Due to the Affordable Care Act, all Americans must be insured by April 15, 2015. While the types of insurance plans available will vary from company to company, one common additional plan is medical supplement insurance. While not a complete coverage package, this insurance can be used to pay for expenses that usually involve out-of-pocket payments. The following provides an overview of this supplemental insurance and how it benefits individuals and families.
A supplemental insurance plan provides families and individuals with extra help in paying for copayments, coinsurance and deductibles. Some plans even provide lump sums or cash benefits spread out over several months. This money can be used to pay for other costs of medical care. These include medications, specialty foods, lost wages and transportation. It is important to remember that medical supplement insurance is not a complete substitute for a health insurance plan, just an extra piece of the puzzle to help pay for expenses.
It is also important to know the three main types of supplemental health insurance. These are hospital indemnity, accidental death and critical illness. Hospital indemnity covers the cost of staying in a hospital due to illness or injury. These payments are made after a certain amount of time has passed or paid in full in one lump sum. Accidental death insurance provides cash for beneficiaries of someone who has passed away due to an accident. Medical supplement insurance will pay this money in a lump sum. This money can be used for funeral expenses, cremation or other debts that need to be paid. Finally, critical illness insurance helps alleviate the stress of medical expenses of those with terminal diseases such as cancer. Money is typically given as a lump sum payment and can be used to pay for expenses not covered by an individual’s disability plan or regular health insurance.
A supplemental insurance plan is very beneficial for families and individuals who need a little extra help paying for additional costs of medical care. Medical supplement insurance can pay for visits to the doctor’s office, medications, special diet plans or transportation to and from appointments and procedures. Anyone interested in learning more about this type of coverage can discuss it with their insurance agent and healthcare professional.
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