The Usefulness of Supplemental Insurance
Supplemental insurance is useful because it stretches your insurance coverage. It is not a policy of its own, but works with other insurance policies. It is a wise option for those who seek coverage for medical bills after primary insurance is depleted. Medical emergencies, private room and private duty nurses, hospital meals, and testing and supplies increase medical bills. If these costs are not covered by primary medical insurance, then the cost can be astronomical.
Insurance supplements are available from several insurance companies. Policyholders pay a monthly premium for these benefits. An example of supplemental insurance is hospital indemnity insurance. This offers cash benefits for services covered in the plan, such as outpatient services and emergency room visits. Policies can also be purchased that pay out-of-pocket expenses for certain medical conditions, such as heart surgeries, cancer or stroke.
Nearly any condition, including dental and eye care, can be covered under supplemental medical insurance. It can pay things like co-payments, coinsurance, and deductibles. Some plans offer immediate payment without deductibles or waiting periods. Just remember these policies work with fuller medical coverage already in place.
Before deciding what to do, weigh the costs of supplemental medical insurance versus the benefits. Some policies cover specific illnesses, and will not pay out for anything not meeting fixed criteria. Others might cover only inpatient care. Also keep in mind that the higher the premium, the greater the coverage. This coverage is ideal for anyone who might find future medical care too prohibitive without a supplemental policy.