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Supplemental Insurance

What you Need to Know About Supplemental Insurance

Supplemental insurance (Medigap) covers the gaps left behind by your original health insurance policy. Although it’s not comprehensive, it helps in giving you a buffer to overcome the extra financial burdens of other hospital illnesses or stay. Claims from a typical insurance cover are paid to the source you owe such as the doctor or medical facility.

Benefits of Medigap insurance
Medigap insurance will be responsible for paying for the unexpected deductibles, co-pays, and other expenses. The cover will also cater for travel costs that you may incur when you travel to a far location to see a specialist for your particular condition or the lost wages during the time when you were ill.

Also, this insurance covers dental and vision treatments that are sometimes not covered by the original Medicare insurance or included in the employer’s medical plans. If you believe that you may experience high-deductibles in your vision or dental operations in the near future, then you should consider purchasing a Medigap cover.

Types of coverage in existence

There are various Medigap products that are designed to cater for other critical illnesses such as heart attack, stroke and cancer. Various providers exist in the market and offer credible short-term disability insurance plans suitable for employees through payroll deduction from an employer so as to protect the affected employees against wage loss. Other providers offer their clients supplemental insurance for accident and disability, critical illness, and long-term care, and coverage for added cost of hospital stays.

Typical health insurance plans don’t offer policy-holders flexibility on how to get reimbursements for expenses incurred. Medigap insurance cover, on the other hand, will offer a wide array of payment options for the expenses incurred. You can choose to get your reimbursements spread out over a period of time or as a lump sum depending on your specific situation, type of policy and other personal preferences.

Who is it for?

Medicare Advantage Plan is a better option for older Americans who need extra coverage, if they have Medicare A for hospital cover and Medicare B for medical coverage as compared to Medigap.