To Select or Not to Select
By rwevenson91601593, Dec 8 2017 07:33PM
When a person obtains Part A and Part B of Medicare they purchase a Medicare supplement contract from an insurance company. Medicare supplement insurance can help cover the expense's that Medicare approves but does not pay. Medicare supplement plans are standardized and must follow both federal and state laws. Plans are identified by letters- A,B,C,D,F,G,K,L,M &N and it does not matter which insurance company you purchase your plan through all plans identified by the same letter have the same benefits. Medicare Select may be an option for some beneficiaries. Medicare Select policies are just like the standardized plans. However each Select plan has specific hospitals and, in some case, doctors that you must use to be eligible for full benefits (medical emergencies are an exception). If you do not use the narrow network, Medicare will still pay its share of approved charges. However, the Select plan would not be required to pay any benefits. Premiums maybe lower because you are using a narrow network of hospitals. To Select or Not to Select, To save a few pennies now or many dollars later.