Supplemental health care insurance provides additional coverage on top of your senior’s primary health care insurance. It will cover some of the costs that primary coverage does not, including deductibles and co-pay fees. Some plans also cover non-medical costs such as:
- transportation
- lodging
- long-distance phone calls
- child care
Disease-specific insurance helps cover costs related to a particular disease that is a concern for your senior. These could include:
- cancer
- heart disease
- diabetes
Accidental health insurance helps cover costs associated with accidents, but not illnesses.
Hospital indemnity insurance will provide a senior with cash payments if he or she is hospitalized. This money can help pay for:
- hospital bills
- travel for relatives
- at-home care once the senior returns home
Medigap plans are specifically designed to cover coinsurance payments and deductibles for seniors whose primary insurance is Medicare.
Services
- Supplemental insurance policies often take effect very quickly. Some companies even offer same-day coverage. Instead of paying medical bills directly, most supplemental insurance plans provide your senior with cash in case of injury or illness. Payout can be in one lump sum or in distributed payments.
- Medigap plans are only available to seniors who are enrolled in Medicare parts A and B and are are federally regulated. There are different levels of coverage available, but all companies must provide the same coverage for each level. Hence, shopping for the best price is easier. The best time to buy Medigap coverage is during your Medicare open enrollment period.
- Supplemental coverage usually does not cover prescription costs.
Specialization
Pay particular attention to how long the company has been in business, and the number of clients it has served. Each state will vary on requirements by law to offer insurance packages.
Preparation
- Know your budget for monthly for supplemental coverage.
- Collect the currently policy and understand its strengths an limitations. Understand if Medicaid is involved and what Parts are available.
- What is the particular health issue of concern for your senior’s health?
- What type of supplemental insurance are you hoping to get for your senior?
- What is your timeframe for coverage?
Evaluation
- Get a full understanding of the costs for a consultation.
- Will the provider look at your current plan and describe its strengths and weaknesses?
- What are all the costs associated with the new plan?
- How quickly does coverage begin?
- Does your coverage have any additional perks that might be beneficial?
- Are costs paid directly to the provider; or are cash payments made to the policy holders? Describe the payout plans.
- Please describe if your company has ever defended a law suite and why.
