While Medicare Supplement (Medigap) plans can provide you with the best coverage available, it might come at a price. On average, the cost of a Medigap premium ranges from an average of $100 to $200 per month. A Medicare SELECT plan typically has a lower premium than the rest of the plans.
Unfortunately, there is a tradeoff. For the lower premium, you receive limited coverage.
How Does a Medicare SELECT Plan Work?
Medicare SELECT, much like other Medicare Supplement plans, work to fill the gaps in your Medicare coverage. There are ten standardized supplement plans. Any of these ten plans are available as a Medicare SELECT plan. To enroll in one of these plans, you would enroll the same way you’d enroll in a Medicare Supplement plan.
Because these plans emulate standardized Medicare Supplement plans, the coverage offered is the same. For example, if you got a Plan G as a Medicare SELECT plan, it would cover:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Medicare Part A deductible
- Medicare Part B excess charges
- Foreign travel emergency (up to plan limits)
Much like a standard Medicare Supplement plan, Medicare SELECT plans pay the portion of costs not covered by Medicare. This could include out-of-pocket expenses, coinsurance, and copayments.
Each month, you will have to pay a premium for a Medicare SELECT plan. This premium comes in addition to your Medicare Part B premium that you will continue paying. Additionally, Medicare SELECT plans do not include prescription drug coverage, but you can typically get covered for a low cost by enrolling in Medicare Part D.
These plans charge less money for the services provided but prevents patients from going to any provider they want. These strict network requirements may mean you might not get to visit your doctor of choice. It is important to consider this when considering this plan.
Should I Get a Medicare SELECT plan?
These policies are extremely similar to Medicare Supplement plans. They both fill the gaps of coverage in Original Medicare and cover any additional costs. However, it might be wise to think about getting a regular Medicare Supplement plan over a Medicare SELECT plan.
You can enroll in a Medicare SELECT plan during the same time period you would enroll in a Medigap plan. This time period lasts six months and starts after your Medicare Part B takes effect. If you decide that a Medicare SELECT plan is not for you, you are able to disenroll within a year after enrolling. During this time, you are free to enroll in a regular Medicare Supplement plan.
Medicare SELECT plans might not be available in your area. These plans are not as widely available as normal Medicare Supplement plans. This could mean you would not be able to receive coverage for your location.
These plans also offer a strict network of providers for non-emergency, Medicare covered services. If you visit a doctor or hospital that is not in this Medicare SELECT network, you will receive Medicare coverage (as long as the doctor or hospital accepts Medicare), but you will not receive the benefits of filling the gaps in Medicare.
How GoMedigap Can Help
There are many options when it comes to buying Medicare Supplement plan. For some, a Medicare SELECT plan might be beneficial. We encourage you to look at the pros and cons of this plan before signing up.
Instead, we recommend a Medicare Supplement plan. These plans cover the gaps in your Medicare insurance, and allows you to have the freedom of going to any healthcare provider you wish. While they might come at a higher price, it might be worth it to ensure you get complete coverage.
Nothing on this website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.