Supplemental insurance helps pay expenses that most policies don’t cover. It’s most commonly purchased by Medicare recipients. Medicare doesn’t cover all medical expenses. But if you have supplemental coverage, then that policy will handle what Medicare doesn’t. Supplemental coverage doesn’t replace your traditional policy, but it works in conjunction with it.
You can pay your living expenses with supplemental insurance. Most insurance policies don’t include living expenses. They usually pay a portion of medical care and medications, but nothing else. But a supplemental policy might help pay for things such as utilities.
Deductibles are another expense that this type of policy might cover. Some people have a difficult time paying their deductibles. But that’s not a problem when you have supplemental insurance. It’s the same with copayments. Some copayments are expensive, and difficult for some people to pay. A supplemental plan can help pay that expense so you get the help you need.
Situations such as long-term care, nursing home living, and hospice care are often paid by supplemental policies. Basically, if Medicare doesn’t cover the expense, then supplemental coverage can possibly fill that gap. As with most insurance, you’ll have to pay a monthly premium to keep the policy active.
It’s possible that you don’t need supplemental coverage. It depends on your financial situation. Consider what you’re currently paying for medical expenses. If you’re not happy with your present coverage, then perhaps supplemental insurance is worth considering.
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