For many seniors, Medicare is a big help. It covers a substantial amount of medical bills. But, it wasn’t designed to pay for everything, and it doesn’t. Unfortunately, if you rely exclusively on Medicare to pay your health care bills, you could be facing significant out-of-pocket costs.
With a number of different benefits and plans to choose from, finding one that fits your needs isn’t complicated. But if cutting costs is your goal, the money-saving Med-Select option may be the right choice. Here’s how this option can help you save on Medicare Supplement premiums.
Understanding the Med-Select Option
Medicare Supplement insurance is offered to anyone with Medicare. While each plan is different, some plans are available in both a “standard” option and a reduced premium version, or Med-Select option. Both the standard and the Med-Select options offer identical benefits but have different restrictions.
With Med-Select, you pay a reduced premium in exchange for agreeing to use one of the hospitals in the Medicare Select Network for all of your treatment. Med-Select plan benefits are the same as standard plan benefits, but premiums cost less. For example, if you choose Plan F, either Med-Select or Standard option, your Part B deductible will still be covered, as will any excess charges.
Protect Yourself From the Bills Medicare Won’t Pay
Medicare Select is available as an option only with certain plans, and companies are not required to offer Med-Select with every available Medicare Supplement standard plan. With the Med-Select option, you agree to use one of the Med-Select hospitals for all non-emergency care. If you do not, then you are responsible for paying the Part A deductible and any other non-covered charges.
Only certain hospitals are network providers and it’s important to check with your doctor to see if he or she is included. To qualify for the Med-Select option, you must live within 30-miles of a hospital in the Medicare Select Network.