Today, we’re looking at Medicare Select plans: what they are, and how they may be beneficial to you.
I always say that finding the best plan for you depends on your unique situation, and that is really true in the case of Medicare Select.
Medicare Select plans are Medicare Supplements. The Select plans go back to the early 1990s, when they were first available in only 15 states. By the end of the 90s, they were available everywhere, in theory, but different states implemented them differently.
Confused about your Medicare coverage options? Watch our free video: How to Find the Best Medicare Coverage Without Paying More Than You Need To…
Where are Medicare Select Plans available?
These plans are very local. If there is a Medicare Select plan in one part of your state, that plan is not necessarily available in a different part of your state.
These are Medicare Supplement plans. Although availability varies from zip code to zip code, they offer the same benefits shown on the Medicare Supplement chart here, in plans lettered A through N.
So, what makes Medicare Select plans unique?
They have networks.
Some Medicare Select plans have hospital networks that you are required to use for inpatient care but allow you to see any doctor or specialist who accepts Medicare for outpatient care.
Other Medicare Select plans have hospital networks AND required networks for outpatient providers. These may require you to get referrals from your primary care physician to see specialists.
On the more restrictive end, Medicare Select plans function like HMOs, where all your providers must be in the plan’s network to have claims covered. On the less restrictive side, plans only have required networks for inpatient care.
Why would you want to put up with networks in a Medicare Supplement?
Not having networks is part of what makes Medicare Supplements more attractive to some consumers.
With their networks, Medicare Select plans have lower monthly premium costs than regular Medicare Supplements.
How much lower? That varies from area to area, company to company, and by age.
At younger ages, the savings is around $15 to $20 a month. As you get older, that savings generally increases to around $30 a month.
Again, every region is different, so to find out how much you might save with a Medicare Select plan, you can call our office at 877-312-1414 and we’ll be happy to run quotes for you.
Do Medicare Select Plans provide extra coverage?
Like all other Medicare Supplements, Medicare Select plans do not cover Part D prescription drugs, and most do not cover dental, vision, hearing, or any other extras.
How do you know if a Medicare Select plan is right for you?
If the only options for Medicare Select in your region are the more restrictive plans that require you to use a network provider for all inpatient and outpatient care and get referrals for specialists, I recommend that you also take a look at Medicare Advantage plans in your area, which could offer greater savings than the Medicare Select plan.
If you are in an area with Medicare Select plans that only require you to use the plan’s hospital network for inpatient care, that may be a good option to save some money on premiums while still operating, for the most part, like a Medicare Supplement with the freedom to choose your own doctors and specialists for outpatient medical services.
Confused about your Medicare coverage options? Watch our free video: How to Find the Best Medicare Coverage Without Paying More Than You Need To…
If you’d like to find out more about Medicare Select options available to you, call 877-312-1414 or Contact us and schedule your free, no obligation Medicare plan consultation today.
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