Even the best health insurance policies may leave you with gaps in coverage.
In some cases, these additional out-of-pocket expenses can be substantial, often leaving you in a financial bind.
Coverage gaps can include policy deductibles and co-insurance requirements as well as lab tests and alternative medical procedures.
In addition, there may be the additional burden of lost wages if your health condition keeps you from working, even temporarily.
The purchase of a supplemental health insurance policy – designed to cover many of the additional costs that come with illness or injury – is one way to fill the gaps and cover unanticipated expenses.
Supplemental insurance pays a preset cash benefit to the policyholder once a triggering event occurs, including specific types of accidents, injuries or illnesses as defined in your policy.
Some policies offer coverage based on a daily, weekly or monthly payment, while others may simply pay out a lump sum.
Unlike most regular health insurance plans, supplemental plans often pay benefits directly to you, allowing you to make the very individual decision on how these dollars will be used.
One of the most well known types of supplemental health insurance for seniors is Medicare Supplement. These policies are often referred to as “Medigap” plans because they are purchased for the purpose of filling in the coverage gaps left by Medicare.
Depending on the plan you choose, Medigap insurance policies may also cover costs not covered through Medicare, such as dental and vision care as well as benefits for hearing loss.
As a senior or as someone who has suffered a serious accident or illness, the last thing you want to think about is whether you will be hit with extra costs. Depending on your own situation, purchasing supplemental health insurance may give you peace of mind and save you money.