Medicare is nothing but an expansive healthcare system. It has a lot of small add-ons that serve the ultimate purpose of helping elderly people afford their medical bills as they grow old. Medicare SELECT is one of these add-ons which benefits the elderly. In simpler terms, it is a Medigap policy that confines your treatment options to a local group or a ‘Select’ group of hospitals and doctors. This can be financially beneficial to a lot of people, but it’s not offered everywhere. Here’s what you need to know about Medicare SELECT.
What Is Medicare SELECT? And How Does It Relate To Medicare And Medigap?
Medicare mainly services people aged 65 and above. There are also people below 65 who qualify for coverage due to any disability or because they have end-stage renal disease. Primary coverage options come into two parts – A and B. These plans cover varying costs such as hospital stays, doctors’ visits, medical equipment, etc. The part C of Medicare is called the ‘Medicare Advantage Plan’.
It is a private plan that offers the combined coverage of both parts, A and B, and also includes coverage for dental care, vision, and sometimes prescription drugs. Part D is the final part and it covers prescription drugs exclusively.
Supplemental coverage is also available for you. It will help you pay for everything that Medicare doesn’t. These include costs like:
– Any deductibles for part A and part B.
– Coinsurance payments for part A and part B.
– Hospital costs for a 1 year past Medicare’s coverage.
– Three units (usually pints) of blood.
– Foreign travel insurance.
Each supplemental plan is also known as a Medigap plan which covers varying percentages of costs. The monthly premium increases if you get more coverage on this supplemental plan. The Medigap plans are divided into 10 lettered parts – A, B, C, D, F, G, K, L, M, and N. Medicare SELECT is another form of supplemental coverage.
It covers everything which a normal supplemental coverage plan covers, but it restricts the hospitals and doctors you can get treatment from. This makes the monthly premium less costly, but at the same time it can prevent you from getting the absolute best care from a Medicare-approved physician.
Where To Get And Use Medicare SELECT
Medicare SELECT is not available in every city or county of the country. Even though insurance companies are allowed to develop programs in every state, it may still not provide coverage in your region. Even if it is available in your specified area, it might not cover all services. You will be forced to pay an additional 20 percent for costs that aren’t covered in Medicare Part B if you go outside of the Medicare SELECT-approved doctors for consultation.
You will also be obliged to pay all other costs which aren’t covered by your Original Medicare or Medicare Advantage plan. You should research and compare multiple insurance companies and find out which services are covered by them in your area. Then you can look at the rates for coverage offered by them and decide if it is worth getting a SELECT plan or a regular Medigap plan. You can check the Medicare website to find various Medigap policies, like SELECT, and check whether or not it’s available in your area.