A Beginners Guide to Supplemental Insurance


With so many insurance plans on the marketplace, making sure you are fully covered for emergencies can be a challenge. If you receive insurance through your employer, can only afford a limited plan, or have Medicare, your coverage may not be enough to meet your needs. Supplemental insurance is designed to fill the gaps in coverage to ensure that all your costs are covered.


What Is Supplemental Health Insurance?


Supplemental health insurance plans are designed to help cover specific health issues. Most health insurance plans are broadly defined and may be limited to certain common coverages. Supplemental insurance helps cover specific health issues that not everyone necessarily needs. You can purchase supplemental insurance through your current insurance provider, on your state’s marketplace, or directly from an insurance provider.


What Are The Different Types Of Supplemental Health Insurance?


There are several different varieties of supplemental health insurance offered by companies including:


Accident: Accident insurance is for medical expenses because of an accident. Accident insurance is often paid in one lump sum, used to cover all treatments – from diagnosis to aftercare. Accident insurance is generally a good idea for healthy people who have high deductible insurance plans.


Critical Illness: Critical illness insurance covers sudden major sickness like cancer, heart attack, or stroke. These illnesses can be extremely costly and may require more coverage than normal insurance plan provides. Many times, they are illness-specific, if you have a high risk or a family history of a certain illness, you may consider investing in critical illness insurance.


Dental: Dental insurance covers any dentistry including routine cleanings and major events like a root canal. Dental insurance is recommended when your larger insurance plan does not include dental care.


Hospital: Hospital insurance covers the costs of hospital stays, as well as transportation to and from the hospital, and sometimes childcare. Many insurance companies cover hospital stays but for a limited time. This insurance is recommended for people who may be facing an extended stay, have families, or have a limited number of days covered by the insurance company.


Long-Term Care: Long-term care is an insurance policy designed for planning your future. Long-term care not only covers the expenses down the road, it can help you have more choice when it’s time to decide the best medical care and treatments. Long-term care is recommended for everyone, especially people with families or planning for retirement.


Metal Gap: Metal gap insurance helps you cover the gaps in the different metal tiers of an insurance plan (silver, gold, platinum). It is a lump sum paid out when you need a little extra to cover your deductible or copays. Metal Gap is recommended for people with the lower levels of metal-tiered insurance plans.


Vision: Vision insurance covers eye care such as eye tests, glasses, and contacts. It is recommended for people who need vision care but the service isn’t provided under their insurance policy.


Medicare Supplemental Insurance Plans


Like private insurance policies, Medicare also has coverage gaps. There are a few types of Medicare supplemental insurance you can invest in to make sure you are fully covered:


Medigap Plans: Medigap helps cover the extra expenses Medicare does not cover such as preventive care, hospital stays, and long-term care.


Medicare Part “D”: Medicare part “D” helps cover the costs of pharmaceuticals


There is also a program called Medicare Advantage that is not necessarily supplemental but combines part “A”, part “B”, and part “D” so that you are fully covered.


How To Choose The Supplemental Health Insurance Plans That Are Right For You


First, you will need to review your current insurance plans to see if there are any gaps in coverage. Then, you need to assess your personal circumstances such as whether you have dependents, a high risk of a certain illness, or simply need glasses. From there, you can add supplemental insurance a la carte to your current policy, depending on your needs. If you need help choosing the right supplemental insurance, ((company)) can help. We’ll help answer any questions about the specific supplemental policies available and help you pick the ones that are right for you.

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