While primary insurance is something everyone should have, rarely does it cover every cost. Luckily, there are several ways you can protect yourself from gaps in coverage while receiving the level of care you prefer.
Even Medicare stops short of truly comprehensive coverage. That's why there's an entire class of Medicare supplement insurance, also known as Medigap. It helps cover some of the expenses not covered by Medicare and limits annual out-of-pocket expenses.
Regardless if you are covered by Medicare or purchasing your own primary coverage, there are almost as many types of supplemental health insurance plans as there are types of treatment. Many primary plans don't adequately cover dental, vision, prescription drugs, or medical supplies - but there are several supplemental options for these needs. There are also insurance plans that cover hospital bills, as well as health-related lost income and living expenses.
Types of Supplemental Insurance
Dental Coverage
Vision and Hearing
As the name suggests, supplemental insurance works in combination with other insurance. It's not designed to stand on its own or provide basic, primary health coverage - and it's not for everyone. Supplemental health insurance is often a good option for the self-employed, families with children, those financially unprepared to handle large medical bills or time off from work due to illness or injury, and those on Medicare.
When it comes to supplemental insurance, you can get additional coverage for a truly amazing amount of conditions or uses. One type of supplemental plan, hospital indemnity insurance, provides fixed cash benefits for covered services, including hospital stays for emergencies and outpatient services. There are basic supplemental medical plans that provide fixed benefits for covered preventive medical care. If cancer is a concern, there are supplemental cancer insurance plans that pay cash to policyholders for cancer treatments and related expenses. For situations involving a critical condition or illness, there are policies that give lump sum benefits to help pay out-of-pocket expenses for heart attacks, strokes, heart surgeries, cancer and other illnesses. Again, nearly any condition can be covered under a supplemental policy. The real barrier to coverage is cost. What are you willing to pay for these types of additional coverage?
Depending on the policy, supplemental insurance can be expensive. Like any type of insurance, you should do good research before making any purchase. You should also balance the costs of additional coverage against its benefits and ask some tough questions. What are the odds that you will use this policy? How much do premiums cost over the course of several years versus paying cash outright for the medical bills? You should also read the fine print on policies to determine exactly what they cover. This may take some time, but it is an extremely important step to insure that you get exactly what you expect from your coverage.
What Are HSAs?
Hospital Indemnity Plans
Health Reform - Get the Facts
Dental insurance used to be nothing more than a nice fringe benefit. But, recent studies show that good dental health is a big contributor to overall wellness. Also, there's nothing much worse than having a sore or damaged tooth and not being able to get it fixed.
There are two major categories of dental benefits available to an consumer buying their own coverage: dental insurance and dental discount programs.
Dental insurance charges regular premiums for your coverage and your plan has annual spending caps. Dental insurance also generally covers 100% of preventive services after you meet your deductible. Like any type of individual insurance, costs for individual policies are often higher than group insurance (the type of insurance you would have through an employer).
Dental discount programs are not insurance - they're much closer to membership-based programs. After an enrollment fee, members get discounts on a variety of basic dental services for which they receive a discount off standard out-of-pocket prices. With a dental-discount plan, you must find a dentist who participates in the program and offer services at a discounted price. Expect to pay a monthly fee and have some elective dental services not covered by the program.
The Importance of Dental Insurance
Choose a Dental Plan
To Rinse or Not to Rinse
Antibiotics Before a Dental Visit
When it comes to good eyesight and hearing, it's all about maintaining a high quality of life. But, glasses and hearing aids can be expensive. How do you make sure your needs are covered without breaking the bank?
There are two ways individually insured people receive hearing and vision coverage: through a rider (add-on to another form of insurance), or a standalone discount program.
Many health insurance providers and membership organizations (including AARP) offer stand-alone hearing and vision discount programs that give you the ability to purchase products at a discount from a list of participating retailers. Some discount plans include a monthly fee to participate and a yearly maximum on purchases, but not all do. The AARP Vision Discount Program is one plan that does not include a monthly fee. Take some time to research all the options.
AARP Vision Discount Program
Our Eyes Grow Older With Us
Choosing the Right Eye Care Provider
Hearing Care Program