Did you know that there is a health plan that is available that covers things above and beyond what your essential medical plan covers? This is called a supplemental health plan, and it is something that offers you added medical coverage. It may also be bought in order to contribute to paying for costs that are billed to you since they were not covered by your basic medical insurance plan, like co-pays, deductibles, and co-insurance. Of course, it still depends on the supplemental health care plan you opt for.
The Types of Supplemental Health Insurance
Just like your medical health insurance comes in a variety of plans that cover different things, so too does supplemental health insurance. This comes in several types, like vision insurance plans, dental insurance, disability insurance, critical illness insurance, long-term care insurance, Medicare, or Medicaid supplemental plans and supplemental travel insurance, to name some.
How Supplemental Health Insurance Works
Supplemental health insurance plans simply pay benefits to the insured as stated on the policy. The actual amount to be paid and the method by which it is paid out is dependant on the supplemental health insurance plan that is applicable, or the policy terms and conditions. There also exist disease-specific supplemental insurance plans that can cover you specifically for cancer, accidental death, or even disbursement insurance, Medigap, or accidental health insurance.
Who Needs A Supplemental Insurance Plan?
Does a person who has health insurance require supplemental health insurance? Well, to answer this question, one has to be aware of their risk factors and have an idea of how much insurance you are looking for or at least what you would like to be insured for. Supplemental plans are an optional cover, and the choice is yours as to whether you require it or if the benefits are worth what you are paying for. You know your financial status and what you can afford, and also what may be required in the near future. For example, if you are aware that your kids will require orthodontic care, then you could invest in a good supplemental dental plan.
Covering All Ground
Before looking at supplemental health coverage, you have to fully understand what your health insurance plan covers. This is because if you do not know all the benefits your plan offers you, then you could easily land up paying for duplicate coverage or end up paying for more insurance than you actually have to. Health insurance policies vary from plan to plan, and this goes for what they cover and how much they charge as well. Your supplemental health care is meant to cover only what your health insurance won’t.
Choosing Supplemental Health Insurance
What type of supplemental health plan you choose will depend on the funds that you have available to cover emergency medical costs. This means having enough funds to cover what your health care plan wouldn’t should you be hospitalized for whatever reason for a couple of weeks. In addition to savings, consider whether you have an FSA or even an HSA in which to dip into if you find yourself in this predicament. Affordability is a top concern when selecting a supplemental health insurance plan.
Once you have decided on whether or not you will be getting a supplemental health insurance plan or not, you will know whether it will be necessary to book an appointment with a health insurance broker who is more knowledgable on the products to help you decide on a suitable plan for your needs and affordability. You may contact a private insurer or even a broker, the choice is yours.
Supplemental health plans can most definitely serve very useful, especially in unforeseen circumstances as well as for pre-existing conditions, which means preparing for something that you know is coming in the near future. Don’t take risks by not having any savings for medical care or by not finding out what your medical health insurance plan covers because once you are in a hospital bed, it is far too late to realize the shortfalls in your insurance. Be wise, and start looking at your health insurance today – you might need supplemental health insurance!