Supplemental Health Insurance Plans
If you’re looking for a supplemental health insurance company, Supplemental Health Insurance Plans can help you choose between the many different types of supplemental health insurance plans. The most common are major medical supplements, Medicare (known as Media), critical illness and specific disease, long-term care (LTC), hospital indemnity, and accidental death and dismemberment (AD&D).Supplemental Health Insurance Plans will guide you in deciding if supplemental coverage is appropriate for you and, if so, which insurance carrier and supplemental health insurance plan will best fit your needs and budget. As it is imperative to first have an excellent primary health plan , we will help you choose from only the country’s highest-rated insurance companies. Our qualified agents will help you compare supplemental health insurance and coordinate with your primary insurance to find the best plan.
Traditional Medical Insurance
Since traditional major medical insurance policies have deductibles and co-insurance that must be paid at the time of service, some policies have extra-cost supplemental options which cover all or part of the out-of-pocket expenses. A supplemental health insurance company that specializes in such coverage may sell other supplemental policies separately. Some pre-existing conditions that are not covered by a major medical policy may be covered to some degree by a supplemental health insurance plan.
One of the supplemental health insurance plans is Medigap. These plans are so-named because they fill in the gaps in standard Medicare plans. There are many levels of such coverage including the recently introduced Medicare Part D for prescription medications.
Critical illness plans provide a lump sum cash payout if one is stricken with, most commonly, a heart attack cancer or a stroke. A supplemental plan which pays out for one condition such as cancer is often referred to as a disease-specific policy.
Long term care plans offer coverage for those who need medical and/or non-medical care for either chronic illnesses or disabilities on an ongoing basis. Such services may be provided at home or in an assisted living facility (ALF) or nursing home. Medicare does not cover long term care such as bathing or assistance with dressing oneself, often referred to as custodial care. It pays only for medically necessary skilled nursing or home health care. The cost of supplemental LTC coverage is directly proportional to the services provided ranging from low cost community-based services to the extremely high cost of ongoing care in a nursing home.
Hospital Health Insurance Plans
Hospital indemnity plans simply provide for cash payments to the policy holder for each day of in-patient hospitalization and often for specific surgical procedures as well.
AD&D insurance offers cash payments for only accidental loss of life or in the event of accidental loss of a limb or eyesight.
Insurance Care Direct is not a supplemental health insurance company, but a full-service insurance brokerage. Our health insurance specialists only offer coverage from the top carriers in the nation and will assist you in coordinating appropriate and affordable primary and supplemental health insurance plans. Our one-stop-shop is open from 9;00 A.M. to 9:00 P.M. EST Monday through Friday. Call today for your free health insurance quote .
PRIMARY HEALTH COVERAGE
When it comes to supplemental and secondary health insurance coverage the first rule to remember is that neither replaces a primary health insurance policy. Think of your primary health insurance policy as your foundation coverage, providing coverage for your normal medical bills. A primary health insurance policy will typically make payments directly to your health provider. For example, let’s say Mary has a primary health insurance policy. Mary goes to the hospital for surgery. Her primary health insurance provider will cover 80% of her surgery bill after she meets her deducible. After Mary’s surgery, her health insurance provider files a claim for Mary’s surgery. Her primary health insurance company would pay the provider for 80% of the bill and Mary would be responsible for the rest.
SECONDARY HEALTH COVERAGE
A secondary health insurance policy is an additional health insurance policy that also typically makes payments directly to a health provider. A secondary health insurance policy may cover the remaining medical bills that a primary policy doesn’t cover. This may occur for example when a husband and wife utilize their employer’s health benefits to cover both of them. Each spouse would end up with their primary health insurance policy (provided by their employer) and a secondary health insurance policy (provided by their spouse’s employer). Here’s an example of how this might work for Mary. Let’s say Mary has a primary health insurance policy and a secondary health insurance policy when she goes to the hospital for surgery. Her health provider would first file her surgery claim with her primary insurance company. If her primary insurance company only covered 80% of the cost of the surgery, the claim may then be filed with her secondary health insurance company. Depending on her coverage, the secondary policy may pick up the tab for the remaining 20% of her bill. If there were a portion of Mary’s bill that was not covered by both her primary and secondary policies, this would then become Mary’s responsibility. The images of mk 677 before and after testify to the benefits of using sipplements.
SUPPLEMENTAL HEALTH COVERAGE
Supplemental health insurance is very different from a primary or secondary health insurance policy. Supplemental health coverage helps pay for your out-of-pocket medical expenses regardless of what your primary or secondary insurance covers. For example, a supplemental policy may pay a policyholder a lump sum if they are ever hospitalized or require surgery. The patient is therefore free to use these payments however they wish, including covering living expenses while they are out of work due to a medical condition. Using the example above, let’s say after Mary’s surgery she was out of work for 2 weeks recovering. She has a supplemental health insurance plan that pays her out $1,000 every time she requires surgery. Therefore, after Mary’s surgery she files a claim to her supplemental health insurance company and they send her a check for $1,000 which she decides to use to cover her lost wages while she is out of work recovering.
So would you benefit from a supplemental or secondary health insurance coverage? As with any type of additional insurance coverage, many different factors must be weighed to determine whether it is appropriate for each person. What is the additional cost in premiums? Does it outweigh the coverage available in the event you need it? Do you ever really know when a major medical event is going to occur? Your best bet is to talk to a licensed health insurance professional who can outline all of your options.
Consumer requests for supplemental health insurance have grown each year in tandem with cutbacks in benefits provided through employer health plans. Health plans that formerly had a $500 per person deductible, for example, may now have a $5000 family deductible. Likewise, doctor co-payments that used to be $3 per visit are often $25 or more. Total family out-of-pocket costs are now more than a typically family can pay through normal household budgeting. The passage of the Patient Protection and Affordable Care Act is expected to further increase the demand for supplemental insurance when the health insurance exchanges reduce the number of health plan options in 2014.
There are three things every consumer should consider first when shopping for supplemental insurance:
1) Am I eligible? Supplemental policies are available in approved states; no policy is available everywhere. Although most supplemental health insurance polices are available to everyone without regard to medical history, a few of these plans do screen medical history for healthier applicants.
Tip: If you qualify for a medically underwritten coverage then this may offer a better value and stronger benefits than a guaranteed eligibility plan.
2) Does it pay in addition to all other coverage? One of the primary benefits of supplemental insurance is that it pays the stated benefit in addition to other coverage. This allows the total coverage to be more than the total of the medical bills so there is extra cash to cover lost wages and other bills. Some supplemental insurance policies coordinate coverage, which means that the benefits are reduced so that the total does not exceed 100% of a medical bill. If this feature is your primary objective, make sure the plan you select offers this feature. On the other hand, a policy that coordinates benefits is less expensive than a policy that pays cash regardless of any another coverage.
Tip: Look for policies that use language like “pays cash benefit in addition to other insurance”.
3) How much coverage do I want? Unlike traditional major medical health insurance, supplemental policies are available in every level of benefits and price range. It is not uncommon for supplemental insurance to range from less than $10 per week to more than $200. In short, you get exactly what you pay for. The objective is simply to balance the level of benefits desired and the amount of premium cost that is acceptable.
Tip: Have a specific price in mind before going online to search for options. Your budgeted price might be expressed as a fraction of the cost of your major medical insurance. For example, a supplemental insurance may be priced at 1/3 of the cost of major medical coverage. If the major medical insurance premium is $600 per month then the supplemental insurance might be $200 per month.
Aflac is the nation’s most popular provider of supplemental health insurance offered through an employer, those who buy coverage on an individual basis prefer other specialty insurers who offer coverage directly online. Core Plus Health Insurance from United States Fire Insurance Company has been the most popular choice of individual online purchasers. Basic Health Insurance from Markel Insurance Company has been the least expensive option. Both are guaranteed issue plans. Value Access Guarantee, a group member benefit program (not an insurance plan) from Value Benefits of America may be the best offering for those healthier applicants who qualify by answering “no” to the three medical questions on the application.
Other key points about supplemental insurance
Once these three basic issues are resolved, scan this short checklist of additional items you should know about supplemental insurance:
- A waiting period applies to some benefits, especially hospitalization and surgical benefits. Do not expect to enroll shortly before a scheduled surgery and expect the full policy benefits to be available.
- Supplemental medical policies do not cover prescriptions, dental or eye care expenses. The policy may be combined with a discount plan. A discount plan offers some advantages, it is not insurance.
- Health reform law provisions generally do not apply. Do not assume that the policy covers anything other that what is specifically listed in the schedule of benefits.
- HIPAA laws, including the continuation of coverage and Certificate of Creditable Coverage provisions, do not apply.
- May be combined with a Health Savings Account (HSA) or Health Reimbursement Arrangement (HRA).
- In some cases a life insurance policy with “living benefits” provides better value than health insurance. For example, some life insurance policies provide a pool of money that can be used for long term care or may be paid upon diagnosis of certain medical conditions. Because these policies vary widely and little information is available online, speak with an insurance adviser in person.
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