Supplemental insurance is exactly what its name implies. Its purpose is to provide additional insurance in combination with your existing health insurance coverage. It assists you in paying for more health care services and to help cover extra expenses, all of which your primary medical insurance will not pay for. It functions as an add-on to your normal policy and is one example of what is referred to as “gap” insurance. Gap insurance is most often utilized in conjunction with Medicare and has the more specific name of “Medigap” coverage. This helps in paying the “gaps” that are not covered by Medicare. Prime examples would be deductibles and copayments.
However, supplemental insurance is not limited to those only on Medicare. It is also offered to normal health care consumers. Unlike most coverage payouts, supplemental benefits are paid directly to the insurance consumer. Often it is taken advantage of when the insured is somehow unable to function normally due to illness or an injury. In order to keep the bills paid, this is what might be necessary. The money received is used for payment of non-medical costs like one’s mortgage or utilities and other bills. This kind of payout is used at the insured’s own discretion.
Throughout the years benefits from the major health plans have decreased as prices have increased. In tandem supplemental coverage has also increased. The desire for such insurance might very well grow as a result of the Affordable Care Act’s period of adjustment.
Supplemental benefits are often only available after a certain waiting period, so it is best to obtain it before it might be needed. Notably, vision and dental may not be covered by many insurers, so be sure to shop wisely.
When one becomes disabled, hurt, or ill, supplemental insurance can be very helpful for the insured. It is also handy to help new families with paid maternity leave and other forms of relevant gap coverage. Here also the benefits are paid to the person insured directly. For those struggling to start a family, infertility supplemental coverage is also available. Note that most health insurers do not cover this form of treatment at all.
Medicare is not the only viable place for gap coverage. Remember, there is also extensive coverage that is meant to supplement your basic policies and it can be very helpful. Contact your agent for more information.