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What is supplemental health insurance?

Supplemental Health Insurance Protects Your FamilySupplemental health insurance is a health insurance policy, which helps to pay for medical expenses that are not covered under your regular health insurance policy. If you find your policy is missing coverage, a supplemental policy might help you make your insurance coverage complete.

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According to the Department of Labor, supplemental health insurance often helps pay the costs of coinsurance, deductibles, and benefits not covered under Medicare or under a private insurance policy.

What does supplemental insurance for Medicare cover?

Supplemental insurance for Medicare is probably one of the most recommended forms of supplemental coverage. Many seniors are on a fixed income, so it is extremely important for them to have complete coverage on an insurance policy. A supplemental policy for Medicare is designed to fill the gaps of Medicare at an affordable rate.

Supplemental Medicare policies are sold by private companies, which are approved by Medicare. If Medicare does not approve it, you should avoid purchasing the policy. These policies are also referred to as Medigap policies.

Medicare supplemental insurance helps pay for expenses that are not covered under Medicare. For instance, according to Medicare, deductibles, coinsurance, or copayments that are not paid by Medicare are often paid out on a supplemental policy.

According to the South Carolina Department of Insurance, you must enroll in a supplemental health policy within six months after enrolling in Medicare Part B. Many insurance companies will deny coverage if you do not sign up for a Medicare supplemental health insurance policy within the designated period of six months.

Be sure and review your Medicare supplemental insurance policy, as many do not offer prescription drug coverage. However, you can purchase a supplemental policy to cover prescription drug benefits.

What does a supplemental maternity policy cover?

A supplemental maternity health insurance policy is usually purchased as a rider to private health insurance. Under the rider or supplemental policy, coverage usually includes:

  • Physician visits
  • Sonograms
  • Prenatal vitamins
  • Hospitalization
  • Fertility
  • Laboratory tests
  • Anesthesiology
  • Sterilization

What types of supplemental medical policies are in existence?

A supplemental medical policy is available for:

  • Cancer
  • Critical illness
  • Critical care
  • Accident
  • Accidental death and dismemberment
  • Long-term care
  • Hospitalization policy

Although the policies vary, benefits usually include helping pay for:

  • Deductibles on your primary insurance
  • Experimental treatment

Expenses for:

  • Travelling
  • Childcare
  • Emergency services
  • Organ transplant
  • Living expenses
  • Help around the house

What should I look for in a supplemental cancer policy?

When buying a supplemental cancer policy, it is important to review the policy carefully. Cancer policies should not only cover hospitalization, but also more importantly cover the medications and treatments like radiation and chemotherapy. In addition, the policy should cover illnesses that are non-cancer related. When fighting cancer, it is very common to suffer from other illnesses because your immune system is greatly compromised.

It is also important to make sure the policy has:

  • Hospice care
  • Nursing care
  • Home health care
  • Rehabilitation services at an assisted living facility or nursing home

More often than not, these benefits are left out and they make up some of the most crucial benefits when fighting cancer.

What should I look for in a long-term care policy?

Long-term care policies help cover the long term care of medical expenses which result from the insured suffering from a debilitating disease like Alzheimer’s. The coverage helps provide for services to help the caregiver and insured. Benefits include:

  • Home health care
  • Hospice care
  • Assisted living care
  • Nursing home care
  • Respite care for the caregivers
  • Adult day care

Long-term care policies are sold through medical insurance companies and life insurance companies. However, if you suffer from a pre-existing condition, many insurance agencies will not provide insurance to these individuals.

If you are unable to pay for a long-term care policy, speak with your state department of insurance to see if they can help you financially.

Do I need a supplemental health insurance policy?

According to the National Association of Insurance Commission, you may not need a supplemental policy for catastrophic events like cancer. A major medical policy should provide you with the coverage you need to provide you with the benefits you need for serious accidents or disease.

The National Association of Insurance commission also recommends a Medigap policy or supplemental Medicare policy for individuals under Medicare. These policies do in fact provide you with the additional coverage you need in case of a catastrophic event.

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