Supplemental Insurance for Medicare
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Supplemental insurance for Medicare gives older Americans the option to supplement the coverage provided by the basic Medicare program. By purchasing supplement insurance for Medicare, you can reduce your out of pocket expenditures for your medical and prescription drug needs. Purchasing supplemental insurance for Medicare may also help you to have better control over your budget and monthly expenses while still being able to purchase the medications, health care services and everything else you need to enjoy a healthy life.
What Does Supplement Insurance for Medicare Pay For?
When you purchase supplement insurance Medicare, you are purchasing extra coverage for healthcare and medical needs including deductibles, co-payments and co-insurance. Some supplemental insurance programs also offer coverage for the cost of transportation to your medical care providers, food, medicine and lodging related to unexpected medical expenses. However, do not think of supplemental insurance as a replacement for other healthcare coverage or for Medicare itself. It is there to supplement your coverage and your income, depending on the plan, benefits and coverage that you choose.
Types of Supplement Insurance Medicare
Most Medicare supplement insurance programs are sold and managed by private insurers who coordinate benefits and coverage with the Medicare program. The most common types of supplemental insurance include critical illness insurance, accidental death insurance and hospital indemnity insurance. Critical illness insurance provides supplemental coverage for the financial burden caused by specific diseases such as cancer or a heart attack. These plans pay for the costs not covered by your basic Medicare coverage. The plan may cover costs related to deductibles, out of network medical services and providers, travel and lodging costs when treatments are far away from your home, experimental treatments, household assistance and coverage for your routine household expenses such as your mortgage or car payments. Accidental death and dismemberment policies provide coverage in the event that a person is killed or severely injured in an accident. Accident health coverage supplements Medicare insurance in the event of your injury during an accident. Hospital indemnity insurance provides coverage in a lump sum or occasional payment for services and medical supplies not covered by your regular Medicare coverage when you are confined to an impatient bed in a hospital.
Who Needs Medicare Supplemental Insurance
When considering the purchase of supplemental insurance for your Medicare services, you need to determine what your Medicare coverage is for specific events and what your ability to afford additional expenses related to your medical care would be. If you could not afford to pay out of pocket for costs over and above what Medicare covers, then a supplemental insurance program may be of benefit to you and your family. There are many types of supplemental insurance programs, and you may need to do some research and evaluation of various plans before making your decision. You may want to consider the benefits and coverage limitations, any waiting periods before coverage begins and how likely it is that you will need the additional coverage over and above your Medicare and employer health insurance.