Popular health insurance plans offer coverage for risks that otherwise can easily break a budget, such as accidents, illnesses or extended hospital stays. But these policies are not intended to cover every possible situation or expense. This coverage gap has led to the creation of a specialized product known as supplemental insurance. The “supplement” is coverage for common expenses that a policyholder is likely to need if and when the original policy starts paying claims.
Supplemental coverage appeals to everyone who desires health insurance but has been most useful for those on Medicare, families with children, self-employed individuals and those who would be devastated by a major health emergency.
Basic policies usually contain deductibles and co-pays. Other common expenses during a health emergency include lost wages, food, medication and transportation. Specific conditions, such as cancer, may also not be completely covered. Supplemental insurance is specifically tailored to address these costs. A wide range of policies and options are available from private insurers.
The best-known supplemental product is Medigap coverage. These plans start paying at the point where regular Medicare Part A or Part B leaves off. Other options include Critical Illness insurance for specific conditions like cancer, Accidental Death, and Hospital Confinement. Depending on the issuing company, these options may pay for covered items or pay a lump sum to allow the policyholder to pursue treatment or meet everyday living expenses. There may be coverage limits and waiting periods before benefits can be paid, so and those interested in purchasing this coverage are advised to figure out what they may or may not need and then shop carefully.
Supplementing your regular health insurance can take care of nagging details that often trouble families in a medical crisis. When the main policy pays the important health care bills, a well-chosen supplement can take care of the little details than drain both wallets and spirits during treatment and recovery. If you are now in good health and considering your coverage options, supplements are well worth looking into.