Posted on: 3 August 2015
Having health insurance means you're protected against most major health care costs, but insurance usually isn't perfect. Even Medicare, which offers very affordable coverage for the most part, has its gaps in the form of uncovered services. For non-Medicare health insurance, co-pays, co-insurance, and deductibles can make using the policy too pricey unless supplemental coverage is available. If you're worried about being able to pay for those items that your insurance won't cover, take a look at how supplemental insurance can make life a lot easier for you.
The payments that supplemental insurance covers definitely vary by company and policy. Some policies specifically cover Medicare gap costs, such as the co-insurance that you have for a procedure. Medicare doesn't cover medical services outside the United States, but some Medigap policies do offer international coverage. Other supplemental insurance is specifically geared toward non-Medicare policies.
It's also possible to find supplemental policies that replace your income if you have to take time off of work to recuperate. This is invaluable because even the best medical insurance policy won't pay you back if you have no paid sick leave at work. These policies may include provisions for paying your bills, but again, it all depends on the company and the specific policies.
It gets better if you're an employer, or if your employer is open to employee suggestions. Supplemental coverage is available for employees as a voluntary policy, though chances are many employees will take advantage of such a practical offer.
Finding the right supplemental coverage can take some time. Compare your out-of-pocket costs or the potential costs (such as replacing lost income) with the premium cost of the policy first, and consider extenuating circumstances. Obviously, it makes no sense to buy a policy to cover co-insurance if your main insurance coverage is so good that the co-insurance is almost non-existent. But if you don't want your family to have to worry about paying extra medical bills, even if the bills are small, then the coverage would make sense.
If you want to find out more about supplemental coverage, talk to the insurance agents you currently deal with, or contact an agency that specializes in supplemental insurance. Discuss the coverage that you want and see how the agency's policies could cover any gaps. Having the insurance will likely make you feel much better about your and your family's future. For more information on supplemental insurance, contact a company like All About Voluntary.Share