supplement Insurance, which is used to fill the gaps left behind by Medicare. Through this type of plan, you can lower your out-of-pocket costs when using providers that are within the plan’s network.
Never heard of Medicare SELECT? Here’s what you need to know.
What Is Medicare Supplement Insurance?
Medicare Supplement Insurance, which is also known as Medigap, is a type of insurance that is designed to make healthcare more affordable for Medicare beneficiaries. In exchange for paying monthly premiums, policyholders receive additional benefits that lower the out-of-pocket costs that are leftover after Medicare pays their approved portion. Some benefits offered through these plans include payment of Part A coinsurance, Part B deductibles, and more.
What Is Medicare SELECT?
Medicare SELECT plans are a type of Medigap plan that requires users to receive their desired services within a select network of providers. This is unlike standard Medigap plans, which will cover costs from any Medicare-approved provider.
| Pros: | Cons: |
| Fills the gaps of Medicare | Strict doctor limits |
| Low monthly premiums | No coverage for Part D or dental care |
| No copayment schedule | Not available in every state |
| MIGHT include wellness coverage | Typically need a referral to see a specialist |
For this reason, Medicare SELECT plans are not available everywhere. Insurers choose whether or not to sell them by developing network agreements with providers in the area. If there aren’t enough providers who are willing to participate in a SELECT network, the plan won’t be sold in the area.
How Does Medicare SELECT Work?
Medicare SELECT plans are basically HMOs that fill the gaps of Original Medicare. Since they’re available in certain areas, you must see providers within the SELECT plan’s network to get coverage.
The lower premium in return for a network may work for some folks.
Just keep in mind that if you visit a healthcare provider or hospital that’s out of network, your coverage won’t apply unless it’s an emergency.
Choosing a Medicare SELECT Plan
You should choose your Medicare SELECT plan based on your needs. Some of the plans offer more comprehensive benefits than others, so you need to shop wisely.
Here are some of the potential benefits you can receive through a Medicare SELECT plan:
- Skilled nursing facility cost coverage
- Part A coinsurance and hospital fee coverage
- Part B coinsurance and copayment cost coverage
- Part B deductible
- Part A deductible coverage
- Part B excess charges
If these benefits sound enticing to you, a SELECT plan may fit your situation. To learn whether they are available in your area, please reach out to Eldridge Agency. Our talented insurance agents will help you find the coverage you need.
You can reach us at (775) 328-1197.
