Other Free Encyclopedias » Online Encyclopedia » Encyclopedia - Featured Articles » Featured Articles: Mobile New Phone - Getting a New Mobile Phone to Department Of Motor Vehicles New York - How to Save Time and Money at the New York DMV - Youth Resources

Health Insurance Supplemental - Purchasing Supplemental Health Insurance Policies

policy care pay expenses

Health insurance policies usually provide comprehensive coverage for most health care needs and conditions. But there are often exclusions and limitations that leave gaps in coverage levels. Supplemental health insurance covers those gaps in health insurance policies, and also can provide coverage for deductibles and copayments of traditional insurance. Some supplemental insurance policies even cover living expenses and lost wages. Just about everyone should consider purchasing supplemental insurance, especially if financing medical care could cause severe financial hardship.

Types of Supplemental Health Insurance Policies

There are several types of supplemental policies that will provide coverage for unpaid medical expenses.

•Medical Supplemental Insurance Policies – these policies supplement traditional health insurance policies, paying for expenses not covered by health insurance. When a serious medical condition occurs, supplemental health insurance policies will help pay for unexpected expenses. They provide cash benefits that cover hospital stays, and can pay daily cash expenses for outpatient care. A supplemental policy can also pay benefits for illnesses resulting in total disability. Basically, a supplemental health insurance policy can help with everyday expenses during an illness.

•Cancer Supplemental Insurance Policies – cancer can be a debilitating illness. It is also an illness that can drain financial nest eggs, as the treatment is very expensive and usually not covered 100 percent by traditional health insurance policies. A cancer supplemental policy will provide cash benefits for such expenses as hospital stays and intensive care, surgery, radiation and chemotherapy, diagnosis, private nursing, blood and plasma, prescription drugs, and even ground and air transportation. There are different plans available that cover different levels of expenses and care.

•Disability Supplemental Insurance Policies – if an individual is disabled and cannot work, a disability supplemental policy will pay monthly income benefits directly to the individual. In a situation where accident or illness precludes the insured from working, benefits will be paid for up to two years. The insured must be under the care of a physician and it must be certified that they cannot perform most of the standard duties of their profession. Supplemental disability policies work in conjunction with Social Security and Worker’s Compensation, and will pay for any shortfalls in replacing an individual’s paycheck. If no other social benefit is available, the supplemental disability policy will provide full coverage. Disability supplemental policies protect against loss wages due to accidents and illness, protecting the family’s income and providing stability in unfortunate circumstances.

•Accident Supplemental Insurance Policies – in the case of injuries due to an accident, or covered sickness, an accident supplemental policy will provide coverage for hospital care and confinement, emergency room treatment, outpatient surgery performed in any setting, ambulance and transportation, medical appliances, and even family lodging. Depending on the type of policy purchased, the insurance can also cover physical therapy, concussions, fractures, accidental death or dismemberment, and even health screenings. Supplemental accident policies pay when other insurance may not pay. There are levels of accident and injury supplemental insurance policies that can fit any budget.

•Medicare Supplemental Insurance Policies – the most popular type of supplemental insurance policy is a Medicare supplemental policy, or Medigap. These policies are sold to people enrolled in Medicare, and are issued by private insurance companies. Medicare policies have deductibles, copayments, and coinsurances that can result in high dollar amounts having to be paid out-of-pocket. A Medigap policy will cover those expenses, especially for hospital and nursing home care. An individual must first be enrolled in Medicare, and after Medicare pays its share of medical expenses, the Medigap policy will pay its share. Some Medigap policies even pay for health care outside of the United States. They also may cover preventive care that is not normally covered by Medicare.

A supplemental health insurance policy is not meant to replace traditional health insurance policies. Supplemental health insurance is meant to provide coverage for those things that the traditional insurance policy does not normally pay. Medical bills are one of the highest reasons people file for bankruptcy protection. An illness can totally wipe out all financial savings if the illness is severe and long lasting. A supplemental health insurance policy can help protect against catastrophic financial bills, and provide individuals and families with the peace of mind of knowing that there is some protection available.

Health Management Degree - Pursuing a Health Management Degree [next] [back] Health Insurance Students - Purchasing Health Insurance Coverage for Students

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or