, or as it’s more commonly known as Medicare Supplements
, plans combine with your client’s Medicare Parts A and B coverage for their health care costs. Some Medicare beneficiaries choose to pay premiums to private insurance agencies; thus, when they are in need of health care both their Medicare and Medicare Supplements cover the costs.
These supplemental insurance policies are standardized by the Centers for Medicare and Medicaid Services and all of the insurance companies offering Medicare Supplements offer the same plans to consumers.
Medicare Select insurance is also available, for a lower cost, from the same private insurance companies. In a variety of plan choices, Medicare Select plans work with Medicare just like Medicare Supplements. This means when your client buys a Medicare Select plan, they are buying a Medigap policy
Medicare Select offers all of the great benefits of a traditional Medicare Supplement but costs approximately 15 percent less. Medicare Select is not an HMO. Your clients do not surrender their Medicare benefits and they are not assigned a physician.
Your clients can visit their health care providers of choice, without the need for approval or pre-certification. If hospital care is needed, your clients may visit any of the hospitals that are affiliated with their Medicare Select insurance policy, in a network of participating hospitals.In the absence of emergency confinement, they must use one of the network hospitals.
With a Medicare Select policy, clients agree to go to a hospital in their company’s network of hospitals (except in some emergency situations). In return they will have lower premiums, approximately 15 percent less, making their supplemental insurance more affordable. Also, Medicare Select plans tend to have fewer rate increases due to their smaller risk pool.
Medicare Select plans are now available in the following states: Alabama, Arizona, Colorado, Florida, Georgia, Kansas, Louisiana,Mississippi, Nebraska, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee,Texas, and Utah.