Supplementary Insurance

What Is Supplemental Insurance and Why Would I Need It?

Supplemental insurance is an additional form of health insurance that is meant to work in tandem with your existing insurance policy. It can be very useful for individuals who are concerned that their health costs may dramatically exceed their coverage.

Who Needs Supplementary Health Insurance?

Supplementary insurance plans can be acquired privately by an individual if they are concerned about additional medical costs, such as the cost of co-payments and deductibles. However, supplementary insurance plans can be quite costly when they are purchased on the private market, as they are not regulated. Individuals who are low income and seniors can acquire supplemental health insurance through mMdicare rather than a private insurance company.

How Does Supplemental Insurance Work?

Supplementary insurance will pay for a certain amount of additional medical costs, generally either through reimbursement or directly to the medical vendor. As with other health insurance options, supplementary insurance needs to be acquired during open enrollment periods. Supplementary insurance may also need to be used at providers that are within a certain network.

what Are Different Types of Supplementary Insurance?

In general, supplementary insurance comes in two ways: off-market individual supplementary insurance and on-market Medicare supplementary insurance. Individual insurance plans are opt-in plans that an individual can acquire if they feel as though their current insurance policy doesn’t cover enough. Medicare supplementary insurance plans are designed to cover specific gaps. This includes a variety of options for seniors and those who have low income. As an example, one Medicare supplementary plan covers the costs and co-payments for prescription medications.

What Are the Major Benefits of Supplementary Insurance?

Supplementary insurance will cover things such as prescription medication costs, co-payments, and deductibles, for dental and health costs. The amount of these benefits will depend on the policy itself and whether it is a private policy or a medicare policy.

Medicare supplemental plans can usually be found on a healthcare marketplace, while individual supplemental plans need to be acquired directly through an insurance provider. Either way they can be a valuable addition to a health insurance plan.