If you Google “Medicare Select plan,” you will see numerous results followed by various letters (medicare select plan f, medicare plan b, etc.). What are Medicare Select plans, and what do the letters mean?
The simple answer is that a Medicare Select plan is a Medicare Supplement (Medigap) policy that offers the same benefits as a Medicare Supplement plan, except a Select plan limits your coverage to a network of doctors and hospitals for inpatient, non-emergency stays. The various letters define the benefits offered in the plan and correspond to the same letters in the ten standardized Medicare Supplement plans.
Advantages of a Medicare Select Plan
Lower Premiums - premiums for Medicare Select plans can be significantly lower than the premiums for a regular Medigap plans with the same benefits (a Medicare Select Plan N versus a regular Medigap Plan N).
Same Benefits as Medicare Supplement - plans with the same letters have the same paid benefits, but you are limited to which hospitals you may use.
Disadvantages of a Medicare Select Plan
Not Available Everywhere - Medicare Select plans are not available in all states. Insurers only offer Medicare Select plans if they have an agreement with a network of medical providers in a given area.
Must Remain In-Network - in most non-emergency circumstances, the insured won’t receive benefits if they use an out-of-network provider.
Referrals Required - Medicare Select enrollees generally need to get a referral from their primary care doctor in order to see a specialist or other provider in the network.
Is a Medicare Select Plan Right for You?
You may want to consider a Medicare Select plan if:
Your preferred healthcare provider is in the carrier’s network
You need or want lower premiums
You may want to consider a traditional Medicare Supplement plan if:
You want wide, national access to doctors
Your preferred healthcare providers aren’t in the Select carrier’s network
You travel frequently
If you have questions, feel free to contact me. As an independent broker, I have lots of options available and can help choose the best plan for you.