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. Must Read Auto Insurance Articles
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