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When to consider supplementary health insurance



Supplementary health insurance can cover expenses that your regular health insurance plan does not cover. Many older adults buy this type of plan when they go to Medicare. Younger individuals may also consider supplementary health insurance to pay deductibles, deductibles, co-insurance and other expenses that may arise in the event of a serious accident or illness.

If you are under 65 and not yet on Medicare, you may want to consider supplementary health insurance if you are not sure that you and your family are well protected with your primary health plan. Factors to consider include the cost of the plan over time and how likely you and your family are to use it.

Types of supplementary health insurance

Different types of supplementary health plans provide different types of coverage. The following are some of the most common types.

Medigap

Medigap is a supplementary health insurance for people on Medicare. It can only be purchased by people who are enrolled in Original Medicare ̵

1; not by those with Medicare Advantage plans. It is designed to cover some or all of the cost sharing costs with Medicare. These include deductibles and co-insurance for doctors and outpatient care, deductibles for inpatient care and hospital stays longer than 60 days. A Medigap plan does not cover services that are not covered by Original Medicare, such as dental care and long-term care.

There is no ceiling for out-of-pocket expenses with Original Medicare. If you buy a supplementary health insurance from Medigap, the plan will provide secondary health insurance. First, Medicare will pay its share of the costs covered, then your Medigap insurance will cover the rest, up to the insurance limits.

Supplementary health insurance for critical illness

This type of insurance is called disease-specific insurance. It is designed to cover healthcare costs associated with serious illnesses, such as cancer. A critical illness plan only pays for certain specific medical diagnoses listed in the policy – not for any other serious illness. For example, depending on your family history and your personal health history, you may want to consider heart attack and stroke insurance or cancer insurance. These insurances can be paid out in a lump sum or cash benefits for treatments and covered events during the duration of the illness.

Hospital Insurance Insurance

This extra coverage provides cash benefits if a serious illness or injury limits you to the hospital. It is designed to pay for medical services and products that are not covered by your regular health insurance. There may be a necessary minimum waiting time before the benefit payments start. Benefits can be paid in a lump sum or as weekly or even daily payments.

Talk to our friendly agent

Even young, healthy, healthy people can be injured in an accident or suffer from a serious illness. It can be difficult to weigh the pros and cons of supplementary health insurance, because you never know what the future will bring – or will not bring – in terms of health opportunities. Our agent can help you choose the best options for the health protection you need at the best available prices.


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