Life throws many unexpected curve balls. It is always a good idea to plan ahead so that when you are up to bat, you don't strike out. Even with a primary insurance, you can still wind up paying stacks of medical bills in the event of an illness or accident. Supplemental insurance is a good preventative measure against unexpected medical events.
Supplemental insurance is an optional insurance used to help cover the medical costs that a primary insurance may not. This is especially important in the elderly community. The elderly are more prone to illness and accidents, therefore requiring more medical attention. Medicare pays for a lot of medical expenses, but not all of it and a supplemental policy can help cover medical expenses.
There are several different types of covers that offer various benefits. One of the most common types is Medigap. Medigap can be sold by private insurance companies to people who are enrolled in Medicare. Just as the name sounds, Medigap is used in combination with Medicare to help fill in the gaps.
Apart from Medigap, there are many types of covers. Some of these include critical illness insurance, cancer insurance, disability, accidental death, and hospital indemnity. These policies may be available as an optional benefit from an employer, or can be purchased directly from the insurance company. The difference between the policies is the medical benefits received. For instance, an accidental death policy pays out in the event of an accidental death, just as the name states.
A lot of primary insurance policies do not cover the patient for preexisting medical conditions. Supplemental insurance plans may pay for these costs. This takes a lot of worry out of trying to get healthcare for a preexisting condition, especially with the elderly, who require good medical attention and a sound insurance plan. Unfortunately, supplemental insurance companies don't pay for preexisting condition prescription drugs. There are drug discount cards available to offset the costs of prescription drugs.
Supplemental insurance benefits are paid directly to the policy holder. A primary insurance policy pays the doctor or hospital. The payments do not have to be used for medical expenses. A lot of the time, payments are used to pay back the policy holder money they already put into medical expenses.
Supplemental insurance is usually much less expensive than a primary insurance. This is because supplemental insurance is only intended to cover the small portion of medical expenses that the policy holder's primary insurance doesn't pay. With a supplemental insurance only covering a small portion of the benefits, the premium is almost always substantially less than the primary.
In an economy where money is tight and every penny counts, it is important to have medical coverage to make out-of-pocket expenses minimal. Being vulnerable to illnesses and accidents can be scary, but with a supplemental insurance, there is no need to worry about the "what ifs" in life. Supplemental insurance is an affordable way to combat the overwhelmingly high costs of medical care.
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