If you are shopping for Medigap coverage to supplement Original Medicare, you have probably seen both Medicare Supplement plans and Medicare SELECT. Though they sound alike, their differences can have a huge impact on your costs, the doctors you see, and how flexible your coverage is.

Below, this Supplemental insurance broker in Wanatah, Indiana is going to explain the main differences between the two.

What is a Medicare Supplement plan?

A Medicare Supplement plan is private insurance that covers out‑of‑pocket expenses left by Original Medicare (Part A and Part B). This includes costs like copays, coinsurance, and deductibles.

All Medigap plans are standardized by federal rules. So, a Plan G from one company will cover the same as a Plan G from another. It also means that Plan G in Indiana will be the same as Plan G in Florida.

Plan G is the most popular choice for new Medicare enrollees. Nearly 5.3 million people (39% of all policyholders) had it in 2023. Plan F used to be more common, but it is not available to anyone who became eligible for Medicare after January 1, 2020.

Plan N is the next most common and covers nearly 1.4 million people. It is somewhat like Plan G, but it may include extra copays. It also does not cover Part B excess charges.

Once you have a Medigap plan, it is guaranteed to be renewable. If you keep paying your premiums, your insurance company can’t drop you, even if your health changes.

There is also a six-month Medigap Open Enrollment Period. It starts when you enroll in Medicare Part B and are 65 or older. During that time, you can’t be denied a plan or charged more because of health conditions.

The main reasons people like Medicare Supplement plans include:

• You can see any doctor who accepts Medicare.
• Your coverage works anywhere in the U.S.
• Benefits don’t change based on where you live or travel.

Not exactly sure which option is right for you? Your local Supplemental insurance broker in Wanatah, Indiana can guide you toward the most suitable plan for your needs.

What is Medicare SELECT?

Medicare SELECT is a version of Medigap. The coverage is the same as standard Medigap, but you need to use doctors and hospitals in the plan’s network to get full benefits, except in emergencies. Because of this network setup, Medicare SELECT plans usually have lower monthly premiums.

Like other Medigap plans, Medicare SELECT still follows the same lettered plan structure. So, a SELECT Plan G offers the same benefits as a standard Plan G.

These plans are not available everywhere, however. It depends on whether you live in an area with a provider network that supports it. Some ZIP codes may not have access at all.

Who should consider Medicare SELECT?

Medicare SELECT is ideal for people who are okay with staying within a set network of doctors and hospitals. If you live in one area full-time and rarely need care outside your network, this type of plan could save you money.

Some people prefer Medigap because they want more choice. If you travel more frequently or need to see different doctors, traditional Medigap gives you more freedom.

Can you switch between the two?

You can, but there are rules. If you move from Medicare SELECT to standard Medigap within the first year, or during your six-month Open Enrollment window, you can skip medical underwriting.

Outside those times, you may have to go through underwriting. That means the insurance company can look at your health and decide whether to accept you or charge more.

There are some exceptions. If you lose coverage from an employer, move out of your plan’s area, or are affected by fraud, you might qualify for a guaranteed issue right. This lets you get a Medigap plan without underwriting, even outside the usual time frames.

These protections don’t apply if you are simply switching plans by choice.

Do you want to know if you qualify for one of these rights? If so, a Supplemental insurance broker in Wanatah, Indiana can help you figure it out.

Looking for a Supplemental Insurance Broker in Wanatah, Indiana?

If you are looking for a Supplemental insurance broker in Wanatah, Indiana who can help you understand your options, Senior Care Insurance Services is here for you. We can help you compare premiums, networks, and eligibility so you can make the best decision for your health and budget. Contact us today to schedule an appointment with our agents.