4 Facts about Supplemental Health Insurance

Supplemental health insurance can be used for a number of different purposes. Adding some benefits to your primary health care plan can be a good idea depending on your situation. Some insurance policies do not require that you get supplemental coverage because they cover everything. However, sometimes you need all the extra benefits you can get. Here are some facts that you should know about supplemental health insurance. 

1. Can Pay Cash

Some types of supplemental health insurance is designed to contribute cash to its policyholders after an injury or illness. Certain supplemental coverage are designed to reimburse you for any time that is missed from work. There are no restrictions on what you can do with the cash either. You can pay the rent, make your car payments, buy groceries or whatever else you need to do. The idea is to provide you with an income on the short term if you have to miss work. This is a great benefit to have if your current policy does not allow for this type of coverage.

2. Covers Medicare Gaps

One of the most common problems that seniors face is covering the gaps in their Medicare coverage. Depending on whether you have Medicare Part A or Part B, you will be faced with some serious gaps in coverage. If you don't have Part B, there is no allowance for doctor visits, medication, outpatient surgery, or a lot of other common things that you may need. What supplemental health insurance can do in this situation is help fill in those gaps for a less expensive price than buying a full life insurance policy on your own. There are many different supplemental policies that you can get to supplement Medicare and choosing the best policy is an individual decision. If you are in need of Medicare gap insurance, make sure that you do your homework before you decide on a policy. Sometimes, these policies will have caps on the amount of benefits they provide and leave seniors with a large bill to pay.

3. Specific Needs

Another type of supplemental policy is designed to cover you if you get a specific type of disease or illness. It might not be an umbrella-type policy that covers all conditions that you might experience. It may only cover a certain amount of conditions and they only pay if you come down with this. This is handy if your primary policy does not cover certain things. You can then add supplemental coverage to take care of what is not covered. If you come down with one of the specified conditions, the supplemental insurance policy will pay you cash. 

4. Specialty Treatments

If you have a rare condition that requires a specialty treatment, your primary insurance company may not cover it. If your company does not cover the treatment, you can possibly obtain coverage from a supplemental policy. They may pay you in cash as a reimbursement or make a direct payment on your behalf. 

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