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Supplemental Insurance

Be Informed on Supplemental Insurance

Health insurance will only protect a policyholder to a certain, often insufficient, point and uncovered expenses can easily start to add up over time. In these instances, good supplemental insurance coverage can help in a big way. Medical costs that this type of plan covers will include deductible, co-payments, and co-insurance costs. Many plans will also provide coverage for the care provided while being outside of the United States. This type of insurance coverage is also known as “Medicare Supplement Plan” or “Medigap.”
“Medigap” policies which, is for all those who carry Medicare Part A and Part B can qualify to purchase this coverage from licensed insurance providers in their state. Keep in mind that this protection is intended for individuals only. It is important that your spouse understands that he or she will need to obtain a separate insurance plan. Also, most insurance companies will not cover you if you are already enrolled in a Medicare Advantage plan (Part D).

All who meet or exceed the above-mentioned eligibility parameters should consider applying for Medigap coverage. The best time for this is during open enrollment, which is the first six months after reaching 65 years of age or after having been enrolled in a Medicare Part B plan. The insurance companies do not charge excessive premium rates due to pre-existing conditions and you are guaranteed coverage. (However, the insurance company is allowed to deny coverage or charge higher premiums for those applying during times outside of open enrollment.)

You can also enroll in dental, vision, and accident insurance under this type of plan and they work similarly to how the medical plans do. The main exception is that for an accidental policy you are mandated to choose a level of coverage the same as you do with your primary accident policy. Dental and vision policies are normally as inexpensive as the primary policies for this kind of plan.

A supplemental plan may be perfect for you if you, for example, are often visiting the doctor. Patients who see their doctors multiple times monthly or annually will get more value in carrying a supplemental insurance policy. Certainly, if you have a chronic sickness and are in the doctor’s office or hospital several times annually, then supplemental coverage will likely easily pay for itself after not too much time and provide invaluable peace-of-mind to allow you to focus on getting well, rather than the stress of having to pay these costs out-of-pocket.