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HWN Suggests

Should You Buy Supplemental Health Insurance?

It is important to understand that supplemental insurance is not regulated by the Affordable Care Act. This means that an insurer can deny coverage based on your medical history, impose limits on pre-existing conditions, and cap benefits at fairly low levels.

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Articles of Interest

Do I Really Need Supplemental Insurance With Medicare?

“There are many gaps in Medicare that a beneficiary has to pay if they don’t have a Medigap,” Kelli Jo Greiner, Minnesota State Health Insurance Assistance Program director, said in an email. “This can add up to be thousands of dollars per year.”

How supplemental health insurance works

Life has a way of happening right when you’ve made plans. And it’s in those unexpected times that extra financial protection can go a very long way — so you don’t have to choose between taking care of your health, or taking care of everyday expenses.

Is Supplemental Health Insurance Right For Me?

Supplemental health policies are different from traditional health plans. This is because they can help cover costs that your health plan may not include. Some insurance companies may consider dental and vision plans to be supplemental as well.

What Is Supplemental Health Insurance?

Supplemental health insurance can fill some gaps and “supplement” existing health insurance plans. Supplemental policies don’t replace health insurance. They may help pay for health care costs not covered by a plan or provide additional coverage for specific needs like dental care, vision or long-term care.

Who should buy supplemental health insurance?

Supplemental health insurance is a product that’s designed to help protect people from out-of-pocket expenses that often accompany unexpected health events. This coverage is meant to be purchased in addition to primary health insurance—not replace it—and it pays benefits regardless of other plans. Cash benefits are paid directly to policyholders or someone they designate, not to doctors or hospitals, which means the money can be used for ANY NEED, including medical bills, house payments and groceries.

Resources

3 Ways to Know You Need Supplemental Health Insurance

So, you have health insurance—either through your employer or an individual insurance plan you purchased. You think you’re all set, right? Think again. Many people have felt protected by doing solely that one step you have completed—enrolled in a health insurance plan. But, have you looked closely at your health insurance policy? Do you know how much you are expected to pay for your medical expenses? What about the gaps in your coverage? Do you need some kind of gap health insurance or supplemental health insurance?