The 3 Things You Should Know About Medicare SELECT Plans
If you’re looking for a Medicare Supplemental Insurance Plan to accompany your Medicare, SELECT Supplemental Insurance offers you a variety of choices. Medicare SELECT plans are essentially lower-cost versions of traditional Medigap Insurance Policies.
The only difference is that Medicare’s SELECT Policies operate like managed care plans. What does that mean? It simply means you’re required to use “in-network” doctors and hospitals, and your carrier will only pay your full benefits if you’ve obtained your medical care from a "preferred" health provider who’s part of the insurers’ designated network.
For instance, whenever you visit a preferred provider, Medicare will pay its approved charges and your supplemental insurer will pay the full benefits provided for by your policy. Whenever you venture outside your plan’s network for, your SELECT plan might deny payment or fail to pay the full amount.
Here are the 3 most
important things to remember about Medicare SELECT Plans:
- Medicare’s SELECT Plans are Medicare Supplemental health insurance products. They’re almost identical to standard Medigap insurance. When you purchase one of Medicare’s SELECT policies, you’re buying a standard Medigap plan.
- The only difference between one of Medicare’s SELECT plans and a standard Medigap plan is that Medicare SELECT policies are managed care plans.
- In order to be eligible for the full benefits of your SELECT Plan, you’ll be required to use specific clinics and hospitals, and sometimes specific doctors. That's why Medicare SELECT Plans usually have lower premiums than comparable Medigap policies.
For more information on the Medicare SELECT plans available in your area, call Medicare’s Hotline at 1-800-MEDICARE.
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