Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Each Medigap plan can be offered as a "select" plan. The premiums for these plans are generally less than those of the traditional Medigap plans, however, they require you use in-network doctors and hospitals (much like how an HMO works) to receive full benefits (except in the case of an emergency). If you use a provider outside of the network, you may be responsible for the co-insurance that is not covered under Original Medicare – as long as you use a doctor/hospital that accepts Medicare,
If you buy a select Medigap plan and decide you would rather have a standard Medigap plan, you can change it to the standard plan within 12 months of when you started the coverage.
A common question with select plans is "if I move, can I take my coverage with me?”. Under select Medigap plans, you would have a guaranteed-issue right to purchase a new Medigap plan – which plans are available depends on your zip code as not every plan is available in a given location. If applying for a new Medigap plan via a guaranteed-issue right, you can apply as early as 60 calendar days and up to 63 days after your coverage ended to buy a plan. Under a standard plan, you can take the plan with you as they are guaranteed renewable and have no networks.
I hope the information is helpful - please feel free to contact me for help, including quotes and plan comparisons, and if you have any other questions. Thanks very much.
Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
In addition to what Jason stated, I'd also like to point out that not all insurance companies offer Medigap Select plans. In fact, the insurance companies that offer Medigap Select Plans often are the major companies advertising online. Their premiums are usually high and to make the Medigap Plan more 'affordable', they offer the Medigap Select.
One of the great benefits of having a Medigap Plan is your freedom to choose any Medicare provider without the boundaries of a network. Getting a Medigap Select Plan will limit your freedom. While you may be happy with your local in-network hospital, if you want to see a cardiologist in a neighboring state, you'll be out of luck on a Select Plan.
There are dozens of insurance companies that offer Medigap Plans at affordable prices. I've never had to offer my clients a Medigap Select Plan F, G or N because I've always found them an affordable Medigap Policy by taking the time to shop the Medicare Supplement market.
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If you buy a select Medigap plan and decide you would rather have a standard Medigap plan, you can change it to the standard plan within 12 months of when you started the coverage.
A common question with select plans is "if I move, can I take my coverage with me?”. Under select Medigap plans, you would have a guaranteed-issue right to purchase a new Medigap plan – which plans are available depends on your zip code as not every plan is available in a given location. If applying for a new Medigap plan via a guaranteed-issue right, you can apply as early as 60 calendar days and up to 63 days after your coverage ended to buy a plan. Under a standard plan, you can take the plan with you as they are guaranteed renewable and have no networks.
I hope the information is helpful - please feel free to contact me for help, including quotes and plan comparisons, and if you have any other questions. Thanks very much.
One of the great benefits of having a Medigap Plan is your freedom to choose any Medicare provider without the boundaries of a network. Getting a Medigap Select Plan will limit your freedom. While you may be happy with your local in-network hospital, if you want to see a cardiologist in a neighboring state, you'll be out of luck on a Select Plan.
There are dozens of insurance companies that offer Medigap Plans at affordable prices. I've never had to offer my clients a Medigap Select Plan F, G or N because I've always found them an affordable Medigap Policy by taking the time to shop the Medicare Supplement market.