Medicare Supplement Select Insurance
Get a Quote »What are Medicare Select insurance policies? They are traditional Medicare supplement policies (like Plan F and Plan C for instance) that require the use of a preferred network of doctors and hospitals.
Select plans are purchased because they are less expensive than traditional non-network driven supplemental plans. They are appropriate for those who are comfortable using a preferred network of doctors and hospitals on almost all occasions.
Understanding Medicare Select Networks
Supplemental select policies work much in the same way as HMOs. The insurance company negotiates service contracts with a preferred network of doctors and hospitals. These negotiations usually result in lower costs to administer care to consumers.
The lowers cost are then passed on to the consumer in the way of lower monthly premiums on their Medicare select insurance policies. There is no additional cost sharing however. A Plan F is still a Plan F – the insured simply needs to stay in network for his or her medical services.
Routine Costs And Emergency Costs
It is important for the consumer to use the approved network for all routine services. If not, then the select plan may not pay its share of the bill. In some cases, referrals from a primary physician may be needed to see certain practitioners.
Conversely, emergency services can usually be received out of network without additional costs to the insured. Regardless of whether medical treatment is received in or out of network, Medicare Parts A and B will always cover its share of approved expenses.
Advantages & Disadvantages Of Select Plans
The primary advantage is simply cost. By agreeing to use the approved network, consumers can save money on their Medicare supplement insurance. In some cases however, traditional supplemental plans may be less expensive than even some select plans. It is wise to shop around.
Much like Medicare Advantage plans, the primary disadvantage is simply the constraints of the network. It is important to be certain of any network limitations by first checking with the insurance company and/or the agent before purchasing a policy. And consumers must be aware that certain doctor groups and facilities may be in the approved network one year and out the next.
Consumers who move out of the approved service area will be afforded a 63 day window to purchase a new supplemental plan without the need for medical underwriting. Not all plan designations will be available during a “guaranteed issue” period such as this one, but the consumer will have certain rights to purchase new coverage.
Supplemental Select Plan Quotes
Not all carriers offer select plans as they simply may not want to deal with the hassle of network negotiations. In fact many do not, but some of the ones that do are the larger companies who already have network affiliations through other lines of insurance offerings.
A few companies worth considering if you are in the market for a select plan will be Anthem Blue Cross and Blue Shield, AARP United Healthcare, Assured Life, Gerber Life, Mutual of Omaha and a handful of others.
By working with an independent Medicare brokerage like ours, you can compare both select and traditional Medicare supplements online. We can provide you with the direct rates for both types with several carriers.