Medicare has many components, including supplemental plans you can purchase. Medicare Select is one such supplement plan. Our team of Medicare experts will show you your options so you can decide which coverage will work best for your needs.
What is Medicare Supplement Insurance?
Medicare Supplement Insurance is designed to fill the gaps that are left behind by Medicare. This means these plans will help beneficiaries pay for medical costs that are not covered by Medicare. These are often referred to as out-of-pocket costs.
The out-of-pocket costs that are covered by Medicare Supplement Insurance depend on which plan you purchase. In most cases, things like the Part A deductible and Part A coinsurance are covered. More comprehensive plans will provide greater benefits, such as Part B deductible coverage and skilled nursing facility coinsurance coverage.
What is Medicare Select?
Medicare Select is one of ten standardized Medicare Supplement Insurance plans. These plans offer the same coverage as the basic Medicare Supplement plans, except your network is restricted. This means you can only access certain health care providers and still leverage your Medicare Select benefits.
How Does Medicare Select Work?
Medicare Select works the same way as standard Medicare Supplement Insurance plans. Which plan you select will determine which benefits you have access to. The plan functions similarly to other Medicare Supplement plans. For example, if you choose Supplement Plan G as the Select option, you’ll have access to the following benefits.
● Medicare Part A coinsurance and hospital costs
● Medicare Part B coinsurance or copayment
● 3 pints of Blood
● Part A hospice care coinsurance or copayment
● Skilled nursing facility care coinsurance
● Medicare Part A deductible
● Medicare Part B excess charges
● Foreign travel emergency
There are some limitations to Select Plans as well.
Select Plan Limitations
● Network limitations: You won’t be able to see any provider on the nationwide Medicare network. Instead, you can only see providers in the Select plan network. This only applies to non-emergency treatment. This limitation can severely limit the amount of health care providers you have access to. Check to see if your providers are within the select network before choosing the plan. If you choose to see a provider outside of the Select network, Medicare will still cover their portion of costs. But you’ll be required to pay the out-of-pocket portion yourself.
● Referrals – With Medicare Select, there is a chance that you will need a referral from your primary care physician in order to see a specialist. Original Medicare and Medicare Supplement plans do not require you to get a referral.
Shop Medicare Select
If you are happy with the providers that are included in the Medicare Select carrier’s network, then it may be the best idea to get this type of plan. Medicare Select plans are typically cheaper than other Medigap plans.
We can help you compare options today. Just contact Malhotra & Assoc. Insurance to get started.