Is Supplemental Health Insurance Right for Me?
What Is Supplemental Health Insurance?
Supplemental health insurance is additional health insurance that can help with costs that aren’t covered in your primary insurance plan. Supplemental insurance policies vary, but they can help cover the costs of copayments, coinsurance, and your health insurance deductible.
Can I enroll in supplemental health insurance anytime?
Yes. Unlike your primary insurance plan, you can add supplemental health insurance anytime. You don’t need to wait for open enrollment or special enrollment periods to add coverage.
What Does Supplemental Health Insurance Cover?
There are many types of supplemental health insurance to cover a broad range of illnesses and services. Here are some common types of supplemental coverage:
Critical Illness Insurance
Covers major medical procedures. Critical care plans can be specific to a type of illness or disease.
Accident Insurance
Helps to pay medical costs and living expenses while you recover from an accident or illness.
Indemnity Insurance
This helps to cover the costs for hospital stays. Overnight or extended stays in the hospital may otherwise range from thousands to tens of thousands of dollars.
Long-Term Care Insurance
A long-term care policy helps with costs associated with a chronic illness or a disability not covered in your primary insurance, such as home care, nursing homes, and assisted living.
Your Ideal Medicare Plan is out there.
Does Medicare Have Supplemental Health Insurance Plans?
Original Medicare (Parts A and B) covers many, but not all, services. Many Medicare beneficiaries choose to add supplemental coverage to their plan. People on Medicare can also switch to Medicare Advantage plans, which substitute for Original Medicare and may provide a variety of additional benefits.
Here are a few Medicare supplement options:
- A Medicare Supplement plan (Medigap) helps cover out-of-pocket costs that aren’t paid by Original Medicare. You can’t have both a Medicare Advantage plan and a Medicare Supplement plan.
- Medicare prescription drug plans (Part D) cover the costs of medications. Most Medicare Advantage plans include Medicare part D coverage.
- A long-term supplemental plan may cover injury or illness not covered with a Medigap plan.
When Should I Consider Supplemental Health Insurance?
Supplemental health insurance can be valuable when you are planning for your future. Look carefully at whether your current insurance covers any services you may need. If you’re unsure if the time is right for supplemental insurance, you can discuss your family medical history with your primary care provider and develop a plan to watch for symptoms that may call for additional coverage.
Have questions about your Medicare coverage?
How Do I Get Supplemental Health Insurance?
There are several options for purchasing the additional coverage you need. If you are under 65, you can get supplemental health insurance through the Health Insurance Marketplace or a private insurance company. If you’re over 65, you can enroll with a private insurance carrier that offers Medigap plans or Part D coverage.