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How Do I Choose A Supplemental Health Insurance Plan

how do I choose a supplemental health insurance plan

How do I choose a supplemental health insurance plan? A simple definition of what supplemental insurance is may help in providing a better insight into this question. Supplemental insurance is a healthcare plan or coverage that provides you with more cover than minimum essential health coverage. The type of supplemental insurance you buy is dependent on the purpose for which it is intended for. Bear in mind that supplemental insurance plans are not a replacement of your primary healthcare insurance, but are intended to provide additional cover. Some plans will pay you cash benefit over a period of time while others will give you a lump sum to cover your expenses.

How Do I Choose A Supplemental Health Insurance Plan?

How do I choose a supplemental health insurance plan? If you’re on Medicare Part A and B, you can choose a supplemental plan for your dental or eye care. Other supplemental health insurance plan you can have, depending on your needs include:

• Critical Illness Insurance
• Disease-specific insurance
• Accident hospital indemnity policy (or Accident medical insurance)
• Accident supplement policies
• Hospital Indemnity Insurance

Who Should Buy Supplemental Health Insurance?

Who should buy supplemental health insurance? Knowing whether to buy supplementary insurance or not will depend on your projected healthcare needs. For example, if you have a medical condition that requires long term care, buying a supplementary insurance to help you cover some of the hospital costs, is a good idea.

Best Supplemental Health Insurance

The best supplemental health insurance plan for each person varies. What is important is that you consider your peculiar health and financial situation before you decide to buy a supplemental cover. There are different types of supplemental health insurance plans providing varying degrees of cover. If you’re Medicare beneficiary for example, you may buy a Medigap plan to help you pay for deductibles, co-pays and other out-of-pocket costs, which your Medicare plan doesn’t cover.

In some instances, people who already have Medicaid later become eligible for Medicare. Such people won’t need supplemental insurance because these two, provide good coverage.

Is Supplemental Insurance Worth It?

Is supplemental insurance worth it if I have Medicare? This question sometimes comes up due to the similarity between Medicare supplement plans (Medigap) and supplemental health insurance plans for seniors.

While Medicare supplement plans can be bought in the Marketplace, senior supplemental health insurance plans are sold by private health insurance companies, for the health needs of seniors. Also, unlike Medigap which has an enrolment period, senior supplements can be bought at anytime.
So, supplemental insurance may be worth it, if you feel you want more cover than your current plan offers.

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