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Medical Supplement Insurance
1111111 The extra or additional insurance that can be used to help people pay for services and out-of-pocket expenses not covered by regular insurance is known as medical supplement insurance. Some of the usual out-of-pocket expenses that can be paid for using supplemental insurance include deductibles, co-payments, and coinsurance. Some supplemental plans even give you a cash benefit payout either as a lump sum, or spread out over a period of time. This cash can be used for eligible expenses such as covering any lost wages, transportation as a result of health condition, food, medication, and other expenses that are illness or injury-related. It is important to note that medical supplemental insurance is not a full health insurance substitute, it is just more of it.
Types of Medical Supplemental Insurance
There are three main types of supplemental insurance:
1. Critical Illness Insurance
2. Accidental Death Policies
3. Hospital Indemnity Insurance
Critical illness insurance allows patients with serious, life-threatening conditions such as cancer to have any financial burdens eased. These policies will generally give a lump sum payment to help pay for additional costs not covered by regular health plans or disability coverage. Accidental death policies help pay beneficiaries of people who died in accidents a lump sum of money in cash. If the policy holder, instead of dying, has a limb dismembered, for example, the policy will then pay the beneficiary a smaller amount of money spread out over time. Finally, if a patient is confined to staying in a hospital due to an injury or illness, the hospital indemnity insurance would pay either a lump sum of money or partial payments over time after an initial waiting period has passed. These are the typical situations that regular health insurance plans may not cover and can be paid for with supplemental insurance.
Medigap is basically supplemental insurance for Medicare participants. While Medicare provides a lot of coverage, there are still areas, or gaps, that are not covered. People participating in Medicare plans can cover these shortcomings with Medigap insurance. Costs such as co-pays and deductibles can also be covered using Medigap.
Supplemental medical insurance is an efficient way to get additional coverage for such things as doctor’s visits, diagnostic tests and hospitalization. Even when people have health insurance, the supplemental insurance can provide added coverage at a time when they need it most. These policies are great for keeping people out of debt and mitigating the chances of bankruptcy, thus enabling policy holders to focus on their health and getting back to work. Even with a very comprehensive medical plan, there are still many decisions and substantial out-of-pocket costs that individuals and families are constantly having to shoulder. With rising costs and volatility in health care, supplemental insurance is a great way to get some piece of mind by being able to face these challenges. By giving supplemental insurance some serious consideration and discussion with a healthcare professional, the advantages of using supplemental insurance to complement regular health insurance are crystal clear.