Supplemental Health Insurance
With the rising costs of medical procedures, prescription medications and other forms of health care it is no wonder that more and more people are investing in supplemental health insurance plans. These plans are designed to cover any health related gaps in your existing health insurance policy, and can also be made to cover a variety of additional expenses such as lost income (due to injury or illness) and medical-related living costs.
So what exactly do they cover that your regular health insurance plan doesn’t?
The type of services included in a supplemental health insurance plan range from dental and vision procedures to alternative and complimentary therapies such as acupuncture, herbal therapy and hypnosis. This add-on to your existing health insurance can also cover pre-existing conditions that you are already receiving treatment for.
Medigap Insurance
Medigap is also commonly known as the supplemental Medicare health insurance plan. In order to qualify for a Medigap plan therefore you need to already have in place a Medicare health insurance policy. This type of supplemental policy is sold primarily by private insurance companies as a ‘gap-filler’ as it covers any gaps you may have in your Medicare policy.
For example, Medigap plans might cover prescription drugs, various home care services and long term care in a hospital environment. The exact services covered will depend on what is missing from your primary Medicare health insurance policy, although generally speaking most policies are very similar and so the same types of services are often covered by the Medigap plan.
Buying Medicare Medigap Insurance
There are a few things to remember when buying a Medigap plan. The first is that most Medigap insurance policies offer the same level of benefits even though the premium rates differ widely. This means that you should do a bit of research before choosing a plan as there may be a cheaper one with a different insurance company.
The second thing to remember is that with regards to insurance Medigap is separate from Medicare and so you’ll need to pay two premiums each month. You can’t combine the two into one slightly lower premium as you can with some supplemental health insurance policies.
Last, it is worth remembering that your Medigap policy will only cover you. Your spouse or children will need supplemental insurance of their own if they want to experience the benefits as well.
Even with these small drawbacks the Medigap plans are worth considering though, and a quick search of the internet will undoubtedly provide you with a useful list of private insurance companies that offer the type of plan you want.