What type of policy is a Medicare SELECT policy?

A Medicare SELECT policy is specifically categorized as a Medicare supplement policy with restricted network provisions. This means that it requires beneficiaries to use a particular network of hospitals and providers in order to receive full benefits. If the insured chooses to go outside this network for services, they may have limited coverage or incur higher out-of-pocket costs.

This type of policy is designed to help control costs by encouraging members to seek care within a designated network, ultimately allowing the insurance provider to negotiate better rates and manage healthcare expenses more effectively. By understanding this key feature, consumers can make informed choices about their healthcare coverage and financial responsibilities under a Medicare SELECT plan.